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Legal Updates

Latest legal updates in Bangladesh

All power producers must become member of BIPPA

All power producers in Bangladesh including Independent Power Producers (IPP), Small Independent Power Producers (SIPP) and Commercial Power Producers (CPP) must become member of Bangladesh Independent Power Producers’ Association (BIPPA). Ministry of Commerce on February 25, 2016, issued a circular (স্মারক নম্বর-বাম/টিও-২/এ-৪০/২০১৪/৫৭) in this regard.

Import Policy Order 2015-18 introduced

After almost 6 months delay, Bangladesh government on February 15, 2016, introduced the Import Policy Order 2015-18. The previous policy expired on 30th June 2015 (however it was valid till the Import Policy Order 2015-18 is issued).

City Corporation Ideal Tax Schedule 2016 introduced

If you remember, just last year, government introduced the City Corporation Ideal Tax Schedule 2015. However, within a year, government is introducing a new Tax Schedule repealing the last one.

Public Issue Rules 2015 issued by Bangladesh Securities Exchange Commission

Bangladesh Securities and Exchange Commission on December 28, 2015, issued Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015 (the “Rules”). The previous regulation was the Securities and Exchange Commission (Public Issue) Rules, 2006, which is now repealed.

Bangladesh Bank introduces new rules for investment in Alternative Investment Fund by banks

Through DOS Circular No. 02 dated 24 November, 2015, Bangladesh Bank introduces the new rules.

The rules applicable to investment in non-listed special purpose fund/funds (Special Purpose Vehicle, Alternative Investment Fund or similar, stated as such fund(s) henceforth) which are registered with Bangladesh Securities and Exchange Commission (BSEC).

Trademark Act 2009 got amended

Government recently passed a law amending the Trademark Act 2009. On November 21, 2015 it was published on the gazette.

This is a minor amendment. Highlights of the changes are-

The Fixation of Lowest Market Price of Property Rules, 2010 got amended

Recently Directorate of Registration amended the Fixation of Lowest Market Price of Property Rules, 2010. The Rules was promulgated by government in 2010 to fix a minimum market price of properties so that people cannot evade stamp duty and taxes.

Income Tax at a glance FY 2015-16

For the last several years, National Board of Revenue has been publishing “Income Tax at a Glance” for specific financial year. The publications contain all the basic and useful information related to tax for a financial year based on the relevant Finance Act.

Official English translation of Bangladesh Securities and Exchange Commission Act, 1993 published

Government has published the official translation of the Bangladesh Securities and Exchange Commission Act, 1993. The translation covers all the latest amendment (till 2012). The act was previously known as Securities and Exchange Commission Act, 1993. However in 2012, the government amended the act and named the act as Bangladesh Securities and Exchange Commission Act, 1993.

Money Laundering Act 2012 amended

Bangladesh government on October 11, 2015 through an ordinance, amended the Money Laundering Prevention Act 2012.

First anti-money laundering legislation of Bangladesh is the Money Laundering Prevention Act, 2002. It was replaced by the Money Laundering Prevention Ordinance 2008. Subsequently, the ordinance was repealed by the Money Laundering Prevention Act, 2009. In 2012, government again replace it with the Money Laundering Prevention Act, 2012.