The US government has started the process of withdrawing double taxation in its trade regime aiming to boost trade with Bangladesh, as the country holds untapped business potential, according to the officials.
A National Board of Revenue (NBR) source said Bangladesh has already finished all the procedures to abolish the double-taxation system with the United States, reports UNB.
The source said that on February 2, the US Senate started hearings in this connection and Bangladesh mission in the USA kept track of the proceedings.
"If the US government allows the double taxation withdrawal, it would help boost the US investment in the country," one NBR official said, adding that the total US invest in Bangladesh is now over US$ 1.0 billion.
The American investors recently showed their keen interest in investing in the energy sector of the country and the planned treaty rescinding the double-taxation system would encourage the US investors to invest in Bangladesh, he hoped.
Meanwhile, aiming to boost bilateral trade with Norway, Bangladesh has almost finished the procedural formalities for withdrawal of double taxation and a gazette notification to this effect is now in the offing.
According to the NBR sources, the file of the gazette notification was sent on February 6 to the Law Ministry for its perusal.
"Within 20 days, it will be published in the official gazette after receiving law ministry's approval," the NBR source said, adding that after publication of the gazette notification a Statutory Regulatory Order (SRO) would be issued.
With the latest moves, Bangladesh is going to sign agreements with 14 more countries in a row for the withdrawal of double taxation to boost bilateral trade and investment in the country and abroad.