UNSECURED Technical Seminar On Finance Bill 2018 - Presentation (10 June 2018) Fin...

kpmg Rahman Rahman Huq
Chartered Accountants
Technical Seminar on
Finance Bil 2018
June 2018
© 2018 Rahman Rahman Huq, a partnership firm registered in Bangladesh and a member firm of the KPMG network of independent member firms affiliated with KPMG International
Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Bangladesh.
1
Personal Income: Individual/Firm Tax Rates
Income Tax Rate
First Tk. 250,000 Nil

Next Tk. 400,000 10%
For Bangladeshi Next Tk. 500,000 15%
individuals, resident
foreigners, and firms Next Tk. 600,000 20%
Next Tk. 3,000,000 25%
On Balance 30%
For non-resident foreigner, flat tax rate of 30% will remain unchanged
2
Personal Income: Nil Tax Limit
Type of Individual Tax payer Existing
General – Individuals & Firms Tk. 250,000
Women and senior citizens (65+) Tk. 300,000
Physically challenged persons Tk. 400,000
War-wounded gazetted freedom fighters Tk. 425,000
For parents or legal guardians of physically challenged

persons the Nil Tax Limit will be increased from Tk. 25,000 to
Tk. 50,000.
3
Personal Income: Perquisites and allowance
• Lower of 50% of basic

salary; or
House rent allowance • Tk. 25,000 per month will be
exempted
Conveyance provided Higher of 5% of basic salary or

for personal or private Tk. 60,000 per year would be
use added to the income
4
Personal Income: Perquisites and allowance
Medical expenses
Lower of 10% of BS
General Individual
and Tk. 120,000
Mentally Retarded
Tk. 1,000,000
Person
5
Personal Income: Surcharge on Tax Liability
Net Wealth Existing Rates Minimum Surcharge
30%
Tk. 20 Cr.
25% Tk. 5,000
Tk. 15 Cr.
20%
Tk. 10 Cr.
15%
Tk. 5 Cr. Tk. 3,000
10%
Tk. 2.25 Cr.
Nil Nil
6
Personal Income: Surcharge on Tax Liability
Net Wealth Existing Rates Proposed Rates
If net wealth is below Tk

2.25 Cr but person has
more than 1 motor car
or house property over
8,000 sq. ft.
Below Tk.
2.25 Cr.
Nil 10%
7
Personal Tax: Minimum Tax Amount
Minimum Tax Amount at Tax Return Level
Location Existing
Dhaka and Chittagong City Corporation Tk. 5,000
Other City Corporations Tk. 4,000
Other areas Tk. 3,000
8
Personal Income: Investment Rebate
15%
of Allowable Investment (Eligible Amount)
Whichever is lower of:
25% of Total Income TK. 15,000,000 Actual Investments
9
Corporate Tax: Rates (1)
Companies Existing Proposed
Non listed companies including branch companies 35%
Listed Companies 25%
Banks, insurance and other FIs – Listed 40% 37.5%
Banks, insurance and other FIs – Non- listed 42.5% 40%
Merchant Banks – Listed and Non listed 37.5%
Cigarette manufacturer – Listed and Non-listed 45%
Mobile phone operators – Listed 40%
Mobile phone operators – Non-listed 45%
10
Corporate Tax: Rates (2) Rate of Tax
Companies Proposed
Existing
(from budget speech)
Ready-Made Garments 12% 15%
Ready-Made Garments (public

listed)
12% 12.5%
Ready-Made Garments (green

building certified)
10% 12%
11
5% of applicable tax as additional tax
Healthcare institution does

not provide adequate
facilities to serve physically
challenged persons by 1
July 2019
12
Cigarette, bidi, zarda, chewing tobacco/gul, or any other
tobacco products manufacturers
Proposed
Rate of Tax 45%
2.5% on
Rate of Surcharge
income
13
New Definition
Charitable Purpose
Education
Relief of Medical
poor relief
Advancement of any
other object of
general public utility
Cannot carry out For services, total

any trade, consideration is
or
commerce or less than Tk. 20 lakh
business
14
New Definition
Taxed Dividend Not applicable
for individual
Dividend income on
which tax has been
paid by the recipient
under ITO 1984
Distribution of taxed dividend is exempted from tax, if:

1) Recipient company is resident in Bangladesh
2) Paying company maintains separate account
15
Taxed Dividend
Existing Proposed
Dividend Dividend
declared Tk. declared Tk.
Company A 100 Company A 100
Distributes Distributes
Dividend Tk. 80 Dividend Tk. 80
after tax @20% after tax @20%
Company B Company B
Distributes
Distributes
Dividend Tk. 64
Dividend Tk. 80
after tax @20%
Company C Company C Tax Exempted

16
Definition Permanent Establishment
in relation to income from business or
professions means a place or activity
Permanent
through which the business or
Establishment profession of a person is wholly or
partly carried on and includes:
Branch Workshop
Factory Plantation
Agency
Mine, oil or
Farm gas well
17
Definition Permanent Establishment
Office What about liaison office?
Warehouse What about own warehouse which is exempted as per DTAA?
Place of
Unregistered office e.g. project office?
management
Building site, construction, assembly or

Any duration e.g. 6 months?
installation project or supervisory activities
Dependent agents (associated entity or No definition of associated

person) entity
Furnishing of service by employees or any Employees without work

person in Bangladesh permit e.g. A3 visa
18
Income accruing or arising in Bangladesh
(Section 18)
FY 2017/2018 Proposed
Business Connection Permanent establishment
Any property, asset, right clarified that intangible

or other source of income property is also included
Transfer of capital asset in Transfer of any asset
Bangladesh situated in Bangladesh
directly or Any intangible Property

used in Bangladesh
indirectly,
through or Sales of goods or services
from by electronic means to any
purchasers in Bangladesh
19
Property in Bangladesh?
Shares of Company?
Resident Company Non-resident Company

Property situated in Not Property in
Bangladesh Bangladesh
In scope of sec 18 Not in scope of sec 18
Such income (likely dividend) will be subject to tax in

Bangladesh
20
Transfer of asset – shares of a company
Company Resident in Bangladesh?
YES NO
* Only the portion of share
* Transfer of asset in sales attributable to
Bangladesh assets situated in
Bangladesh
Such income (likely capital gain) will be subject to tax

in Bangladesh
21
Transfer of shares
German
Company
Sale of shares of UK
company by German 100%
Company
UK Proportionately
Company taxable in
Bangladesh
Own registered
IP in Bangladesh 100%
100%
IP in BD Indian
Bangladesh Company Company
22
Intangible Property
When property
in Bangladesh?
owned by non-
registered in resident and
Bangladesh or attributed to a PE
in Bangladesh
23
Deemed Income – Loan or gift
Existing sub-section (21), (21A),

(21B), (26) and (28) of section 19
proposed to be RESTRUCTURED
into one sub-section (21)
24
Deemed Income – Loan or gift Restructured
Existing S19(21)
(Individual) Loans less than Tk. 5

lakh, if not paid within 3 years
Existing S19(21B) Existing S 19(21A)

Sum received from a
Any transfer from initial
person who transfer such
capital shown in the
amount from initial capital
return filed under 82BB
under period of limitation
during period of limitation
25
Deemed Income – Individuals
Loan from banking company or FI
Yes
No
Not in
Loan or gift exceed Tk. 5 Lakh
Scope
No
Yes
Is the transaction by banking

channel
No Yes
Will be
Income in the year loan or gift is deductible in
received subsequent year
if it is paid
26
Deemed Income – Other than individuals
Loan from banking company or FI
Yes
No
Not in
Scope
Is the transaction by bank transfer

No Yes
Will be
Income in the year loan or gift is deductible in
received subsequent year
if it is paid
27
Corporate Tax: Disallowances
“Bank Transfer” means transfer from

Bank Transfer the account of the giver to the
account of the receiver.
Transaction through
crossed cheque should be
considered as bank
transfer
28
Section 108: Information regarding filing of return
Statement under 108A
Employees are required to provide to their
employers by 15th April of each year:
1 1) TIN
2) Date of filing of their tax return
3) Serial of submitted return
Employers are required to submit a statement to

the tax authority regarding return submission
2
details of their employees as mentioned above by
30th April of each year
29
Corporate Tax: Disallowances
Section 30(aaaa)
Statement u/s Payment of salary to employees for

108A not whom the statement u/s 108A was
submitted not provided.
Failure to ensure this

requirement will result in
related salary expenses
disallowance
30
Corporate Tax: Allowable Perquisites
Section 30(e)
Existing Proposed
Generally Tk. 475,000 Tk. 550,000
*For a person No
with disability
Tk. 2,500,000 Change
“an individual registered as person with disability under sec 31 of

Protection of the Rights of the Persons with Disabilities Act, 2013”
31
Corporate Tax: Head Office Expense
Section 30(g)
Existing Proposed
10% of revenue for
10% of revenue as both Head office
Head office expenses expenses
and
Intra-group expense
called by whatever
name
Applicable only for companies

not incorporated in Bangladesh
32
Corporate Tax: Royalty, technical fees etc.
Section 30(g)
Existing Proposed
8% of net profit was Allowed up to:

allowed 1) 10%, first 3 income
years after
commencement,
2) 8%, subsequent
years
33
Filing of return: Sec 75 No definition
of fixed base
Person providing motor vehicle under a

ride sharing agreement
Non-resident individual having no fixed

base in Bangladesh
Non-resident (other than individual)

having no PE in Bangladesh
34
Minimum Tax: Sec 82C
Proposed Clarification
Where tax has been deducted or

collected mistakenly, minimum tax
shall be computed based on the
amount to be deducted or collected
in accordance of ITO 1984.
35
Changes in TDS Sections
Sec 58: Certificate of deduction
Every person is required to furnish a statement in

such a manner as prescribed to tax authority for
tax deduction or collection.
Is it same as withholding tax

returns?
NO
36
Penalty for failure to file return, etc - Sec 124
Section 124 has been rearranged

entirely with certain changes.
37
Non-submission of statements Existing
75: Return of Income

10% of tax imposed
on last assessed
77: Notice of Return
income
89: Assessment in case of
discontinuation of business
[minimum Tk. 1,000]
91: Assessment in case of persons For continuing

leaving BD default Tk. 50 per
day
93: Tax, etc escaping payment
38
Submissions sections 75A (WHT return)
Existing Proposed
10% of tax imposed on 10% of tax imposed on

last assessed income last assessed income
[minimum Tk. 1,000] [minimum Tk. 5,000]
Tk. 50 per day of Tk. 1,000 per month for

continuing default continuing default
39
Submissions sections 108 (salary information)
Existing Proposed
10% of tax imposed on

TK. 500 last assessed income
[minimum Tk. 5,000]
Tk. 250 per month of Tk. 1,000 per month for

40
Submission under sections 108A (Employee information)
Existing Proposed
10% of tax imposed on

None last assessed income
[minimum Tk. 5,000]
Tk. 1,000 per month for

continuing default
41
Submission under sections 58 (withholding tax information), 109
(Interest information), or 110 (Dividend information)
Existing Proposed
TK. 500 Tk. 5,000
Tk. 250 per month of Tk. 1,000 per month for

42
Penalty in case of non compliance with section 113 (Information
requested by tax authority)
Existing
No
change
TK. 25,000
Tk. 500 per day of

continuing default
43
Other modes of recovery
Section 143 [2(a)]
The DCT can require any person:

1) to stop the transfer of goods to the assesse or
2) placement of that goods under the disposal the
assesse
Until the tax has been recovered or agreement has
been made with DTC
44
Appeal to appellate income tax authority
Section 153 has been rearranged

entirely with certain changes.
45
Appellate
Commissioner
Joint
of Taxes
Commissioner
(Appeal)
of Taxes
46
assessment of
income
set off or carry tax liability or

forward of loss refund;
imposition of any
payment of a penalty or
refund interest
charge and computation

of surcharge or any credit of tax
other sum
47
Appeal to Commissioner of Taxes (Appeals)
Appeal by a
company
appeal against an
order of adjustment appeal against an
or penalty on revised order u/s
international 120
transaction
appeal against an order,

made by a tax authority
above the rank of JCT
48
Appeal to appellate income tax authority (Cont.)
No appeal shall lie against
Return of income for an income which is

which tax u/s 74 has computed as a share of the
not been paid taxed income
If at least 10% of tax determined by the DCT has

not been paid when no return has been filed;
49
Statements, returns, etc. to be confidential
Section 163 [3]
Confidentiality of particulars or information shall

not be applicable in the following disclosures
 a list of highest taxpayers or distinguished taxpayers in

accordance with rules made or guidelines issued by the board
on this behalf
 any information required to furnish under section 108A
50
Punishment for providing false information, etc.
A new section (166A)
Grounds for punishment

 Concealment of information required to be furnished;
 Deliberate furnish of inaccurate information.
Punishment
 Imprisonment which may extend to three years; or
 Fine; or both.
51
Service of notice
Amendment of 178
Notice may be served by registered post

or electronic mail
Companies will need to maintain specified email address

with tax authority
52
Fourth Schedule: Insurance Business
Proposed Clarification
Provisions of section 30 will apply

for management expenses or any
other expenses under this schedule
53
Automatic furnishing of information
Proposed
NBR by notice in official gazette,

require any authority, person or
entity to submit in digital manner
any information including
information regarding assets,
liabilities, income, expenses and
transaction.
54
Sixth Schedule Part A – Exclusion from Income
Proposed
1) Any income derived from the operation
of an elderly care home or a day care
home for children
2) Any income derived from the operation

of an educational or training institution
runs exclusively for persons with
disability.
3) Taxed dividend – covered earlier
55
Sec 52AA: Ride sharing services
Proposed
Base amount below

3%
Tk 25 lakh
Base amount over

4%
Tk 25 lakh
56
Sec 52Q: Deduction of tax from resident for any income in
connection with any service provided to any foreign person
Exemption for sales of software or services if the

income is exempted (ITES Services)
under SIXTH SCHEDULE
57
Sec 52S: Collection of tax from manufacturers of soft drink
section
Existing Proposed
4% Deletion
58
Clarification of Sec 56: Deduction from income of non-residents
Certificate from NBR is required for applying

exemption or reduced rate of tax due to tax
treaty or any other reason.
Any Tax deducted considered as

minimum tax liability and no refund or set
off is applicable.
59
Sec 52U: Deduction from payment o account local L/C
Existing Proposed
% of total
Purpose of L/C
proceeds
3% on total Trading or reselling
proceeds after process or 3%
exceed Tk. 5 conversion
lakh
Distributor 1%
60
Section 52BB and 52BBBB – withholding tax on export
Existing Proposed
In tax law 1% which

In the absence of
subsequently
SRO, withholding
Withholding tax on reduced to 0.7%
tax rate of 1%
export through SRO
would be effective
effective up to 30
from 1 July 2018
June 2018
61
Clarification of Sec 56: Deduction from income of non-residents
Air transport or water transport not being

carrying services in section 102 or 103A is
exempted
Sec.102: Shipping Sec.103A: Air

Business of non- Transport Business
residents of non-residents
62
Shipping Business of Non-residents – Sec 102
Existing Proposed
[Sec 102 (2)(b)]

[Sec 102 (2)(b)]
... the carriage of
... the carriage of
passengers, livestock,
passengers, livestock,
mail or goods shipped at
mail or goods at any port
any port outside
outside Bangladesh
Bangladesh
Import may now

be taxed
63
Value Added Tax
64
VAT Alerts
Advance Trade VAT Increased from 4% to 5%
Trade VAT and Increased from 4% to 5%

Super shop VAT
VAT Exemptions at trading stage

Computer and parts
withdrawn
Exemption withdrawn. 15%

VAT on pulp import would be applicable.
65
Supplementary Duty (local supply) Alerts
Cosmetic Products SD imposed @10%
Polythene, plastic
SD imposed @5%
bags, wrapping
Energy Drink SD Increased from 25% to 35%
Ceramic Bathtub,
SD Increased from 20% to 30%
Jacuzzi, shower etc.
66
Change in Definition of Tax in VAT Law
VAT
SD
New
Turnover
Tax
Definition of tax (VAT)

67
VAT Credit
Any bank account addition and
Payment through
banking channel
closure would also be
considered for VAT credit.
Goods and
services
purchased valued
over Taka 1 lakh
68
VAT Registration
Business Nature FY 2017-18 FY 2018-19
Importers of Goods
 
Exporters of Goods
 
Importers of Services
 
Exporters of Services
 
Suppliers of VATable Goods
 
Suppliers of VATable
Services  
69
VAT Registration
Nearby associated organisations are

Associated
now required to obtain separate unit
Organisations
VAT registration
No exemption even
if maintained single
books and records
70
Type of Information VAT Officers can Seek
Deeds
VAT officers may
require various
Bank
entities to
Accounts provide certain
types of
information
Property
or others
71
From whom Information can be requested
Security
forces
Other
Taxes
Govt.
officers
Officers
Existing
Utility
Parishad
service
Officers
officers
Bank
officers
72
From whom information can be requested
NBFI
Credit
Stock
Rating Exchange
Agency
Newly
Added
Audit
BSEC
firms
RJSC
73
Power of Confiscating Goods or Services
Power Officer Old Limit New Limit
Commissioner Above 20 Lakh Above 40 Lakh
Additional
Up to 20 Lakh Up to 40 Lakh
Commissioner
Confiscating
product or Joint
service and Commissioner
imposing Deputy
penalty on Up to 10 Lakh Up to 20 Lakh
Commissioner
tax evasion
Assistant
Commissioner
Revenue Officer Up to 2 Lakh Up to 4 Lakh
Other cases Divisional Officer Complete power Complete power
74
VAT Exemptions
VAT Exemptions on Mobile Phones Manufacturing
Subject to certain
conditions of at least 30%
Permission from
which major local value BTRC etc.
conditions are: addition
Surcharge FY 2017-18 FY 2018-19
Mobile Manufacturing 1% 0%
Mobile Importing 1% 2%
75
VAT Exemptions
VAT Exemptions on Motorcycle and parts

Manufacturing
Subject to certain
conditions of at least 30%
Permission from
which major local value BRTA etc.
conditions are: addition
76
Other VAT Exemptions
Rendered by Civil Aviation Authority
Port Service
for operating international flights
Insurance Agent VAT on insurance agent commission
Sale and transfer of land and its

Land registration (not including land
developer)
77
Change in IT Enabled Services Definition
1. Software Development and

Customization
1. E-commerce and
2. Website Development and
Online Shopping
Services
2. Any automated
3. Website Hosting
services rendered by
4. Digital Data Analytics
Internet or Electronic
5. Computer Aided Design
Network
6. Overseas Medical Transcription
7. Cyber Security Services
78
Virtual Business in VAT
Definition of Virtual Business now included
Buy-sale or transfer of goods and services using mobile app based
platform, social media, internet or web
Virtual Business now would be

under 5% VAT
79
VAT on ride sharing service
Separate
interpretation Service fee/commission received
for VAT for ride
sharing service
by the mobile Apps owner would
(e.g. Uber, be subject to 5% VAT
Pathao)
The portion of the

car driver’s
fee/commission for
his services is
exempted
80
Virtual Business Vs Online Sales
Virtual Business (S079.00) Online Sales (S099.50)
Virtual business means using Online sales means, using
electronic network, buy- sale or electronic network, buy- sale or
transfer of goods or services transfer of goods or services,
through internet or web or which were collected from any
social media or mobile manufacturer of goods or
application based platform or provider of services paying
any similar media not having VAT, and having no own sales
own sales center or business center.
center.
Value added services provided
by mobile telecom operators
are excluded from Virtual
Business.
81
Requirement for Deduction of VAT
Gas.
Electricity.
Telephone.
VAT withholding Mobile Phone.
not required from Water
payment New
Fuel
VAT withholding For the purchase of any goods or

required services valued less than 1,000 taka
82
VAT Rate Change
Services on which VAT rate has been changed
Sl. Existing Proposed
General Description
No. (%) (%)
1. General restaurant 7.5 7
2. English medium school 7.5 5
Building construction firm
1-1100 sq. ft. 1.5 2
3.
1101-1600 sq. ft. 2.5 2
1601 sq. ft. and above 4.5 4.5
4. Construction firm 6 7
Furniture distributors
5. Manufacturing stage 6 7
Retail stage 4 5
(continued)
83
VAT Rate Change
Services on which VAT rate has been changed
Sl. Existing Proposed
General Description
No. (%) (%)
6. Buyer of auctioned products 4 5
Transportation contractor (for
7. 4.5 5
transporting petroleum products)
Readymade garments distributor 4
8. Own brand 5
Other than own brand 5
9. Virtual business - 5
Information technology enabled
10. 4.5 5
services
84
Supplementary Duty Change
Products on which SD (local supply) has been changed
Propose
Sl. Existing
General Description d Rate
No. Rate (%)
(%)
1. Energy Drink 25 35
2. Cosmetics 0 10
3. Shaving products 10 15
4. Body spray/perfume (except attar) 10 15
Bath salt and other bathing
5. 10 15
products
6. Air freshener and similar products 10 15
7. Others 10 15
(continued)
85
Products on which SD (local supply) has been changed
Propose
Sl. Existing
No. Rate (%)
(%)
8. Cigarette and bidi paper 20 25
Ceramic bathtub and Jacuzzi,
9. 20 30
shower, shower tray
Filament lamps except ultra-violet /
10. 0 10
infra-red lamps
Polyethylene and plastic bags and
11. 0 5
packaging supplies
(continued)
86
Services on which SD has been changed
Propose
Sl. Existing
No. Rate (%)
(%)
Hotel (on bills of alcohol supply or
1. 10 20
“floor shows” arranged)
Restaurant (on bills of alcohol
2. 10 20
supply or “floor shows” arranged)
Chartered plane & helicopter rental
3. New 20
service (except air ambulance)
87
Other Surcharges
1% development surcharge
on service provided by mobile phone operator using
SIM Card or Memory Card
1% health development surcharge

on imported or manufactured tobacco goods
1% environment protection surcharge

on goods produced by certain organisations
88
Thank you
89
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kpmg Rahman Rahman Huq

First Tk. 250,000 Nil

General – Individuals & Firms Tk. 250,000

Women and senior citizens (65+) Tk. 300,000

Physically challenged persons Tk. 400,000

War-wounded gazetted freedom fighters Tk. 425,000

For parents or legal guardians of physically challenged

• Lower of 50% of basic

Conveyance provided Higher of 5% of basic salary or

If net wealth is below Tk

Dhaka and Chittagong City Corporation Tk. 5,000

Other City Corporations Tk. 4,000

Other areas Tk. 3,000

Whichever is lower of:

25% of Total Income TK. 15,000,000 Actual Investments

Ready-Made Garments 12% 15%

Ready-Made Garments (public

Ready-Made Garments (green

Healthcare institution does

Rate of Tax 45%

Cannot carry out For services, total

Distribution of taxed dividend is exempted from tax, if:

Company C Company C Tax Exempted

Warehouse What about own warehouse which is exempted as per DTAA?

Building site, construction, assembly or

Dependent agents (associated entity or No definition of associated

Furnishing of service by employees or any Employees without work

Business Connection Permanent establishment

Any property, asset, right clarified that intangible

directly or Any intangible Property

Resident Company Non-resident Company

In scope of sec 18 Not in scope of sec 18

Such income (likely dividend) will be subject to tax in

Company Resident in Bangladesh?

Such income (likely capital gain) will be subject to tax

Existing sub-section (21), (21A),

(Individual) Loans less than Tk. 5

Existing S19(21B) Existing S 19(21A)

Is the transaction by banking

Is the transaction by bank transfer

“Bank Transfer” means transfer from

Employers are required to submit a statement to

Statement u/s Payment of salary to employees for

Failure to ensure this

Generally Tk. 475,000 Tk. 550,000

“an individual registered as person with disability under sec 31 of

Applicable only for companies

8% of net profit was Allowed up to:

Person providing motor vehicle under a

Non-resident individual having no fixed

Non-resident (other than individual)

Where tax has been deducted or

Every person is required to furnish a statement in

Is it same as withholding tax

Section 124 has been rearranged

75: Return of Income

91: Assessment in case of persons For continuing

10% of tax imposed on 10% of tax imposed on

Tk. 50 per day of Tk. 1,000 per month for

10% of tax imposed on

Tk. 250 per month of Tk. 1,000 per month for

10% of tax imposed on

Tk. 1,000 per month for