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

Govt won’t budge on enforcing VAT law
The government is rigid on enforcing a new law that stipulates a flat 15 per cent VAT for all businesses — big or small — from the next fiscal. It won’t be truncated value-based VAT system but be turnover-based. Finance Minister AMA Muhith came up Sunday with the confirmation of his move on the VAT law and the valuation-system change, thereby setting aside businesses’ plea for jettisoning enforcement of the new VAT law and uniform rate of the tax.

BB cranks up pressure on Fed, SWIFT to retrieve funds
Bangladesh Bank has taken a new step to put pressure on the Federal Reserve Bank of New York and SWIFT in a bid to retrieve the $81 million that ended up in the Philippines. As part of the effort, a delegation led by BB Governor Fazle Kabir left Dhaka yesterday for Switzerland to hold talks with top officials of SWIFT and the NY Fed. Queen’s Counsel Ajmalul Hossain, who is handling the issue for the BB, is also a member of the team.

Kathmandu, Dhaka likely to sign standardisation accord, transit sidelined
Dhaka and Kathmandu are expected to sign an accord on standardisation during the two–day commerce secretary level meeting in Dhaka from May 10-11, to boost bilateral trade between the two South Asian nations. The trade talks, however, may sideline the issue of transit on bilateral terms, as the much-talked about connectivity involving four South Asian countries, under the framework of BBIN, is progressing, a top trade official in the commerce ministry said.

BJMC sells land to pay off jute mill workers
Bangladesh Jute Mills Corporation (BJMC) has sold 1.66hectares of its land in Dhaka city’s Gulshan areaat a price of Tk1,000cr to the Public Works Department (PWD), aiming to clear all dues of jute mill workers. State Minister for Textiles and Jute Mirza Azam made the disclosure while talking to reporters at his office yesterday.

Bangladesh’s stocks end higher for 2nd day
Bangladesh’s stocks closed higher for the two consecutive sessions on Sunday as investors remained on buying mood on large-cap stocks despite countrywide shutdown enforced by Jamaat-e-Islami. Both the Dhaka Stock Exchange, the prime bourse of Bangladesh and Chittagong Stock Exchange, the port city bourse of the country opened with a positive mood and the upward trend sustain till end of the session.

Meghna Bank to introduce chip-based mobile banking
Privately-owned Meghna Bank is set to introduce chip card-based mobile financial services for the first time in Bangladesh by July this year, the bank’s top executive said. “We’re now working to introduce the card-based (EMV-enabled) mobile financial services shortly draw more unbanked people into the banking network,” Mohammed Nurul Amin, managing director and chief executive officer (CEO) of the fourth generation bank, told the FE in an exclusive interview Sunday just a day before the bank’s third anniversary.

Bangladesh Bank transfers six GMs
At least six general managers (GMs) of the central bank of Bangladesh were transferred on Sunday, officials said. The Bangladesh Bank (BB), the country’s central bank, issued a notification in this connection on the day. “It’s a routine work,” a senior BB official told BBN in Dhaka, adding that more transfers might be made in the near future to bring dynamism in the overall activities of the central bank. .

DSE demand 6-point budget proposal for the FY 2016-17
The Dhaka Stock Exchange (DSE) made a six-point demand in its budget proposal for the fiscal year 2016-2017, including increase the ceiling of tax-free dividend income to BDT 100,000 from the existing BDT 25,000. “Considering the present market scenario, small investors should be allowed for tax exemption up to BDT 100,000 on dividend income, as they have suffered a lot due to the market turmoil previously,” said Abdul Matin Patwary, chief financial officer and acting managing director of the Dhaka Stock Exchange (DSE), at a press briefing on Sunday held at the DSE premises.

BBN/SSR/AD