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.
Bank clients fret over govt move to hike excise duty on deposits
Bank clients with relatively small-sized savings are worried as the government is set to hike excise duty on deposits in banks and financial institutions by up to 100 per cent in the national budget for the next fiscal year of 2017-2018. Finance minister Abul Maal Abdul Muhith is going to put forward a proposal in this connection in his budget speech on June 1, officials of the finance ministry said.
Ramadan essentials get pricier
Like always, the prices of some essential commodities shot up on the first day of Ramadan yesterday. The authorities took steps to control the price hike, but traders could not care less. They do not even follow the price list of the commodities issued by the city corporations for Ramadan.
Target set to be 34pc higher than revised one for next fiscal
The government is set to fix for the upcoming fiscal year a tax revenue target that will be respectively 19 per cent and 34 per cent higher than those of original and revised targets for the current fiscal (2016-17). It expects a substantial boost in Value Added Tax (VAT) collection with the implementation of the new VAT and SD law from July 01next.
Bangladesh’s inflow of remittances rise ahead of Eid
The flow of inward remittances jumped by nearly 17 per cent in the first 19 days of this month ahead of the upcoming Eid-ul-Fitr festival. The remittance receipts rose to US$ 807.77 million during the period under review from $692.01 million in the same period of the previous month, according to the central bank’s latest statistics.
DSE turnover hits seven-month low
Turnover at the Dhaka Stock Exchange (DSE) hit around seven-month low on Sunday as investors opted to ‘go slow’ ahead of unveiling national budget for the next fiscal year. All the sectors, other than two, witnessed price correction contributing to fall in both the key indexes and turnover.
Govt mulls setting $41.5b export target for FY2017-18
The government plans to set its export target of $41.50 billion with a 7.27% growth, riding on apparel sector for the next Fiscal Year 2017-18. Of the amount, $38 billion is expected to be earned from manufacturing sectors including RMG while $3.50 billion from service sector. Export Promotion Bureau on Wednesday in a meeting with stakeholders discussed the target and sought their recommendations on the issue.
Bangladesh’s import falls 6.42% in April
Bangladesh’s overall import fell by 6.42 per cent in April from its previous month as importers slowed down placing fresh import orders ahead of the national budget for the fiscal year 2017-18. Officials said a substantial quantity of essential items, including foods, was imported in the months of February and March ahead of the holy Ramadan, pushing up the import expenditure.
Wealth surcharge collection goes up 24pc
The number of rich people who paid wealth surcharge increased 6.71 percent year-on-year to 11,661 in 2016-17, but analysts say the number is still very low. The wealth surcharge collected by the tax department also increased 24 percent year-on-year to Tk 355 crore in the outgoing fiscal year, according to the provisional data of the National Board of Revenue (NBR).