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Written by – Sourav Das, Junior Associate, TRW Law Firm
বাংলাদেশে তালাক সংক্রান্ত আবেদন, রেজিস্ট্রেশন,ফিস এবং পদ্ধতি এইসব বিষয়ে আলোচনা আছে কয়েকটিআইনে। সেগুলো আমি নিচে বিশদভাবে আলোচনা করবো। যেসব আইনে আমি আলোচনা আনবো তা হলোঃ
The Muslim Family Law Ordinance, 1961;
The Family Law Ordinance Act, 1985;
The Divorce Act, 1860;
The Dissolution of Muslim Marriage Act, 1939;
The Muslim Marriages and Divorces (Registration) Act, 1974’
The Muslim Family Law Ordinance, 1961 অনুযায়ী তালাকের বিষয়ে যা আলোচনা রয়েছেঃ
এই অধ্যাদেশের ধারা ৭ অনুযায়ী, তালাকের বিধানবলী আলোচনা করা হয়েছে। এখানে বলা হয়েছে যে, যদিকোন পুরুষ তার স্ত্রীকে তালাক ঘোষনার করে যেকোন পন্থা অবলম্বন করে। অতঃপর লিখিত ভাবে সেই তালাক নোটিশ ইউনিয়নের চেয়ারম্যানের এর কাছে এক কপি এবং স্ত্রী এর কাছে এক কপি সেন্ড করতে হয়। যদি তালাক বাতিলকরা না হয় প্রত্যেক্ষ বা পরোক্ষভাবে, তাহলে নোটিশ পাঠানোর ৯০ দিনের মধ্যে তালাক কার্যকর হবে নাহ।
নোটিশপাওয়ারপরচেয়ারম্যানএরদায়িত্ব
ধারা ৭ অনুযায়ী চেয়ারম্যান নোটিশ পাওয়ার পর, ৩০ দিনের মধ্যে চেয়ারম্যান দুইপক্ষের মধ্যে সালিশি এবং পুনর্মিলন এর জন্য সালিশি কাউন্সিল গঠন করবেন। সালিশি কাউন্সিল গঠনের মাধ্যেমে সকল রকমের পদক্ষেপনেওয়ার মাধ্যেমে পুনর্মিলন এর সব ধরনের ব্যবস্থা গ্রহন করবেন।
গর্ভাবস্থায়তালাকএরনিয়ম
যদি তালাক ঘোষনা দেওয়া অবস্থায় কোন স্ত্রী গর্ভাবস্থায় থাকে, যতদিন এর সময় থাকে অথবা ৯০ দিন যেটাআগে শেষ হয়।
তালাক দেওয়ার ছাড়া অন্য ভাবে তালাক এর পদ্ধতি
ধারা৮ অনুযায়ী বলা হয়েছে যে, তালাক দেওয়ার অধিকার যখন স্ত্রী এর উপর অর্পণ করা হয়েছে বা, দুই পক্ষআলোচনা সাপেক্ষে তালাক দেওয়ার জন্য সম্মতি প্রদান করেছেন সেই ক্ষেত্রে ধারা৭ প্রযোজ্য হবে।
The family Law Ordinance, 1985 অনুযায়ীতালাকদেওয়ারপদ্ধতি
১। এই অধ্যাদেশ এর অধীনে কোন ব্যক্তি যদি তালাক চায় তাহলে তাকে অবশ্যাই সহকারী জজ এর আরজি দাখিলের মাধ্যেমে তালাক গ্রহন করতে হবে তা করতে হবে ৩০ দিনের মধ্যে। আরজিতে ঠিকানা, কারন, ফিস, কাগজপত্র এইসব বিষয় উল্লেখ থাকবে এবং শুনানীর সময় কোন দস্তাবেজ যদি আদালতে পেশকরতে চায় তাহলে সেক্ষেত্রে অবশ্যাই আদালতের অনুমতি নিতে হবে।
২। আরজি দাখিলের পর সুমন প্রেরনের মাধ্যেমে ৩০ দিনের মধ্যে লিখিত জবাব দিতে হবে আদালতে সাথেপ্রাসঙ্গিক দস্তাবেশ এর মাধ্যেমে, এই সময়ের মধ্যে দাখিল করতে না পারলে আদালত ২১ দিনের বেশি নয়এমন সময় দিতে পারবে।
৩। যদি নির্ধারিত শুনানীর সময় কোন পক্ষ আদালতে উপস্থিত হতে ব্যর্থ হয় তাহলে আদালত মোকাদ্দমা টিখারিজ করে দিতে পারে এবং সেই খারিজ এর বিপরীতে দেওয়ানী কার্যবিধির আদেশ ৯, বিধি ৯ অনুযায়ীআবেদন দায়ের করতে পারে। যদি বিবাদী উপস্থিত না হয় তাহলে, বিবাদীর বিরুদ্ধে এক তরফা আদেশজারি হবে এবং বিবাদী উপযুক্ত কারন দেখালে তাকে আরো ২১ দিনে সময় দিবে আদালত।
৪। আদালত এই পর্যায়ে এসে মধ্যস্থতার কথা বলতে পারে যা আইনের ১০(৩), এবং ১৩(২) অনুযায়ী বলাহয়েছে।
৫। যদি মধ্যস্থতা করতে ব্যর্থ হয় পক্ষ তাহলে আদালত শুনানী এবং পক্ষের বক্তব্য শুনে রায় বা আদেশ দিতেপারে।
তালাক এর জন্য ফিস
ধারা ২২ এ বলা হয়েছে যে, যখন পারিবারিক আদালতে মোকাদ্দমা দায়ে করা হবে আদালত ফিস দিতে হবে ২৫টাকা।
আপিলকরারবিধান
পারিবারিক আদালতের এর রায়, আদেশ বা ডিক্রির বিরুদ্ধে ৩০ দিনের মধ্যে জেলা আদালতে আপিল দায়েরকরতে হবে। জেলা আদালতের আপিল চাইলে অতিরিক্ত জেলা আদালতের কাছে পাঠাতে পারে সিদ্ধান্ত, রায় বাআদেশ দেওয়ার
জন্য।
পারিবারিকআদালতেরায়হওয়ারপরকার্যক্রম
ধারা ২৩ অনুযায়ী বলা হয়েছে যে, আদালত এই অধ্যাদেশ এর বিধি মেনে রায় বা আদেশ দিয়ে সেখানেঅবশ্যাই, সে ডিক্রি সালিশি কাউন্সিল এর কাছে ৭ দিনের মধ্যে পাঠাবে রিসিপ্ট সহ এবং চেয়ারম্যান এমনভাবেপদক্ষেপ নিবে, যা তার কাছে তালাক হিসেবে এসেছে। চেয়ারম্যান ডিক্রি রিসিপ্ট পাওয়ার ৯০ দিনের পূর্ব পর্যন্ততালাক কার্যকারিতা হবে নাহ।
The Divorce Act, 1860 অনুযায়ীতালাকপ্রদানেরনিয়ম
এই আইনের ধারা ১০ অনুযায়ী, পুরুষ এবং স্ত্রী উভয়পক্ষ পিটিশন দায়ের করার মাধ্যেমে তালাক চাইতে পারে। পুরুষ ব্যভিচারের এর ভিত্তিতে জেলা আদালত বা উচ্চ আদালতে পিটিশন দায়ের করতে পারে। স্ত্রী তালারপিটিশন দায়ের করার কিছু ভিত্তি প্রয়োজনীয়ঃ
ব্যভিচার করে
ব্যভিচার করার মাধ্যেমে অন্য মহিলার সাথে বিবাহ আবদ্ধ হয়;
ধর্ষণ, যৌনতা পাশবিকতা;
যদি শুনানী করে আদালত মনে করে কোন যে, কোন রকম ব্যভিচারে এর প্রমান পাওয়া যায় নি, তাহলে আদালতপিটিশন টি খারিজ করে দিবে। খারিজ করলে সেই আদালতে রেভিউ এবং উচ্চ আদালতে রিভিশন দায়ের এরঅধিকার থেকে বঞ্চিত হবেন না। প্রমান পেলে উচ্চ আদালতের বিভাগ এর অনুমতি ব্যাতিত কোন আদেশ বারায় বা ডিক্রি প্রদান করিবেন না।
যদি খারিজ উচ্চ আদালত বিভাগ করে, তাহলে এর বিপরীতে কোন নতুন পিটিশন দায়ের করা যাবে নাহ। উচ্চআদালত কোন নিসি ডিক্রি দিলে তা ৬ মাস শেষ না হওয়া পর্যন্ত কার্যকর হবে নাহ।
The Dissolution of Muslim Marriages Act, 1939 অনুযায়ীতালাকপ্রদানেরনিয়ম
যদি বিনা কারনে ৩ বছর যাবত প্রাসঙ্গিক চাহিদা পূরন করতে ব্যর্থ হয়;
যদি স্বামী বিয়ের সময় থেকে পুরুষত্বহীন থাকে এবং চলতেই থাকে;
যদি স্বামী ২ বছর ধরে পাগল বা উন্মাদ অবস্থায় থাকে;
মহিলার অভিবাবক বা অন্য অভিবাবক ১৮ বছরের পূর্বে জোরপূর্বক বিয়ে দেয়;
স্বামী অমানবিক আচরন করে এবং শারীরিক ও মানসিক নির্যাতন করে;
মহিলার অনুমতি ছাড়া সম্পত্তি নিষ্পত্তি করা এবং তাকে কোন আইনী অধিকার চর্চা করতে বাধা প্রদান;
যদি এক বা একাধিক স্ত্রী থাকে মুসলিম আইন অনুযায়ী সমান ভাবে তার সাথে আচরন করে নাহ;
অন্য কোন আইন ধারা বিধিবদ্ধ বিবাহ বিচ্ছেদ এর কোন কারন;
কোন ডিক্রি স্বামীকে নোটিশ না দিয়ে করা যাবে নাহ, যদি তিনি নিখোজ থাকে তাহলে তার বৈধ প্রতিনিধির কাছেনোটিশ জারি হবে
২ধারারঅধীনডিক্রিকখনবাতিলকরাহয়
ডিক্রি ৬ মাস অতিক্রম না করা পর্যন্ত কার্যকর হিসেবে গন্য করা হবে নাহ, এই সময়ে যদি স্বামী আদালতে উপস্থিতহয়ে জবানবন্দি দেয় যে, তিনি সকল ধরনের চাহিদা এবং দায়িত্ব পালন করবেন, তাহলে আদালত ডিক্রি খারিজকরে দিবে।
The Muslim Marriages and Divorces Registration Act, 1974 এরআইনঅনুযায়ীবিবাহবিচ্ছেদনিবন্ধনএরপ্রক্রিয়া
এই আইনের ধারা ৬ এ বলা হয়েছে যে, বিবাহ বিচ্ছদ এর নিবন্ধন এর জন্য মৌখিকভাবে আবেদন দাখিলেরমাধ্যেমে করতে হবে বিবাহ নিবন্ধক এর কাছে। যদি বিবাহ নিবন্ধক আবেদন গ্রহন না করলে, ৩০ দিনের মধ্যেআবেদন কারী রেজিস্ট্রার এর নিকট বিবাহ নিবন্ধন এর জন্য আবেদন করবেন, অগ্রাহ্য নিবন্ধন এর কপি সহ।
যেসবকাগজপত্রবিবাহবিচ্ছেদএরসময়প্রয়োজনীয়
বিবাহ নিবন্ধন এর কপি;
জাতীয় পরিচয় পত্র এর রঙ্গিন কপি;
যদি কোন বৈধ কারনের প্রমান থাকে;
স্বামী সাজাপ্রাপ্ত থাকলে বা অসুস্থ থাকলে সেই কারনে বিচ্ছেদ এর প্রমাণস্বরূপ;
আইনের নাম
তালাক প্রদানের পদ্ধতি
The Muslim Family Law Ordinance, 1961
– পুরুষ যদি স্ত্রীকে তালাক ঘোষনা করে, তাকে লিখিত নোটিশ ইউনিয়নের চেয়ারম্যানের কাছে এবং স্ত্রীকে দেওয়া হয়। 90 দিনের মধ্যে তালাক কার্যকর হবে না। – চেয়ারম্যান নোটিশ পেলে 30 দিনের মধ্যে সালিশি এবং পুনর্মিলনের জন্য সালিশি কাউন্সিল গঠন করবেন।
The Family Law Ordinance Act, 1985
– তালাক চাইলে অবশ্যই সহকারী জজের আরজি দাখিল করতে হবে, তা হলো 30 দিনের মধ্যে। – আরজিতে ঠিকানা, কারন, ফিস, কাগজপত্র এইসব বিষয় উল্লেখ থাকবে।
The Divorce Act, 1860
– পুরুষ এবং স্ত্রী উভয়পক্ষ পিটিশন দায়ের করে তালাক চাইতে পারে। – স্ত্রীর পিটিশনে কিছু ভিত্তি প্রয়োজন, যেমন ব্যভিচার, ধর্ষণ, যৌনতা পাশবিকতা, ইত্যাদি। – তালাক নিয়ে প্রাসঙ্গিক দলিল হলে আদালত তালাক দেওয়া বাতিল করতে পারে।
The Dissolution of Muslim Marriage Act, 1939
– মহিলা বিবাহ বিচ্ছেদ এর ডিক্রি অর্জন করতে পারে, তবে কিছু শর্ত আছে, যেমন ব্যভিচার, ভরনপোষন দেওয়ার অসমর্থ, ইত্যাদি। – ডিক্রি স্বামীকে নোটিশ না দিয়ে করা যাবে না, এই সময়ে নোটিশ জারি হবে। – ডিক্রি প্রদানের 6 মাস অতিক্রম না করলে কার্যকর হবে।
The Muslim Marriages and Divorces (Registration) Act, 1974
– বিবাহ বিচ্ছেদ এর এই আইনের ধারা ৬ এ বলা হয়েছে যে, বিবাহ বিচ্ছদ এর নিবন্ধন এর জন্য মৌখিকভাবে আবেদন করার পদ্ধতি |
বাংলাদেশে আপনার বিবাহ বিচ্ছেদ বা বিবাহের বিষয়ে সাহায্যের জন্য TRW এর আইনজীবী দের নিয়োগ করুন:
বাংলাদেশে তাহমিদুর রহমান রিমুরা ওয়াহিদ আইনী প্রতিষ্ঠান বিবাহ এবং বিবাহ বিচ্ছেদের বিষয়ে আইনি পরামর্শ প্রদান করে:
ঢাকা, বাংলাদেশের মহাখালী ডিওএইচএস-এ TRW-এর ব্যারিস্টার, অ্যাডভোকেট এবং আইনজীবীদের বিয়ে, বিবাহবিচ্ছেদ এবং ভরণপোষণের বিষয়ে ব্যাপক অভিজ্ঞতা রয়েছে। নিয়মিতভাবে গার্হস্থ্য ক্লায়েন্টদের মধ্যে বিবাহ এবং বিবাহবিচ্ছেদ সংক্রান্ত বিভিন্ন সমস্যাগুলি পরিচালনা করার পাশাপাশি, এটির অনেক আন্তর্জাতিক ক্লায়েন্টকে তাদের আইনি সমস্যায় পরম যত্ন এবং মনোযোগ দিয়ে পরামর্শ এবং সহায়তা করার অভিজ্ঞতা রয়েছে। আমাদের সাথে যোগাযোগ করুন:
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Unlocking Investment Potential in Bangladesh: Navigating IRR within Legal Frameworks of Bangladesh
In the realm of financial analysis and investment evaluation in Bangladesh, the Internal Rate of Return (IRR) stands as a fundamental metric that helps investors and businesses estimate the potential profitability of various investment opportunities.
The IRR is a critical tool in the toolkit of financial professionals, aiding in the assessment of projects, capital investments, and business ventures.
A compound interest rate calculated over the life of a private equity fund to reflect both the investment return and the rate at which the return is generated.
The IRR is calculated using an iterative mathematical formula that values the cash spent by the private equity provider (typically subscription monies for shares and loan stock in the new company) and cash returned (typically interest, dividends, share or loan stock redemptions, and share sale proceeds) at the date of exit.
The IRR is the discount factor that provides a net present value of zero when applied to these cash flows. It roughly corresponds to a notional rate of compound yearly interest earned on money invested.
What Is Internal Rate of Return (IRR)?
The Internal Rate of Return, commonly known as IRR, is a financial metric used to evaluate the potential returns of an investment. It is a discount rate that, when applied to the cash flows of an investment, makes the Net Present Value (NPV) equal to zero in a discounted cash flow analysis. In simpler terms, IRR is the annual rate of growth that an investment is expected to generate.
In Bangladesh, where the investment landscape is rapidly evolving, IRR serves as a crucial decision-making tool for both businesses and individuals. It allows investors to assess the attractiveness of various investment options, from real estate to business expansion, by providing a clear picture of the expected annual returns.
Formula and Calculation for IRR
The formula for IRR, though conceptually straightforward, often requires iterative calculations to determine the precise rate. In the context of Bangladesh, where investments vary widely in nature, understanding the IRR formula is essential.
The formula used to calculate IRR is as follows:
0 = Σ CFt ÷ (1 + IRR)^t
Where:
CFt = Net cash inflow during the period t
IRR = Internal Rate of Return
t = The number of time periods
In Bangladesh, this formula becomes particularly relevant when assessing investments that involve initial capital outlays, such as real estate development, infrastructure projects, or manufacturing ventures. The ability to determine the IRR helps investors gauge the profitability and feasibility of such endeavors.
Example of IRR Calculation in Bangladesh
Let’s consider a practical example of IRR analysis in Bangladesh using BDT as the currency. Imagine a company evaluating the profitability of a real estate project named Project X. Project X requires an initial investment of 2,500,000 BDT and is projected to generate annual after-tax cash flows as follows:
Year 1: 1,000,000 BDT
Year 2: 1,200,000 BDT
Year 3: 1,400,000 BDT
Year 4: 1,600,000 BDT
Year 5: 1,800,000 BDT
Using the IRR formula, one can calculate the IRR for Project X:
Solving this equation yields an IRR of approximately 12.29% for Project X. In the context of Bangladesh’s real estate sector, this IRR figure provides valuable insights into the project’s potential return on investment.
Unlocking Investment Potential in Bangladesh: Navigating IRR within Legal Frameworks
In the intricate tapestry of Bangladesh’s investment landscape, the Internal Rate of Return (IRR) emerges as a pivotal financial metric. However, as investors and businesses in Bangladesh engage in assessing potential projects and ventures, they must do so within the contours of the country’s legal and regulatory frameworks. In this exploration, we shall dissect the significance of IRR, its legal implications in Bangladesh, and how it interweaves with specific legal fields and terminology.
IRR: Legal Foundations and Application
The Internal Rate of Return (IRR) stands as a quintessential financial metric, both globally and in Bangladesh. It serves as a benchmark to evaluate the feasibility and profitability of investments, offering insights into the expected annual returns of a venture.
In Bangladesh, where investment opportunities span diverse sectors like real estate, infrastructure, and manufacturing, IRR plays a pivotal role in decision-making. It allows investors and businesses to gauge the financial viability of projects, taking into account various legal considerations.
Legal Fields and Considerations in IRR Analysis
Contract Law: One of the key legal fields that intertwine with IRR analysis is contract law. When assessing investment opportunities, contracts are integral, outlining the terms, obligations, and responsibilities of parties involved. Legal experts in Bangladesh play a crucial role in drafting and reviewing contracts, ensuring compliance with contractual obligations that impact cash flows and, subsequently, IRR.
Real Estate Law: The real estate sector in Bangladesh is burgeoning, attracting investors seeking to capitalize on the country’s growth. IRR calculations for real estate investments are inherently tied to land acquisition, property transactions, and land use regulations. Legal experts navigate the complexities of land ownership laws, ensuring that investments adhere to legal requirements, mitigating risks, and preserving IRR.
Taxation and Financial Law: In Bangladesh, tax implications significantly influence IRR. Income tax, capital gains tax, and value-added tax (VAT) obligations are paramount. Legal practitioners specializing in taxation ensure that IRR calculations incorporate accurate tax figures, optimizing returns and complying with the evolving tax regulations.
Foreign Investment Regulations: Bangladesh welcomes foreign investors, yet stringent regulations exist. Foreign investments often require approvals and compliance with regulatory bodies such as the Bangladesh Investment Development Authority (BIDA). Legal experts guide investors through the labyrinth of foreign investment laws, ensuring IRR calculations align with regulatory requirements.
Dispute Resolution: Bangladesh’s legal framework encompasses dispute resolution mechanisms. When investments face challenges or contractual disputes, legal experts in dispute resolution play a pivotal role in protecting investments and safeguarding IRR. Alternative dispute resolution methods are employed to minimize the impact on investment returns.
Legal Field
Role in IRR Analysis
Key Considerations
Contract Law
Drafting and reviewing contracts
Ensuring compliance with contractual obligations.
Real Estate Law
Land acquisition and property transactions
Verifying land titles, addressing disputes, and adhering to land ownership laws.
Taxation and Financial Law
Tax implications and financial compliance
Incorporating accurate tax figures and VAT obligations into IRR calculations.
Foreign Investment Regulations
Regulatory compliance for foreign investors
Guiding foreign investors through BIDA requirements and approvals.
Dispute Resolution
Managing investment disputes
Protecting investment returns through alternative dispute resolution methods.
Environmental Regulations
Environmental impact assessments (EIA)
Conducting thorough EIA studies and obtaining DoE approvals.
Political and Economic Stability
Risk assessment
Monitoring political and economic stability for informed investment decisions.
Infrastructure Development
Compliance with urban planning regulations
Aligning projects with zoning requirements and collaborating with local authorities.
Land Use Zoning and Planning
Land use regulations
Adhering to land use zoning laws and urban planning requirements.
Legal Documentation and Contracts
Contractual soundness
Ensuring contracts are legally sound and comprehensive.
Case Study: IRR in Bangladesh’s Real Estate Sector
Let’s delve into a real-world example to illustrate how IRR analysis intersects with these legal fields. Consider a foreign investor eyeing a real estate project in Bangladesh. The project involves acquiring land, constructing a commercial complex, and leasing space to local businesses. The investor conducts a comprehensive IRR analysis, factoring in legal considerations:
Land Acquisition: Legal experts verify land titles, conduct due diligence, and address any disputes or ambiguities. This diligence ensures that land acquisition aligns with land ownership laws and is a critical component of IRR calculations.
Contracts and Agreements: Lawyers draft contracts outlining the terms of land purchase, SPV contracts, SPA contracts, construction agreements, and lease agreements with tenants. Ensuring these contracts are legally sound and comprehensive is vital to safeguarding the IRR.
Taxation: Tax consultants assess the tax obligations tied to rental income, capital gains, and VAT. Accurate taxation figures are integrated into the IRR analysis, impacting the project’s financial viability.
Dispute Resolution: In the event of disputes with tenants, contractors, or regulatory bodies, dispute resolution mechanisms are activated. Legal professionals work diligently to protect the investment’s returns and minimize disruptions to the IRR.
In Bangladesh, the Internal Rate of Return (IRR) is not merely a financial metric; it is a compass guiding investors and businesses through a multifaceted legal landscape. The legal fields of contract law, real estate law, taxation, foreign investment regulations, and dispute resolution converge with IRR analysis, shaping investment decisions and outcomes.
As Bangladesh continues its journey of economic growth and development, the prudent application of IRR within the legal frameworks is paramount. Legal experts and financial analysts work hand in hand to optimize IRR, mitigate risks, and ensure investments align with regulatory requirements.
In essence, IRR in Bangladesh serves as a bridge between financial aspirations and legal realities, unlocking the nation’s investment potential while upholding the rule of law. In this dynamic and evolving investment environment, the harmonious synergy of finance and law paves the way for sustainable development and prosperity.
Using IRR in Bangladesh: Real-world Applications
In Bangladesh, where economic growth and infrastructure development are on the rise, the application of IRR is widespread and diverse:
Real Estate Investments: The booming real estate market in Bangladesh attracts investors seeking to maximize their returns. IRR analysis is employed to assess the profitability of real estate projects, whether they involve residential, commercial, or industrial properties. The higher the IRR, the more desirable the investment.
Infrastructure Projects: Bangladesh’s infrastructure development is a top priority, with projects ranging from road construction to power plants. IRR is instrumental in evaluating the financial viability of such endeavors, helping the government and private investors make informed decisions.
Business Expansion: Local businesses looking to expand or diversify their operations use IRR to compare different expansion opportunities. It assists in determining which project is likely to yield the highest returns.
Capital Budgeting: IRR is a vital tool for capital budgeting decisions. Companies can use it to compare the profitability of launching new operations versus expanding existing ones. For example, an energy company might utilize IRR to decide between opening a new power plant or renovating an existing one.
Stock Buyback Programs: Corporations often employ IRR to assess the attractiveness of stock buyback programs. It helps determine whether allocating funds to repurchase company shares generates a higher IRR than other uses of capital.
Challenges and Considerations
While IRR is a valuable tool in the financial arsenal, it is not without limitations. In Bangladesh, as in other countries, investors and businesses must be aware of these challenges:
Projections and Assumptions: IRR relies on estimates of future cash flows, making it sensitive to the accuracy of these projections. Investors should exercise caution and conduct thorough due diligence when making assumptions.
Multiple IRRs: In cases with unconventional cash flow patterns, IRR analysis may yield multiple IRRs, creating ambiguity. Careful interpretation and additional financial metrics may be necessary.
Comparison with WACC: IRR should be compared to the Weighted Average Cost of Capital (WACC). Projects with IRRs above the WACC are generally considered profitable. However, this comparison may not always be sufficient for longer-term projects with varying discount rates.
Scenario Analysis: To mitigate risks associated with IRR estimates, scenario analysis should be employed. Considering various scenarios helps assess the impact of changing assumptions on investment returns.
Hire the best Investment law firm for your upcoming project in Bangladesh:
On a global scale, the investment management business is currently undergoing tremendous regulatory upheaval. Tahmidur Rahman Remura Wahid TRW is well-positioned to address these issues for clients in investment management.
The business is made up of a broad group of players, ranging from corporations, financial institutions, and sovereign wealth funds to individuals, all of whom manage quite distinct and frequently disparate assets in accordance with very different strategies. A worldwide private equity firm’s needs, for example, are significantly different from those of a start-up hedge fund manager.
However, both confront the same investor expectations for improved performance. With the new world of heightened regulation and its extra-territorial application, as well as the increasing demands of investors for a more institutional approach, the job of an investment manager is more difficult than ever.
Our understanding of each component of the investment management industry, combined with our global network of expertise, enables us to tailor our advice to a client’s specific needs while also providing access to the most recent market thinking and advice from around the world, whether under Dodd-Frank or in relation to AIFMD or EMIR.
We provide advice on fund creation, licensing, taxation, transactional and M&A transactions, as well as contentious matters. We also provide advice on regulation affecting the investment management industry across financial markets, covering all current developments. With the help of expert lawyers from our global network, we can provide a global or local solution, including guidance on the impact of extra-territorial legislation in each jurisdiction.
We collaborate with our debt finance team to provide our clients with a complete capital financing platform. Our Fund financing practice advises lenders and borrowers on a wide range of fund-level financing solutions, as well as general partner facilities. Our experience includes capital call (subscription) bridge finance, leveraged NAV facilities, and hybrid financing, which may include preference interests, securitisation treatment, or other specialized solutions.
Our clientele include some of the world’s most prestigious asset management firms, alternative investment funds, private equity funds, insurance organizations, and private banking firms. They range in size from multinational corporations with a five-continent presence to start-up or spin-off funds.
GLOBAL OFFICES: DHAKA: House 410, ROAD 29, Mohakhali DOHS DUBAI: Rolex Building, L-12 Sheikh Zayed Road LONDON: 1156, St Giles Avenue, 330 High Holborn, London, WC1V 7QH
Private equity real estate is an alternative asset class that consists of professionally managed pooled private and public real estate investments. Investing in private equity real estate entails acquiring, financing, and owning (direct or indirect) property or properties through an investment fund.
Private equity real estate should not be confused with an equity real estate investment trust, or equity REIT, which are publicly listed shares that reflect real estate investments and derive most of their revenue from rental income on their real estate holdings.
Main Takeways
Private equity real estate is a professionally managed real estate fund.
Private equity real estate investing, unlike REITs, needs a significant amount of capital and may be limited to high-net-worth or accredited investors.
This type of investment is frequently riskier and more expensive than other types of real estate investment funds, yet returns of 8% to 10% are not uncommon.
Understanding Real Estate Private Equity
Private equity real estate funds enable high-net-worth individuals (HWNIs) and organizations such as endowments and pension funds to invest in real estate equity and debt holdings.
Private equity real estate uses an active management technique to diversify property ownership. General partners (GPs) invest in a wide range of property types in various places, including new development and raw land holdings, total rehabilitation of existing properties, and cash flow infusions into distressed assets.
Private equity real estate investments are frequently pooled and can take the form of limited partnerships (LPs), limited liability corporations (LLCs), S-corps, C-corps, collective investment trusts, private REITs, separate insurance accounts, or other legal structures.
Latest regulation by Bangladesh Securities and Exchange Commission (BSEC)
The Bangladesh Securities and Exchange Commission (BSEC) announced the regulation on June 22, 2015. Previously, there was no regulation in Bangladesh regulating Private Equity and Venture Capital financing. Bangladesh Securities and Exchange Commission (Alternative Investment) Rules, 2015 (the Rules) went into force on June 22, 2015.
The restrictions apply to private equity and venture capital funds managed by a fund manager through a registered trust. The fund manager and trustee must be BSEC-registered.
The fund managers will raise funds from approved investors, which might include institutions, high-net-worth individuals, and overseas fund managers. The funds cannot be generated through a public issue or an initial public offering; they can only be raised through a private placement and, unlike other mutual funds, will not be listed or traded on stock exchanges.
According to the rules, venture capital funds may invest primarily in non-listed equity and equity-linked securities of start-ups with less than two years of operational history, green field companies, or emerging early-stage undertakings primarily engaged in new products, services, technologies, intellectual property rights-based activities, or new business models.
Operational Requirements for Real Estate Private Equity
To become operational, a local fund management business must have at least Tk. 50 million in paid-up capital. A fully-owned subsidiary fund management company must have at least Tk. 150 million in paid up capital, while a partially-owned subsidiary overseas firm must have at least Tk. 100 million in paid up capital.
The applicant firm must have a minimum net worth of 75% of its total paid up capital; however, if a fund manager’s net worth falls below 75% of its total paid up capital at any time, it must raise it to the requisite level during the next accounting year.
The firm’s chief executive officer or chief investment officer, as well as its compliance officer, must each have a relevant academic background and at least seven years of relevant professional experience, and neither the applicant nor any of its directors will be a loan defaulter.
Registation fee and process:
The registration price is one lakh taka, and the annual charge is 50,000 taka.
The fund manager is entitled to an annual fund management fee of up to 4% (four percent) of the fund’s NAV (net asset value) for managing an impact fund, 3% (three percent) of the fund’s NAV for managing a venture capital fund, and 2% (two percent) of the fund’s NAV for managing a private equity fund.
The fund manager may receive up to 20% of a fund’s net yearly earnings. Concerning the criteria for the formation of an alternative investment fund, such fund size will be at least Tk. 100 million, and the sponsor’s subscription will not be less than 10% of the fund, provided that the sponsor will subscribe at least 20% of its entire subscription to the fund prior to the fund’s registration.
The fund management must contribute at least 2% of the fund’s size; however, if the fund manager also acts as the fund’s sponsor, this investment must be made in addition to its contribution as the fund’s sponsor.
The fund manager and its affiliated persons may not own more than 25% of a fund’s units at any time. The sponsor must commit to a continuous investment of at least 2.5% of the fund’s total size. This fund will pay cash dividends to unit holders alone and will be locked in for three years from the date of unit issue.
Particular Considerations
Investing in private equity real estate necessitates a long-term perspective and a considerable upfront cash commitment—more than BDT 10 crores initially, with follow-on investments over time. Investors have little flexibility and liquidity because the capital commitment window often lasts several years.
Private equity real estate lock-up periods can sometimes span a dozen or more years. Furthermore, distributions might be sluggish because they are frequently paid from cash flow rather than outright liquidation—investors do not have the right to demand a liquidation. Furthermore, fund managers often charge a 2-and-20 fee structure, which costs investors 2% of invested assets plus 20% of profits per year.
Private equity real estate is invested in by the following types of investors:
Institutions (pension funds and nonprofit funds) and third parties investing on their behalf, such as asset managers
Accredited private investors
Individuals with a high net worth (HWNIs)
Individual investors are normally required to fund their investments at the time of signing the investment agreement, whereas institutional investors are required to make a capital commitment. This money is then depleted as appropriate investments are made. Nothing can be extracted from the commitment if no contributions are made throughout the investment period indicated in the agreement.
Private equity real estate investing is risky, but it may pay off handsomely.
Returns on Private Equity Real Estate
Despite the lack of flexibility and liquidity, this sort of investment has the potential to offer significant amounts of income as well as considerable price gain. Annual returns for core strategies in the 6% to 8% range and 8% to 10% for core-plus strategies are not unusual.
Value-added or opportunistic tactics can generate significantly better returns. However, private equity real estate is sufficiently hazardous that investors can lose their entire investment if a fund underperforms.
Private equity real estate funds became popular in the 1990s as a mechanism to buy properties as they plummeted in value. Previously, the majority of institutional real estate investing focused on core properties.
Legal Issues and Mitigation strategies in Real Estate Private Equity
Legal Issues
Description
Mitigation Strategies
Land Ownership and Acquisition
Complex land ownership laws, disputes, and the need for thorough due diligence when acquiring land.
Engage experienced legal counsel for land title verification and dispute resolution.
Regulatory Compliance
Navigating the intricate regulatory framework in Bangladesh, including company registration and foreign investment regulations.
Establish a clear compliance protocol and stay updated on regulatory changes.
Taxation and Financial Compliance
Understanding and adhering to income tax, capital gains tax, and value-added tax (VAT) obligations for REPE investments.
Consult with tax experts to ensure accurate financial planning and compliance.
Environmental Regulations
Meeting environmental impact assessment (EIA) requirements and obtaining approvals from the Department of Environment (DoE).
Conduct thorough EIA studies and engage in transparent communication with environmental authorities.
Political and Economic Stability
Mitigating risks associated with political and economic instability in Bangladesh.
Diversify investments, monitor geopolitical developments, and adapt strategies accordingly.
Infrastructure Development
Addressing the need for infrastructure development to support real estate projects.
Collaborate with government initiatives and invest in infrastructure as part of the project plan.
Complying with regulations governing foreign investments in the Bangladeshi real estate sector.
Seek guidance from the Bangladesh Investment Development Authority (BIDA) for foreign investment approvals.
Legal Documentation and Contracts
Ensuring the adequacy and legality of contracts and agreements with project stakeholders.
Engage experienced legal professionals to draft and review contracts thoroughly.
Land Use Zoning and Planning
Adhering to land use zoning laws and urban planning regulations for real estate projects.
Collaborate with local authorities and urban planners to align projects with zoning requirements.
Dispute Resolution
Addressing potential disputes related to land ownership, contracts, or project execution.
Incorporate dispute resolution clauses in contracts and be prepared for alternative dispute resolution methods.
Private equity real estate investment types
The most common private equity real estate investments are office buildings (high-rise, urban, suburban, and garden offices); industrial properties (warehouse, research and development, flexible offices, or industrial space); retail properties, shopping centers (neighborhood, community, and power centers); and multifamily apartments (garden and high-rise).
There are other specialist property investments available, such as senior or student housing, motels, self-storage, medical offices, single-family housing for sale or rent, undeveloped land, manufacturing space, and others.
Our property lawyers have experience dealing with private equity arrangements, joint ventures, limited partnerships, unit trusts, REITs, and other co-investment agreements, as well as the legal and business challenges that come with them.
Whether it is a sale and leaseback, a development project, a workout, an income-producing investment, a portfolio acquisition, a mortgage portfolio transaction, or a trading transaction. The appropriate structure can be designed to your transaction, taking into account considerations such as transfer tax, accounting treatment, local market and currency challenges, and risk allocation.
Our real estate attorneys have helped clients through the complete life cycle of corporate real estate structures, including initial structure selection, tax optimization, vehicle creation, funding, purchase, asset or project management, and exit strategy.
Are you intending to get into real estate scene in Bangladesh or wants to know more about Developer laws in Bangladesh?
Get Your legal issues related to Developer laws in Bangladesh sorted out with the help of Tahmidur Rahman Remura: TRW: The Law Firm in Bangladesh:
The legal team of Tahmidur Rahman, The Law Firm in Bangladesh: TRW, The Law Firm in Bangladesh are highly experienced in providing all kinds of services related in regards to Developer laws in Bangladesh. For queries or legal assistance, please reach us at:
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Procedures To Get Tax Exemption Certificate in Bangladesh
A tax exemption is the reduction or elimination of a person’s obligation to pay a tax that would otherwise be imposed. The tax-exempt status may provide total tax exemption, a reduction in tax rates, or impose tax on only a portion of the item. The application for a tax exemption certificate must be submitted at the start of the income year.
Sample Tax Calculation:
There are two primary methods to reduce your tax liability:
· Forwarding letter regarding documents submission
· TIN Certificate.
· Trade License;
· Business Declaration Letter;
· Statement U/S 108 Submission Copy;
· Bank Statements;
· Latest Income Tax Certificate of the Company;
· Office Rent Agreement;
· Challan of TDS on Office Rent;
· Challans of TDS on Salary;
· Statement of Forecasted Sales;
· Sales Contract;
· Projected AIT Amount Certificate;
· Business Agreement with Foreign Customer;
· Previous Tax Exemption Certificate Copy;
· List of Employees;
· Latest Annual Audit Report Copy; and
· Last Year Actual AIT Amount Certificate
Application: A format prescribed by NBR.
This letter should include the names of the documents that must be submitted along with the documents attached.
Reference:
ITO 1984, Sixth Schedule
Any income derived from the following business of a resident or non-resident Bangladeshi for the period from July 1, 2008 to June 30, 2024, on the condition that the person/entity file an income tax return in accordance with the provisions of Section 75 of the ordinance.
Business Categories that are eligible to get Tax Exemption in Bangladesh:
1. Software Development 2. Software or application customization 3. Nationwide Telecommunication Transmission Network (NTTN) 4. Digital Content Development & management 5.Digital animation development 6. Website development 7. Website services 8. Web listing 9. IT Process outsourcing 10. Website hosting 11. Digital graphics design 12. Digital data entry and processing 13. Digital data analytics 14. Geographic Information Services 15. IT Support test lab services 16. Software test lab services 17. Call center services 18. Overseas medical transcription 19. Search engine optimization services 20 Document conversion, imaging and digital archiving 21 Robotics process outsourcing 22. Cyber Security services 23. Cloud service 24. System Integration 25. e-learning platform 26. e-book publications 27. Mobile application development 28. IT Freelancing
It should be emphasized that in order to be eligible for this exemption, the tax return must be filed on a regular basis. Furthermore, in order to be eligible for these benefits, the company may need to get BASIS membership and a tax exemption certificate from the appropriate tax office on an annual basis.
General tax breaks in Bangladesh
What general tax credits are available in your country/jurisdiction?
Assignees (both resident and non-resident Bangladeshis) can obtain investment tax credits by investing in government-designated areas.
Even if they become tax residents in Bangladesh, expatriates are not eligible for tax credits or investment allowances. In Bangladesh, double taxation treaties do not apply. Income earned or derived from the Bangladesh delegation is taxed. The following is how the investment tax credit is calculated:
A Comprehensive Guide: How to Apply for an Import of Pesticide License
Importing pesticides is a regulated activity that requires careful adherence to governmental guidelines and procedures to ensure the safety of the environment, human health, and agricultural practices. If you are considering importing pesticides for commercial or personal use, obtaining an import of pesticide license is a crucial step in the process.
This article will provide you with a step-by-step guide on how to apply for an import of pesticide license, covering all the necessary details to make the application process smooth and successful.
Understanding the Importance of an Import of Pesticide License
Importing pesticides involves dealing with substances that can have a significant impact on ecosystems, crops, and human health.
As a result, governments implement stringent regulations to ensure that the import and use of pesticides are carried out responsibly and safely. An import of pesticide license is a legal requirement that demonstrates your commitment to complying with these regulations, safeguarding the environment, and protecting consumers.
Step-by-Step Guide: How to Apply for an Import of Pesticide License
Step 1: Gather Required Documents
Before initiating the application process, ensure you have all the necessary documents ready. These documents are essential for verifying your eligibility and the safety of the pesticides you intend to import. The required documents include:
Completed Application Form: Obtain the application form from the Ministry of Agriculture, Department of Agricultural Extension. Fill in all the necessary details accurately and legibly. Incomplete applications are likely to be rejected.
Registration Number of Importing Pesticide: Before applying for an import of pesticide license, ensure that you are registered as an importer. This registration is a prerequisite for obtaining the license.
Brand and Descriptive Names of Pesticide List: Provide a comprehensive list of the brand names and descriptive names of the pesticides you intend to import. This information helps authorities verify the substances you plan to bring into the country.
Ingredients List: Furnish the names of all ingredients present in the pesticides you wish to import. This list is crucial for evaluating the safety and potential impact of the pesticides.
Ingredient Quantity List Document: Detail the quantity of each ingredient contained in the pesticides. This data is essential for assessing the potential risk associated with the imported substances.
Treasury Challan: Pay the prescribed fee as requested by the relevant authority. The treasury challan serves as proof of payment and is required to proceed with your application.
Step 2: Apply In-Person
To initiate the application process, you need to visit the Ministry of Agriculture, Department of Agricultural Extension in person. This step ensures that your application is submitted accurately and allows you to seek clarifications or address any queries in real-time.
Approach the concerned officer at the Ministry of Agriculture, Department of Agricultural Extension. They will provide you with the necessary application form and guide you through the process.
Fill in all the required details in the application form. Ensure that the information provided is accurate and complete.
Attach photocopies of all the required documents mentioned in the “Required Documents” section to your application form.
Submit the completed application form and attached documents to the concerned officer. At this stage, ensure that you have included all the necessary documents to avoid delays in processing.
Step 3: Application Review and Processing
Once you have submitted your application, the concerned authority will review the submitted documents and application form. This review is conducted to ensure that all necessary information and documentation are provided correctly.
The authority will assess the completeness of your application. If any documents are missing or incomplete, your application may be rejected or delayed. Therefore, double-check your application before submission.
If your application is complete and in order, you will receive an acknowledgment receipt. Keep this receipt safe, as it serves as evidence that your application has been received.
The application will then undergo further processing. Updates regarding the status of your application will be communicated to you via SMS on the mobile number you provided in the application form.
Step 4: Application Approval and License Issuance
After the thorough processing of your application, including the evaluation of the pesticides you intend to import, you will be informed of the approval status.
If your application is approved, you will receive a notification. The authority will contact you via phone to provide instructions on the next steps.
Upon notification of approval, you will be required to visit the Ministry of Agriculture, Department of Agricultural Extension office once again.
During your visit, you will be issued the import of pesticide license. This license authorizes you to import the specified pesticides in compliance with the regulations and guidelines set forth by the government.
Step 5: Completion of the Process
The entire process, from submitting the application to receiving the import of pesticide license, can typically be completed within 15 to 20 days, or as per the timeline advised by the respective department authority.
Obtaining an import of pesticide license is a crucial step in ensuring the responsible and safe import of pesticides. This process involves submitting a comprehensive application along with necessary documents and undergoing a thorough evaluation by the relevant authority.
By following the step-by-step guide provided in this article, you can navigate the application process smoothly and contribute to the sustainable and ethical use of pesticides in agriculture and other sectors. Always remember that adherence to regulations and guidelines not only benefits your business but also safeguards the environment and human health for generations to come.
Contact us to get an Import of Pesticide License in Bangladesh:
GLOBAL OFFICES: DHAKA: House 410, ROAD 29, Mohakhali DOHS DUBAI: Rolex Building, L-12 Sheikh Zayed Road LONDON: 1156, St Giles Avenue, 330 High Holborn, London, WC1V 7QH
