Legal Updates
Latest legal updates in Bangladesh
Foreign owned companies allowed to avail interest free loans from parent companies for one year
Bangladesh Bank on 12 March, 2014 through FE Circular No. 13 informed that foreign owned companies may from now on access interest free loans from parent companies/shareholders abroad for up to one year without any prior approval of Bangladesh Bank.
Foreign owned companies allowed to obtain Taka loan from local banks
From now on foreign owned companies may avail loan in Taka from local market. Bangladesh Bank on March 11, 2014 through FE Circular No. 12 notified this decision. A foreign company operating for three or more years would be eligible for this facility.
Service Sectors’ Companies allowed to remit cost of training and consultancy services
Bangladesh bank on 18 February, 2014, through FE Circular No. 08 notified that from now on companies engaged in service sector (within the purview of Industrial Policy) may remit through their nominated authorized dealers up to 1% of annual sales as declared in their previous years’ income tax return towards costs of training and consultancy services as per relevant contract with the foreign trainer/consultant.
Bangladesh Bank suggests FATCA reporting by local banks
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.
Bangladesh enacted geographical indication act
Intellectual-Property
Recently the parliament has passed the Geographical Indicative Products (Registration and Protection) Act, 2013.
Pursuant to the act, a geographical indication unit under the Department of Patents, Designs and Trademarks will be opened, with the chief of the unit being the registrar.