The agreement provides for credit to be given for tax 'spared'
(see INTM161270) in Bangladesh under the provisions of Bangladesh
law set out in Article 22(2)(a).
In addition to the sections of the Bangladesh Income Tax Act
1922 specified in Article 22(2)(a), Sections 44(4), 45 and 46 of
the Bangladesh Income Tax Act 1984 as well as section 46A of
the1995 Act are agreed to be of a substantially similar character
and credit may also be given, under Article 22(2)(b), for tax
spared under those Sections.
The new paragraph (h) added to the Notification number
SRO317-L/76 by Notification number SRO27-L/78 is not considered to
be of a substantially similar character to the provisions listed in
Article 22(2)(a).
Relief is restricted to tax 'spared' in Bangladesh for a
period of 10 years in respect of any one source of income, other
than interest on certain specified loans. Amounts of tax 'spared'
for which relief is given should be reported as mentioned at
INTM161290.
