Compliances for a private limited or subsidiary company in Bangladesh becoming more stringent than ever before. Apart from the annual compliances, there are number of compliances on monthly, quarterly and half-yearly basis as below:
Annual Compliances
Company Affairs (Companies Act 1994)
- Statutory auditing;
– Holding annual general meeting;
– Annual RJSC return filing;
Income Tax (Income Tax Ordinance 1984):
- Filing of annual tax return u/s 75;
- Filing of annual return of salary TDS statements u/s 108;
- Filing of annual return of employee annual tax return submission details u/s 108A;
- Renewal of Tax Exemption Certificate (for tax exempted company);
Value Added Tax/ GST (VAT & SD Act 2012):
- Collection of VAT clearance certificate;
Renewal of Business Licenses:
- Renewal of Trade License;
- Renewal of trade body membership (if any);
- Renewal of Import & Export Registration Certificate (if any);
- Other industry related licenses (if any);
Half-Yearly Compliances
Income Tax (Income Tax Ordinance 1984):
- Filing of half-yearly TDS/withholding tax return submission u/s 75A
Quarterly Compliances
Foreign Direct Invest Reporting:
- Un-audited quarterly financial statements;
- Filing of quarterly F1 reporting to Bangladesh Central Bank.
Monthly Compliances
Income Tax (Income Tax Ordinance & Rule 1984):
- Withholding tax / tax deducted at source (TDS) on regular basis as and when payment made or create payable
- Treasury deposit of TDS;
Issuance of withholding certificate - Filing of suppliers’ TDS statements under rule 18
- Filing of salary TDS statement u/r 21
- Day to day transaction compliances
Value Added Tax/ GST (VAT & SD Act 2012):
- Deceleration of Input-Output Co-efficient whenever the price or cost changes +/-7% from the latest declared price/cost;
- Issuance of VAT 6.3 (Tax Invoice) on regular basis;
- Maintenance of VAT record keeping on regular basis;
- Withholding VAT / VAT deduction at source (VDS) when make suppliers’ payment;
- Treasury deposit of VDS;
- Issuance of VDS certificate (VAT 6.6);
- Filing of monthly VAT return (VAT 9.1);
- Declaration for transactions which are above BDT 200K.