income tax

No VAT on remittance: NBR

MNA Business Desk: The National Board of Revenue or NBR has brushed aside as rumours social media posts claiming the government has imposed Value Added Tax (VAT) on the money sent by Bangladeshi expatriates.

It clarified in a media release on Wednesday that no such tax has been levied in the budget proposed by Finance Minister AMA Muhith for 2018-19 financial year.

 “This is utterly false and nothing but rumour. The NBR thinks the propaganda aims at stopping the flow of remittance through legal channels and encouraging the expatriates to use Hundi,” the release says.

Money sent by the expatriates contributes to 12 percent of Bangladesh’s GDP According to the Bangladesh Bank, the expatriates remitted nearly $13.6 billion in 11 months from July last year to May this year.

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