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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.
Garment accessories open new export window
The garment accessories sub-sector is taking on more importance for Bangladesh with the start of direct exports to global brands, and could see a three-fold increase in export revenues in the next eight years. According to data from the Bangladesh Garment Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), the accessory sector earned $6.12bn in the last fiscal year, of which $1.12bn came from direct exports. The remaining $5bn were deemed indirect exports.
EU slaps cargo curbs on Dhaka
The European Union has put Bangladesh on the list of high-risk countries in terms of operating cargo services by air and sea to the EU countries, said sources at the Civil Aviation Authority of Bangladesh. EU Ambassador in Dhaka Pierre Mayaudon disclosed the decision at a meeting with CAAB Chairman Air Vice-Marshal Ehsanul Gani Chowdhury at the latter's office yesterday, meeting sources told The Daily Star.
BASIC Bank deposits drop to Tk1.37cr, default loans up
BASIC Bank deposits declined by 14.69% between December last year and the end of March, according to the government’s financial institutions report. On the other hand, the loans and advances situation at BASIC Bank improved by 2.27% at the end of March compared to December. According to the Financial Institutions Division report, the BASIC Bank had a deposit of Tk1.37crore in March, Tk23 lakh less than the Tk1.58 crore it had at the end of 2016.
Trade deficit hits $8.17b in 10 months
The country’s trade deficit is on course to surpass its previous record this fiscal year (2016-2017) as the deficit in the first 10 months of FY17 stood at $8.17 billion, growing by over 50 per cent compared with that in the same period of last fiscal year. The trade deficit, the gap between the export earnings and the import payments, posted record $9.32 billion in FY 2011-2012.
Interest rate on deposits now below inflation
Interest rate on deposits slid below the 5-percent mark and well under the inflation rate, compounding the woes of savers who have already been hit by a large hike in excise duty on their balances. In April, weighted average deposit rate stood at 4.97 percent, down from 5.77 percent a year ago, according to Bangladesh Bank. However, deposits saw 12.21 percent year-on-year growth in March, higher than 8.28 percent registered in March last year.
Bangladesh’s stocks end higher for fifth day
Bangladesh’s stocks extended the gaining streak for the five consecutive sessions on Monday as optimistic investors continued their buying spree on lucrative large-cap stocks. Brokers said the market maintained the gaining streak as investors find no negative proposals for the capital market in the proposed budget for the fiscal year 2017-18.
NBR worried as many VAT-payers yet to be registered online
Only one-fourth of the existing VAT-paying business entities have so far been registered with the VAT online system, making the National Board of Revenue worried over a smooth implementation of the new value-added tax regime from July 1 this year. Till June 2, a total of 23,009 businesses have obtained new nine-digit online business identification numbers (e-BINs), commonly known as VAT identification number, from online VAT registration system, according to the NBR data.
Private employees to face strict tax scrutiny
Private sector companies are going to face greater scrutiny in claiming their expenses for employees' salaries. From fiscal 2017-18, companies will have to pay taxes on the salaries to be paid to employees who avoid tax return submission despite having taxable income.
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