Foreign nationals who have been working in Bangladesh can remit 80 per cent of their monthly net income after tax to their home country at any time of the year.
Out of the remaining 20 per cent money, the foreign nationals can send the money at the end of the financial year upon completion of income tax assessment, supported by the certificate issued by the concerned tax authorities, said a new circular the Bangladesh Bank issued on Monday.
The Foreign Exchange Policy Department of the central bank issued the circular for “liberalisation of family remittance facility for foreign nationals working in Bangladesh”.
Earlier, the foreign nationals who were residing in Bangladesh and had an income in Bangladesh were permitted monthly remittances up to 75 per cent of their net income. They were also allowed to transfer out their actual savings out of salaries/benefits at the time of leaving Bangladesh permanently after expiry of the period of their service.
The circular further said authorised dealers “are also allowed to remit foreign nationals’ net income from the employers’ Foreign Currency Account opened and maintained for this purpose to abroad where the family members of the foreign employees reside.”
However, “before executing the remittance ADs will ensure that the remittable amount does not exceed the balance held in related bank account,” it added.
The foreigners will have to submit papers related to their work permit, income accounts and other required documents to the bank.
The Bangladesh Bank officials said the new decision has been taken so that skilled foreign nationals take an interest in working in Bangladesh as there is a shortage in skilled workforce in the country.