Bangladesh has announced a major change in its monetary policy. The country's central bank- Bangladesh Bank announced on Monday that foreigners who work in Bangladesh will now be able to send all their earnings abroad after meeting tax liabilities. They can do this every month. In a circular of the bank, it has been said that foreign nationals earning money in Bangladesh will now be able to send up to 80 percent of their earnings abroad every month. The remaining 20 percent is income tax on their income, which they will have to deposit at the end of the financial year.
According to the circular, foreign nationals will have to obtain necessary certificates from the tax authorities before sending their money abroad. According to analysts, Bangladesh Bank has made two important changes in its policy recently. Now the limit of the amount that can be sent out every month has been increased. Earlier this important change was made that people doing employment or business in Bangladesh will be able to send their earnings to any country. Before that, the rule was that money earned in Bangladesh could be sent only to that country, where the person concerned is a native.
More than 2.5 lakh foreigners work in Bangladesh
According to the newspaper Bangladesh Today, at present more than 2.5 lakh foreigners are working in Bangladesh. There are many such foreigners among them, who are coming here illegally and doing employment. Non-governmental organization Transparency International, in a report released in February 2020, said that foreigners residing in Bangladesh illegally are sending an amount of Taka 26,400 abroad every year.
12 thousand crore Taka loss to Bangladesh government every year
It was said in this report that due to the money going abroad in this form, the Bangladesh government suffers a loss of tax income of 12 thousand crores Taka every year. According to Bangladesh Today, citizens of 44 countries are currently working in Bangladesh. They earn regularly or irregularly in 20 types of business.
Observers have described this as a big step taken in a low-middle income country like Bangladesh. He says that following the conditions imposed by Bangladesh Bank, if this policy is implemented, then it will raise the profile of Bangladesh in international business.
