Bangladesh Bank has advised local banks in Bangladesh who have accounts of US taxpayers to report to the Internal Revenue Service (IRS) of USA. Through BRPD Circular Letter No-01, issued on 16 January 2014, Bangladesh Bank advised to do so pursuant to the Foreign Account Tax Compliance Act (FATCA) of the United States.
The circular highlights the fact that Government of Bangladesh has not yet decided to execute an inter-governmental agreement with the US. However local banks should register and sign Participation Agreements with the IRS and report under the FATCA. National Board of Revenue (NBR) has also consented in this regard.