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.

Cos to pay fine at 10pc of own tax or Tk 5000
Employers may have to pay a fine, equivalent to 10 per cent of their total payable tax or Tk 5,000, whichever is higher, for their failure to furnish the tax payment details of their employees. The Finance Bill 2018 includes the new provision, proposed to be introduced from the upcoming fiscal year (FY), 2018-19.

Why silent on troubled banks?
“You [finance minister] must bring the looters to book to restore people’s confidence [in the banking system]…. You must ensure good governance, you’ll have to do these things with an iron hand.” Awami League Lawmaker Ali Ashraf, addressing AMA Muhith in parliament.

Yield on T-bills increases significantly before Eid
The interest rates on the treasury bills (T-bills) increased significantly following unwillingness by banks to invest in the government securities ahead of the Eid. The cut-off yield, generally known as interest rate, on 91-day T-bills jumped to 4.14 per cent on Sunday from 1.20 per cent of the previous auction, held on June 03.

Budget FY19 brings bad news for the middle class
Finance Minister AMA Muhith’s last budget for the fiscal year 2018-19, placed before parliament on Thursday, ahead of the general elections, has offered a number of benefits for the high and low income people, but little relief to the middle and lower-middle class. In his budget speech the finance minister proposed additional taxes on a number of essential commodities, mainly consumed by the middle-income bracket.

Bangladesh’s stocks extend losses after new budget
Bangladesh’s stocks went down for the two consecutive sessions on Sunday, the first session after budget announcement, as investors reacted negatively to the proposed budget. Analysts said investors frustrated as the there was no specific direction on the capital market except corporate tax cut for listed banks and financial institutions.

Budget lacks banking reform measures: TIB
The Transparency International Bangladesh (TIB) has expressed deep concern over the absence of reform initiatives for the banking sector in the budget for 2018-19. It vehemently protested the proposals that continued using people’s money in the form of subsidies to cater to deficiencies in loss-making public sectors and strategically kept the scope for whitening black money, it said in a statement yesterday.

BB issues instruction over cash incentives for pharma ingredient export
The Bangladesh Bank on Sunday issued a set of instructions to the authorised banks over disbursement of 20 per cent cash incentive against the export of pharmaceutical products. BB also cautioned dealer banks not to repeat any cash incentive and warned officials of punitive measures if any misuse or irregularly were found.

FCBs in Bangladesh allowed remitting head office expenses
The central bank of Bangladesh has relaxed regulations allowing foreign commercial banks (FCBs) to remit expenses of their head offices, officials said. Under the relaxations, the FCBs operating in Bangladesh are eligible to send the shares of their head offices expenses without the central bank’s prior approval.

BBN/SSR/AD