VAT certificate must for money changers’ licence renewal: BB

Staff Correspondent | Published: 00:05, Jun 11,2018 | Updated: 23:56, Jun 10,2018

 
 

Bangladesh Bank on Sunday asked money exchange houses to submit VAT certificates along with the application and other documents for renewal of their licences. 
BB issued a circular to all the money changers along with the dealer banks in this regard.
Along with the VAT certificate, the money changers and authorised dealers will have to submit other documents mentioned in the guidelines for foreign exchange transections-2018.
An official of BB said that the directive for VAT certificate was given to ensure that the money exchange houses paid VAT properly.
According to the BB data, around 330 money exchange firms are now operating their business in the country, of which 172 are located in the capital.
As per the central bank regulation, a money exchange firm located in the Dhaka city has to transact at least $5 lakh in a year while other money exchange firms must transact at least $3.50 lakh annually. 

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