There is no separate wealth tax charged as a percentage of assets. Instead, individuals whose net wealth exceeds thresholds set in the annual Finance Act pay a surcharge on top of their income tax, at rates that rise with net wealth. Certain assets, such as multiple cars or large areas of urban property, have been specifically targeted in some years. The thresholds and rates change, so they should be checked for each tax year. In practice, the surcharge and the asset disclosure requirements together operate as a wealth tax. We calculate the expected position and advise on lawful planning.

The statement generally covers land, buildings, apartments, shares and business interests, bank deposits and savings, life insurance, vehicles, jewellery, furniture, electronics, cash, loans given and taken, and assets held abroad. Assets held by a spouse or minor children may also be shown, depending on whether they are separate taxpayers. Values usually follow cost rather than market value. Consistency year to year is essential, because increases must be explained by declared income. We review statements before filing and fix weaknesses before they lead to wealth tax disputes. Title deeds, bank statements and valuations should be kept for each item shown.

Gifts between close relatives, such as parents and children or spouses, are generally treated more favourably than gifts from unrelated persons, but the rules have changed over the years and must be checked for the current tax year. The transfer itself attracts registration costs and, in some cases, tax at source and stamp duty, with reduced rates applying to certain family transfers. The recipient must report the asset in their own statement,. We advise on the right document, the costs and the reporting, so that the gift is effective and the wealth tax position remains clean.

Tax residence depends mainly on the number of days spent in Bangladesh in the income year. A non-resident is generally taxed only on Bangladesh-source income, such as rent from property in Bangladesh, interest on local deposits or dividends from Bangladeshi companies, often through withholding. NRBs who hold property or investments in Bangladesh may still need to file returns. Remittances of foreign earnings through banking channels are generally not taxed as income here. We confirm residence status, advise on filing and treaty relief, and plan the sale and repatriation of Bangladesh assets when NRBs decide to exit.

Bangladesh residents are taxed on worldwide income, so rental income, interest, dividends and gains from foreign assets are relevant to their return, subject to treaty relief or foreign tax credits. Foreign assets must also appear in the asset statement. Foreign exchange law restricts residents from acquiring many foreign assets without permission, and holdings acquired before residence need careful review. These questions affect wealth tax, income tax and regulatory exposure. We review the position confidentially and advise on a compliant route, working with foreign advisers where needed. Acquisition dates and funding records for each foreign asset should be assembled early.

Undisclosed assets can lead to reassessment, tax on the unexplained amount as income, interest, penalties and, in serious cases, investigation by other agencies. Schemes allowing undisclosed money to be regularised have been introduced and withdrawn at different times, so cannot be relied upon. The right approach depends on the amounts, the source of the assets and how long ago the issue arose. Voluntary correction is usually better than discovery. We review the history confidentially, explain the exposure and options, and guide the correction or response process alongside the accountant. Original documents should be gathered promptly, before records are lost.

Lawful planning starts with accurate records and the correct use of allowances, exemptions and investment rebates under the Income Tax Act 2023 and the annual Finance Act. Ownership can sometimes be reorganised within the family or through a company, but each step must be genuine, documented and tested against anti-avoidance rules, property law and personal law. Timing of sales and transfers can matter. Artificial arrangements or understated values tend to create larger problems later. We design plans that reduce the overall tax cost while keeping the wealth tax and asset disclosure position defensible.

Disputes usually start with an audit or a notice requiring explanation, followed by an assessment if the authority is not satisfied. The taxpayer can appeal to the appellate authority, then to the Taxes Appellate Tribunal, and on questions of law to the High Court Division. Alternative dispute resolution may also be available for some tax disputes. Deadlines are strict, and partial payment of disputed tax may be required at some stages. We prepare evidence, submissions and representation at each level, and advise early on whether negotiation or appeal is stronger. Every notice should be kept with its date of receipt.