Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
New VAT law to appease both IMF and businesses
The government is going to end a dispute between the business community and the International Monetary Fund over the implementation of the new VAT law. Some minor changes will be brought to the law, which will be acceptable to both the IMF and the business community, Finance Minister AMA Muhith said on Sunday. A government committee on the VAT law has finalised its report and the finance minister held a meeting with the committee. Muhith said they will invite an IMF mission to Dhaka in February. After talks with the IMF, the ministry will issue an official order on the implementation of the VAT law, the minister said.
Bangladesh to withdraw BDT 1.0, BDT 2.0 denominations
The government has decided to withdraw all notes and coins lesser than BDT 5.0 from the market. As per the decision, all notes and coins of Tk 1 and Tk 2 denominations will be taken off from the market gradually, Finance Minister AMA Muhith said in Dhaka on Sunday. Talking to reporters after a meeting, the senior minister also said once the notes and coins reach the banks those will not be circulated again. Currently, the finance ministry as the custodian of the treasury, issues notes and coins of BDT 1.0 and BDT 2.0 denominations. The rest from BDT 5.0 to BDT 1,000 are bank notes which are released by the Bangladesh Bank (BB), the country’s central bank.
Prolonged unrest may force govt to cut growth target
Finance minister AMA Muhith on Sunday said the government was yet to decide on revising the annual growth target amid the present political unrest caused due to blockade enforced by opposition BNP. But they have to make downward adjustment of the targeted gross domestic product of 7.3 per cent if the present situation lingers further, he told reporters after a meeting on amendment of value added tax law at his secretariat office. He made the comments on the 14th day of blockade enforced by the country’s mainstream political party to unseat the ruling party which won the last general election boycotted by major political opposition.
Insiders withhold information to rob external shareholders
Violation of reporting regulations is creating scope of dodging the disclosure of useful information that helps people concerned make investment and credit decisions. The observation was made at an international conference on ‘Accounting for Capital Market Governance’ in Dhaka Sunday, with experts blaming a nexus of insider-trading for various manipulative activities in the capital market.
Textile sub-sectors allowed for low cost refinancing fund
The central bank of Bangladesh has extended its green banking refinance scheme through including two more textile sub-sectors aiming to facilitate renewable energy and environment-friendly activities in Bangladesh. The members of Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA) and Bangladesh Terry Towel and Linen Manufacturers and Exporters Association (BTTLMEA) will be eligible for low cost fund from the banks and the non-banking financial institutions (NBFIs) at 9.0 per cent, according to a circular, issued by the Bangladesh Bank (BB) on Sunday.
BGMEA assessing blockade losses
Bangladesh Garment Manufacturers and Exporters Association, the garment makers’ platform, has started assessing losses caused by the ongoing blockade. Factory owners have been asked to inform the trade body of the losses they have incurred so far, BGMEA President Atiqul Islam said. “We will disclose the findings very soon,” he added.
WB mission to review govt spending in Feb
A mission of the World Bank (WB) will arrive in Dhaka early February for a review of recent fiscal and current expenditures of the government, according to WB sources. The public expenditure review (PER) by the WB mission will take place on February 2-6. Simon Davies (task team leader) will be joined by Salman Zaidi (lead economist), Zahid Hussain (lead economist), Muhammed Waheed (senior economist) and Nadeem Rizwan during the review mission.
Poultry sector incurs Tk 256cr losses in 14 days
Country’s poultry industry incurred losses of Tk 256 crore in the last 14 days as the countrywide nonstop blockade being enforced by the BNP-led alliance disrupted supply chain, industry insiders said on Sunday. Bangladesh Poultry Industries Coordination Committee leaders at a press conference at the Dhaka Reporters Unity in the capital said that investment of Tk 25,000 crore and livelihood of 70 lakh people were now in peril as 25-30 per cent of the eggs and broiler produced in the farms remained unsold daily due to lack of transportation.
BBN/SSR/AD-19Jan15-8:39 am (BST)