Remittance

REMITTANCE AND NON-RESIDENT BANGLADESHIS

  Year Wise Remittance Flow from the ROK (Million US $)

Year

Remittance from ROK 

Annual

Total Remittance to Bangladesh

ROK  % Total

Growth (%)

2019-2020

177.83

58.06%

18,205.01

0.9768%

2018-2019

112.51

16.84%

16419.63

0.6852%

2017-2018

96.29

19.39%

14981.69

0.6427%

2016-2017

80.65

 

12769.45

0.6316%

Money Drawing Agreement with Commercial Banks in Bangladesh

Overview:

A ROK-based registered money exchange company, willing to set up money drawing arrangements with any designated commercial bank in Bangladesh, has to first approach to the desired commercial bank in Bangladesh who in turn will request the Embassy to send confidential report about the said money exchange company in the ROK.

The Commercial Wing will then request the Financial Supervisory Services (FSS) of the Republic of Korea for the confidential report on that particular money exchange company.

Upon receiving the above documents, Commercial Wing verifies these and sends a confidential report about the said money exchange company to the commercial bank in Bangladesh which in turn signs a money drawing arrangement if the report recommends to do so.

Non-resident Bangladeshis

 

Baggage Rules of Bangladesh

A passenger is allowed to carry the following items to Bangladesh after paying duties as scheduled below:

LED, LCD, plasma and similar type of technology-based TV

 Inches of the Monitor

Duty (BD TK.)

22”– 29”

5,000.00

32”– 36”

10,000.00

37”– 42”

20,000.00

43” – 46”

30,000.00

47”– 52”

50,000.00

53” and above

70,000.00

 

    1

  Home theatre (CD/ VCD/ DVD/ LD / MD/    blue ray    disk set) more than speakers but   maximum of 8 speakers (5-8)

  Tk. 8,000.00

   2

  Refrigerator / deep freezer 

  Tk. 5,000.00

   3

  Air cooler/Air conditioner

 

 

    a. Window type

  Tk 7,000.00

 

    b. Split type up to 18000 BTU

  Tk.15,000.00

 

    c. Split type above 18000 BTU

  Tk. 20,000.00

   4

  Dish antenna

  Tk. 7,000.00

   5

  Gold bar (maximum 234 grams or 20 tola)

  Tk. 3000.00

  per 11.664 gram

   6

  Silver bar (maximum 234 grams or 20 tola)

  Tk. 6.00

  per 11.664 gram

  7

  HD cam, DV cam, BETA cam and cameras        

  used for professional purposes

  Tk. 15000.00

   8

  Air gun/air rifles (subject to approval of the Ministry of Commerce):

  Tk. 5000.00

   9

  Chandelier:

  Tk. 300.00

  for each point

   10

  Carpet up to 15 square meters: 

  Tk 150.00

  per square meter

   11

  Dishwater/cloth dryer:  

  Tk. 3000.00

List of Duty-Free Importable Items

  1. Cassette player/ two in one;
  2. Disk man / walk man (Audio);
  3. Portable audio CD Player;
  4. Desktop/Laptop Computer (with Printer & UPS);
  5. Computer scanner;
  6. Computer printer;
  7. Fax machine;
  8. Video camera (other than HD Cam, DV Cam, BETA Cam & professional camera);
  9. Still Camera/ Digital Camera;
  10. General/Push button/ Cordless telephone set;
  11. General/ Electric Oven/ Microwave Oven;
  12. Rice Cooker/Pressure Cooker/ gas oven (including burner);
  13. Toaster/sandwich maker/ electrical blender/food processor/juicer/coffee maker;
  14. General and electric type writer;
  15. Household sewing machine (manual/electrical);
  16. Table/ pedestal fan/ceiling fan for domestic uses;
  17. Sports materials (for personal use only);
  18. 100 grams gold jewelry/ 200 grams of silver jewelry (not more than 12 pcs of the same type);
  19. One carton cigarette (200 sticks);
  20. 21’’ plasma, LCD, VCR, CVP and similar type of technology-based TV and Up to 29” CRT black & white /colour Television;
  21. VCR/VCP;
  22. General CD & with 02 (two) speakers’ component (music center);
  23. VCD/DVD/LD/MD blue ray disk player;
  24. LCD Computer monitor (with or without TV function) up to 17”;
  25. Two mobile/cellular phone sets,

 

List of Prohibited Items for Importation in Bangladesh

The following goods shall not be importable to Bangladesh:

  1. Maps, charts and geographical globes which do not indicate the territory of Bangladesh in accordance with the maps published by the Department of Survey, Government of the People’s Republic of Bangladesh;
  2. Horror comics, obscene and subversive literature including such pamphlets, posters, newspapers, periodicals, photographs, films, gramophone records and audio and video cassette tapes etc;
  3. Books, newspapers, periodicals, documents and other papers, posters photographs, films, gramophone records, audio and video cassettes, tapes etc. containing matters likely to outrage the religious feelings and beliefs of any class of the citizens of Bangladesh;
  4. Unless otherwise specified in the import policy order, goods of secondary or sub-standard quality or below –standard or old, used, reconditioned goods or factory rejects and goods of joblot/stock-lot;
  5. Reconditioned office equipment, photocopiers, type-writer machines, telex, phones, and fax, old computers, old computer accessories, old electronic items ;
  6. Goods (including their containers) bearing any words or inscriptions of a religious connotation the use or disposal of which may injure the religious feelings and beliefs of any class of citizens of Bangladesh;
  7. Goods (including their containers) bearing any obscene pictures, writing inscription or visible representation;
  8. Import of live Swine and any item prepared from swine;
  9. All kinds of industrial sludge and fertilizer & any other products produced from sludge;
  10. Unless or otherwise specified in the import policy order, all kinds of waste;

Importation of Vehicles/Cars to Bangladesh 

Any person other than the Members of Parliament in Bangladesh, foreign diplomats and UN staff undertaking jobs in Bangladesh have to pay taxes for importing cars in Bangladesh. Import taxes are calculated based on the value of the car published at the internationally recognized automobiles journal, not on the basis of the value declared by the importer.

Vehicle which are more than five years old (counted from the date of first registration) are not allowed to import. For each year of the use of a car 9% depreciation is allowed and the maximum allowable depreciation is 45%.

Duties on Jeep/Car/Microbus (CBU) during Fiscal Year 2016-2017

Type of Vehicle

Engine Capacity in CC

Custom duty (CD)%

Regulatory Duty (RD)%

Supplementary Duty (SD)%

VAT%

Advance Income Tax (AIT)%

Advance Value Added Tax (AVT)%

Tax Incidence

 

Car/Jeep

Up to 1500

25

3

45

15

5

4

127.84

Car/Jeep

1501-2000

25

3

100

15

5

4

212.37

Car/Jeep

2001-2750

25

3

200

15

5

4

366.06

Car/Jeep

2751-4000

25

3

350

15

5

4

596.58

Car/Jeep

4001-above

25

3

500

15

5

4

827.11

Microbus

up to 1800

25

3

45

15

5

4

127.84

Microbus

18001-above

25

3

60

15

5

4

150.90

Source: National Board of Revenue

Temporary Importation of Cars

A person may TEMPORARILY import a vehicle can without paying duty to other countries including Bangladesh under the Carnet de Passages (CDP) eb Douanes rules which normally requires a deposit against import charges for such vehicles. The Carnet is used within the framework of the UN Customs Conventions of 1954 & a956.

The applicant must also provide a security deposit, calculated on the basis of vehicle value and countries of visit. The security deposit is 500% of the value of the car in Bangladesh, Iran, India, Pakistan and Nepal.

A carnet must be returned to CDP issuing authority within 3 months of the expiry date, unless prior contact or arrangements have been made regarding issue of a further carnet.

If the Carnet is not returned to the CDP issuing authority and the carnet holder fails to comply with the temporary importation regulations & procedures, the CDP issuing authority reserves the right to withhold release of a bank guarantee or refund of monies to cover costs incurred.

Importation of Air Gun/Air Rifles

All items including Revolvers and Pistols (HS Code 93.02) are importable by authorized dealers of firearms subject to prior permission of the Ministry of Home Affairs. For private sector 1 (one) NPB revolver/pistol with 50 rounds of cartridges/ammunitions and .22 bore rifle/.12 bore short gun/ gun with 100 rounds of cartridges/ammunitions shall be importable by Trading Corporation of Bangladesh (TCB)/appointed authority/persons on approval of the Ministry of Commerce on NOC/recommendation from the Ministry of Home Affairs.

Import of air guns is banned (All HS Code 93.03 to 93.05). However, air guns can be imported for the use of sports and shooting clubs subject to prior permission of the Ministry of Home Affairs. All items including other firearms (except banned bore) are importable by authorized dealers subject to prior permission the of Ministry of Home Affairs. For the private sector, these items shall be importable by the Trading Corporation of Bangladesh (TCB)/appointed authority/person on approval of the Ministry of Commerce on the basis of NOC/Recommendation from the Ministry of Home Affairs.

Import of air gun ammunition (HS Code 93.06) is banned.

However, air gun ammunition can be imported for the use of sports and shooting club subject to prior permission of the Ministry of Home Affairs and other ammunitions are importable by Ministry of Defense.

The import duty on air gun/air rifles is BDT. 5000.00.

Transfer of Residence (TR) Rules

Bangladesh citizens willing to return back to Bangladesh after staying abroad for two consecutive years, or more are entitled to enjoy benefits in terms of reduced import duty under the Transfer of Residence Baggage Rules (import), 2000 (SRO No. 165 – Law/2000/1846/Customs, Date: 08 June 2000).

 

Sl. No

Duration of Stay Abroad

Maximum value of Goods (US$)

Maximum Duty Exemption

1.

 Two years

US$ 3,000.00

40%

2.

 More than two years

 (For additional one year)

 US$ 500.00 for each year 

 and maximum value of

 goods is US$ 5,000.00

 10% for each year

 and Maximum

 of 80%

The items eligible for having tax benefits under the TR Rules:

 Television set, refrigerator, deep freezer, home cooker and oven, washing machine, cloth dryer, dishwasher, VCP, VCR, sewing machine, knitting machine, music center, laser disk player/compact disk player, movie camera, video projector, all kinds to fan, air, conditioner, air-cooler, telephone set (including mobile set), video cassette (recorded), micro-computer, satellite receiver, cookeries or utensils, furniture, nebulae machine, crutch, wheel chair and not more than US$ 500.00 worth of other household items.

 Please Note:

Personal car/vehicle is not covered under the rules.

Obligations of the passenger for enjoying benefits under the Transfer of Residence Baggage Rules, 2000

 Declaration Form

Transfer of Residence Baggage (Import) Rules, 2000

 Name

Passport No.

Relations

Date of Arrival

Exact duration of staying abroad

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SL No.

Description of Items

Number/

Quantity

Date of Purchase/Place

Purchasing Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature of the Passenger: ……………..
Name of the Passenger: …………………..
Passport No.: …………………….
Address:

Present: …………………………….
Permanent: …………….……….
Date: ………………….…………..

Signed the declaration form in my presence on the date: ……………………….

Seal & Signature

for Assistant/Deputy/Joint Commissioner