Staff Correspondent: The central bank of Bangladesh has issued a reporting format for local agents of foreign courier service companies to bring uniformity in the reporting system, officials said.
Under the new format, all the local agents will have to submit their statements to the banks concerned following the format.
As per the existing provisions, the foreign courier service companies or their local agents operating in Bangladesh will submit monthly statements to their respective banks along with required documents for remitting the surplus earnings to their head office or principal abroad.
Authorised dealer (AD) foreign exchange banks in Bangladesh will examine the submitted documents meticulously while ascertaining surplus earnings, according to a notification issued by the Bangladesh Bank (BB) on Sunday. “The banks will have to make sure that due VAT and income taxes are paid for complying with the VAT and income tax laws,” a senior BB official explained.
After ascertaining the surplus earnings, the ADs shall approve form TM and remit surplus earnings to concerned head office or principal abroad, the central banker added.
On the other hand, courier service companies that operate on behalf of their foreign principal on free delivery basis and do not remit surplus earnings to their head office or principal abroad are instructed to submit quarterly statement.
Besides submission of monthly or quarterly statement, the agents are instructed to submit annual audited financial statements through their ADs, according to the notification.