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.
Spare banks from stock dividend tax
Banks have sought to be excused from the government’s plan to introduce 15 percent tax on stock dividend and retained earnings and reserves to encourage cash dividends as it will put some listed lenders in a difficult spot.
IMF worries about banks’ higher stressed assets in Bangladesh
he International Monetary Fund (IMF) has expressed concern over the rising trend in stressed assets in the banking sector that may hamper financial stability in Bangladesh. The Washington-based lender recommended that the quality of assets should be improved immediately.
Govt may take away Tk 11,000cr in tax from listed cos’ reserve
The National Board of Revenue will collect at least Tk 11,000 crore in additional taxes from the reserves of the listed companies if the Finance Bill 2019 that was placed with the budget proposal is passed, according to a Dhaka Stock Exchange analysis. Finance minister AHM Mustafa Kamal on Thursday placed the national budget for the financial year of 2019-20 where he proposed imposition of 15 per cent tax on retained earnings and reserve if the figure exceeded 50 per cent of the paid-up capital of a listed company.
Increased tax on savings tools: Limited income people to receive fatal blow
Families which survive on profits from savings certificates are set to receive a fatal blow as the government plans to increase tax to 10% from existing 5% on the proceeds from the tools. Retired persons, limited income families, senior citizens and some other particular groups of people are allowed to buy the tools at higher interest rate while the government utilizes the fund for meeting budget deficit.
Bangladesh’s stocks slump after national budget
Bangladesh’s stocks slumped on Sunday, the first session after unveiling the national budget, as some proposals of the budget made investors upsets. DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,430, losing 43.47 points or 0.79 per cent over the previous session.
SoEs on track to rack up Tk 56b losses next fiscal
The government said state-owned enterprises (SoEs) will incur a loss of Tk 56.7 billion in the next fiscal year, accentuated by rising price of fuel in the international market. The forecast is higher than Tk 13.1 billion losses incurred during the fiscal year 2018.
4 ICT trade bodies seek VAT, tax, duty exemption
Four ICT-related trade bodies on Saturday demanded exclusion of 11 measures, including 7.50% Value Added Tax (VAT) on digital commerce and 5% Advance Income Tax (AIT) on computer parts and hardware items from the proposed budget for 2019-20 fiscal year.
Raising private investment to be tricky: analysts
The government’s target to raise private investment to 24.2 percent of GDP will be challenging given the trend in last several years and the ongoing liquidity crisis in the banking sector. Private investment has been hovering around the 22-23 percent mark for long. For instance, this fiscal year it reached 23.40 percent of GDP, up from 22.07 percent five years ago, according to the Bangladesh Bureau of Statistic (BBS).