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.
New VAT, SD measures looking like silver lining
The revenue authority may get an additional Tk 11,000 crore next fiscal year because of the new value-added tax (VAT) and supplementary duty (SD) measures, according to an estimate by the National Board of Revenue (NBR). “We also expect to get nearly Tk 8,000 crore from normal growth of businesses,” said a senior official of the NBR.
FBCCI requests BB to extend time until Dec
The country’s apex trade body has requested the central bank to extend the existing time for non-classification of loans by six months to December, 2020 considering the Covid-19 pandemic, sources said. The Bangladesh Bank has already extended the facility until June 30 from January 01, 2020 to help businesses ride out the storm of the Covid-19 pandemic.
BAB for up to 15pc cut in private bank salaries
Bangladesh Association of Banks on Sunday recommended up to 15 per cent cut in salaries and allowances of employees of the private commercial banks for one year. The association, however, recommended the salary reduction only for the staff drawing more than Tk 40,000 per month.
Bank deposits see drop during pandemic
The banking sector anticipates a fresh liquidly crisis as the propensity of clients to withdraw funds has increased in the wake of the coronavirus pandemic and reduced deposit interest rates. Total deposits of all banks in the country decreased by Tk25,600 crore to stand at Tk12,28,000 crore at the end of April this year from Tk12,53,600 crore in January, according to Bangladesh Bank data.
Stocks unmoved by budget proposals
Stocks slipped back into the red on Sunday, the post-budget first session, as the proposed budget failed to meet investors’ expectations. The growing tension over the Covid-19 scare also kept the investors in the side line and most of the stock prices were supported by the floor price mechanism without trading.
Bangladesh’s stimulus package second highest among peer countries
Bangladesh’s stimulus packages aimed at mitigating the impact of the coronavirus pandemic are one of the highest among a selective group of countries in Asia, according to a government paper. The government has announced 19 stimulus packages amounting to Tk 103,117 crore since it reported the country’s maiden cases of coronavirus infections on March 8.
Government estimates per capita income now at $2,079, economists doubt
The government has estimated that the country’s per capita income would rise to $2,079 in the outgoing fiscal year of 2019-2020. Economists, however, differed with the projection as the estimate was made based on a lower population growth rate. The proposed budget for FY21 outlined that the per capita income would increase by 8.9 per cent to $2,079 in FY20 from $1,909 in the previous fiscal year.
Budget FY21: Apparel accessories makers, exporters demand lower corporate tax
The country’s garment accessories sector demanded the same facilities as the readymade garment (RMG) industry itself in the proposed budget for FY20-21, urging the government to bring down the corporate tax rate to 12%, like it is for the apparel sector. Currently, the apparel sector pays 12% corporate tax, while it is 35% for the accessories and packaging makers.