Dhaka, April 23 -- The revenue board has exempted tax on interest or profits derived from offshore banking units by any depositor or non-resident loan granters.

The income tax wing of National Board of Revenue (NBR) has exempted the tax by issuing a Statutory Regulatory Order (SRO) on Monday.

In the SRO, the NBR said it has exempted the tax as per the Offshore Banking Law 2024.

With the SRO, the interest amount of offshore bank deposits and loans would get exemptions from payment of taxes at a rate of 20 per cent.

A senior tax official said they have offered the waiver following the offshore banking law in a bid to boost the country's foreign currency reserve.

[email protected]

Published by HT Digital Content Services with permissio...