Taxes to be paid
The National Board of Revenue (NBR) is the central authority for tax administration in Bangladesh. In Bangladesh, the most common taxes include:
- Customs duty: the custom duty for imports of chilled and frozen fish is 25%. On exports, there is no duty levied.
- Supplementary duty: may be levied on certain products but is not applicable for fish and shrimp products.
- Excise duty: excise duty is levied on locally produced goods.
- Value-Added-Tax (VAT): the standard rate of VAT is 15% levied on transaction value of most of the imports and supplies of goods and services. VAT is calculated on the sum of the CIF value, applicable duty, supplementary duty and regulatory duty.
- Individual income tax: individual income tax ranges from 10 to 30% for amounts above Tk. 3 mln.
- Corporate income taxes: for the 2015/16 tax year, publicly traded companies pay 25% corporate tax. Non-publicly traded companies pay 35% corporate tax. For financial institutions and band tax rate may be as high as 42.5%.
Up to three years ago all fishery and aquaculture export products enjoyed an export subsidy of 10% provided to the export license holder. Nowadays, this export subsidy only applies to shrimp. Exporters can use the revenue at their own will and are not obliged to reinvest the subsidy into the fishery or aquaculture sector.