Dhaka, Bangladesh (BBN) - The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Put cap on savings instruments sales
Former caretaker government adviser Dr Mirza Azizul Islam said on Tuesday the government should put a ceiling on sales of savings tools to stay safe from falling far deep in debt. "Since the government as a captive lender cannot resist people from buying state-run savings instruments, it should put a cap on sales of savings instruments," he said. The former finance adviser was speaking at a discussion on the proposed budget for fiscal year (FY) 2015-16 which he thinks is quite impossible to execute unless an investment-friendly environment is created with improved infrastructure and good governance.
NBR takes new step to curb foreign firms' illegal fund transfer
Foreign companies are likely to be penalised for failing to submit statements of transactions above Tk 3 crore with their associated overseas entities. The National Board of Revenue took the measure to curb illicit fund transfers and tax evasion. The penalty will be equivalent to 2 percent of the value of each international transaction, according to the Finance Bill 2015 placed in parliament for passage. The rules make it mandatory for foreign firms to turn in the transaction reports along with tax returns to the NBR. The NBR hopes the move will dissuade transfer pricing (TP), an accounting method that allows multinational companies to shift net profits or losses to offshore or low-tax countries to maximise their earnings.
AIIB signing on June 29
Bangladesh will own less than one per cent stake in the China-led US$ 100 billion Asian Infrastructure Investment Bank, the signing of which is scheduled for June 29 in Beijing.
Dhaka sees ample scope to secure low-cost funds to kick-start the much needed large infrastructure projects in power, energy and physical infrastructures from the 57-member infrastructure development bank, a top official in the finance ministry said. The ground-breaking agreement of AIIB is going to take place after eight months of the signing the memorandum of understanding on the proposed multilateral bank.
Bangladesh’s stocks end green amid high turnover
Bangladesh’s stocks ended in positive, after moving heavily between red and green throughout the session amid high turnover on Tuesday. DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), gained 29.15 points or 0.65 percent higher to settle at 4,507 points. DSE30 index, comprising blue chips, gained 10.95 points or 0.63 percent to end at 1,741 points. The Shariah Index DSES also witnessed rise by 6.74 points or 0.61 percent to close at 1,102 points.
Basel-III implementation leads to minor fall in banks' capital base
The capital base of the country's banking sector fell slightly in the first quarter (Q1) of 2015 mainly due to implementation of Basel-III standard, officials said. The overall capital-to-risk weighted assets ratio (CRAR) of all banks stood at 10.73 per cent in the Q1 of this year. It was 11.35 per cent three months ago under Basel-II calculation, according to the central bank's latest statistics. "The capital base of the banks decreased slightly during the period under review while quality of capital components improved because of the implementation of the Basel-III," a senior official of the Bangladesh Bank (BB) told the FE.
BSEC scraps mandatory listing of foreign cos with bourses
Bangladesh Securities and Exchange Commission has exempted foreign companies and joint venture companies with foreign investment from mandatory enlistment with stock exchanges.
A BSEC notification signed by its chairman M Khairul Hossain on June 11 said that the commission exempted foreign owned companies and the Joint venture companies with foreign investment from the compliance of the BSEC’s notification issued on May 5, 2010.
Muhith backtracks on commodity import tax
Finance Minister AMA Muhith has reversed a decision to impose “tax at source” on certain essential imported commodities such as wheat, cooking oil and sugar in the upcoming fiscal year. He said it was a mistake to propose the imposition of 2 percent tax at the import stage of the commodities. “Such mistakes create problems and instability in the market. Let me correct it. There will be no source tax on those imported products,” Muhith said in parliament on June 15.
India embraces Bangladesh to keep China in check
Indian Prime Minister Narendra Modi’s two-day state visit to Bangladesh ended with renewed hopes both in Dhaka and New Delhi for an improved relationship between the two neighbors. Although the long-awaited water share treaty over the common river Teesta saw little progress, Modi gave Dhaka hope for a future peaceful resolution, reports the Forbes.
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