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Jul 2018

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Bangladesh: Government removes VAT on insurance agent commission

Source: Asia Insurance Review | Jul 2018

Bangladesh Agents/Advisors

Finance Minister AMA Muhith has proposed the withdrawal of a 15% value added tax on the commission of insurance agents to ensure that they are not taxed twice.
 
In his budget speech on 7 June, Mr Muhith said that insurance premiums are subject to a same amount of tax. Thus, it would be a case of double taxation, if 15% VAT is imposed on the agents’ commission, reports The Daily Star. 
 
Mr Muhith also proposed reducing corporate tax by 2.5 percentage points to 37.5% in the new budget for the fiscal year starting 1 July. A 
 
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