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Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.

Chinese envoy sees no trade disruption with Bangladesh

Chinese ambassador to Dhaka Li Jiming on Wednesday assured that Bangladeshi industries, especially textile and readymade garment, and the construction of mega projects in Bangladesh would not be affected due to the outbreak of novel coronavirus in China. ‘I have learnt that Chinese people have now come back to businesses in most cities, except Wuhan, and so, there is hardly any possibility of major impact on bilateral trade between the two countries due to the outbreak,’ he said at a meet-the-press programme held in Dhaka.

Banks’ excess liquidity crosses BDT 1.0tn, again

Banks’ excess liquidity has crossed the BDT 1.0 trillion-mark again, fuelled by lower private credit growth in a sign that the investment situation has cooled. Surplus cash surged by nearly 19 per cent to BDT 1,056.46 billion as on December 31, 2019 from BDT 889.50 billion three months before, according to the central bank’s latest statistics. The amount was BDT 1,119.10 billion as on March 30, 2017.

Coronavirus outbreak: Local smartphone assemblers fear production slump
The country’s growing smartphone assembling industry fear production fall for scarcity of raw materials as lion’s share of the required backward linkage stuff is sourced from coronavirus-plagued China. Last year, for the first time in the country’s history, local assembling took the lead over smartphone import, buoyed by tax benefits for the assembling industry.

Saudi Arabia to help build skilled workforce

The Kingdom of Saudi Arabia is interested in establishing a training institute in Bangladesh to help create more skilled workforce for recruitment to the Middle Eastern nation. Saudi Aramco, a national petroleum and natural gas company based in Dhahran, is also considering investing in Bangladesh’s energy sector, said officials of the Economic Relations Division (ERD) at a joint economic commission meeting that began yesterday.

Stocks stay positive on BB’s supportive measures

Bangladesh’s stocks kept gaining Wednesday, with turnover hitting 11-month high, as investors put fresh stakes on shares riding on central bank’s liquidity support measures. Turnover stood at BDT 6.57 billion on the country’s premier bourse, climbing further by 30 per cent over previous day’s mark of BDT 5.05 billion.

AIT lifted on imports of 400 API chemicals
Four hundred chemical compounds of active pharmaceutical ingredients, or API, will enjoy exemption from the payment of advance income tax at the import stage from now on. Local producers will enjoy the waiver until June 30, 2024. Income tax wing under the National Board of Revenue (NBR) has issued a regulatory order on Wednesday in this connection.

Why is tax-GDP ratio so low in Bangladesh?
Tax compliance means registration of a taxpayer in the system, timely filing of tax returns, completion of accurate reporting and payment of taxes on time. It can be voluntary or enforced. There are two dimensions of voluntary compliance: committed compliance and creative compliance.

FRC tightens rules on converting share money into paid up capital

The Financial Reporting Council has tightened rules of company’s capital formation by directing companies to convert share money deposit into paid up capital within six months of depositing such fund in bank accounts and barring them from withdrawing the money. The financial accounting regulator on Tuesday issued a directive in this regard to prevent anomalies with the share money deposit.