Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Tax evasion irks Muhith
Only 60,000 firms pay VAT regularly out of nearly 700,000 companies that signed up to pay the tax — a number that disappoints Finance Minister AMA Muhith. “Do we have only 60,000 firms eligible to pay VAT? I don’t think so,” Muhith said at a programme to honour top VAT-paying firms yesterday. The number of firms that should pay value-added tax should be 3-6 lakh, he said.
Top VAT payers awarded in Bangladesh
The National Board of Revenue (NBR) has awarded 119 top VAT (value added tax) paying companies and individuals for their outstanding contribution to the national exchequer. Among the awarded 119 business organisations and individuals, the highest nine companies were awarded on national level while the rest 110 companies and individuals were honoured from district level for paying the highest amount of VAT for the financial year (FY) 2013-14.
Risky Eid trip awaits home-goers amid scarcity of vehicles
Thousands of homebound people are going to engage themselves in risky journey during this Eid-ul-Fitr, as there are arrangements for only 40 per cent of the home-goers through both public and private initiatives, said officials, operators and experts. The shortfall of arrangements will force the remaining people to choose the options for risky journey, like – rundown vehicles crammed with passengers, rooftop journey, pickups, trucks and own arrangements, they opined.
BB to block entire undisbursed farm loans of banks as penalty
Bangladesh Bank is going to toughen its policy on farm loan disbursement as the central bank will ask the scheduled banks to deposit the entire fund of their undisbursed agriculture loans in a blocked account with the BB. Currently, the BB keeps three per cent of the undisbursed farm loans as punishment because the banks get no interest on the amount. They will not get any interest this time either, BB officials said.
Bandwidth prices nearly halved
Bangladesh Submarine Cable Company Ltd has decided to slash the wholesale prices of internet bandwidth by up to 43 percent to discourage imports from India and also dispose of its huge amount of unused bandwidth. International gateway operators will mostly benefit from the price cut. Currently, BSCCL is using only 33 gigabits per second of internet bandwidth out of its capacity of 200 Gbps. The country’s total internet bandwidth consumption is around 120 Gbps, and six international territorial cable companies meet the demand through imports from India as it is cheaper in the neighbouring country.
Bangladesh’s stocks end higher for 4th day
Bangladesh’s stocks edged higher for four straight sessions on Sunday as investors continued on buying spree amid optimism. DSEX, the prime index of the Dhaka Stock Exchange (DSE), crossed the 4,600-mark and ended at 4,615.19, gaining 15.28 points or 0.33 per cent, after witnessing volatility in the mid-session.
Bourses allowed to quiz auditors, valuers of cos willing to go public
Stock exchanges have been allowed to quiz the auditors and valuers of the companies willing to go public for preparing realistic recommendation required for regulatory approval to IPO proposals, officials said. The Bangladesh Securities and Exchange Commission (BSEC) has included the provision in the recent amendment brought to ‘Exchanges Listing Regulations, 2015’ following the demand of the premier bourse.
Call money market stable amid pre-Eid poor demand
The call money rate in the financial market came down to 5.65% in the second week of current month, a paradigm shift from the regular trend of rate hike particularly ahead of Eid ul-Fitr, the biggest festival of Muslim community. The downturn is attributed to excess liquidity prevailing in the market. The weighted average call money rate was 5.79% at the end of June.