Protest on imposing vat in Bangladesh private universities

BBN file photo

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.

Businesses must disclose bank account info to get VAT rebate
Traders will have to disclose the relevant bank account information to the tax authority as proof of transactions for getting tax credit or VAT rebate. The Bangladesh government included a provision in the Value-Added Tax Act-1991 in this connection through the Finance Bill-2018 of the national budget for the next fiscal year of 2018-2019.

Apparel exports to US rebound
Garment exports to the US grew 2.90 percent year-on-year to $1.87 billion in the first four months of the year as Bangladeshi manufacturers benefit from the Trump administration’s abandonment of the Trans-Pacific Partnership. The TPP was a sweeping trade pact between the US and 11 other countries — Australia, Japan, New Zealand, Canada, Mexico, Singapore, Malaysia, Vietnam, Brunei, Chile and Peru — representing about 40 percent of the world economy.

Pension payments to double next fiscal
The country’s pension payment is expected to double in the next fiscal year (FY), the latest budget documents show. The payout is estimated to be over Tk 260 billion, twice the size of the 2018 fiscal year’s. Officials familiar with the situation told the FE the civil servants of 1984 and 1985 batches will go into retirement in the FY 2018-2019.

Bangladesh imports grow by 15% in 10 months
Bangladesh’s overall imports grew by 15.05 per cent in the first 10 months of this fiscal year (FY), mainly due to higher import of food grains and fuel oils, officials said. The settlement of letters of credit (LCs), generally known as actual import, in terms of value, rose to nearly US$43 billion during the July-April period in the FY 2017-18 from $37.37 billion in the same period in the FY 17, according to the central bank’s latest statistics.

Bangladesh’s stocks end mixed after two-day falling
Bangladesh’s stocks ended almost flat in positive on Monday, after remaining down in the past two straight sessions, market operators said. Market insiders said the market closed almost flat as pre-Eid sale pressure somewhat subdued. However, many investors remained cautious as the there was no specific direction on the capital market except corporate tax cut for listed banks and financial institutions, they said.

IBFB demands minimum 45% budget allocation for development
The International Business Forum of Bangladesh (IBFB) has demanded the government allocate more money for development in the budget, instead of placing higher allocations for the non-profit sector. The forum added that the increased allocation for development was necessary for Bangladesh to achieve the dream of becoming a sustainable and developed nation by 2041, while the allocation for the non-profit sector is used for paying allowances to employees and interest on debt, as well as for subsidies.

BPC profit nosedives
Bangladesh Petroleum Corporation’s profit plummeted 45 percent in the first 10 months of the fiscal year due to the government’s resistance to adjusting the domestic price with that prevailing on the global market. While the stance filled the national coffer when the prices were low on the international market, it is turning out to be a liability when the prices are on the rise.

Used car prices rise after depreciation facility cut
Bangladesh Reconditioned Vehicles Importers and Dealers Association on Monday said that the price of all types of reconditioned vehicles, including hybrid ones, increased by Tk 1-4.5 lakh depending on its cylinder capacity as the government reduced yearly depreciation benefits by five percentage point in the proposed budget for the fiscal 2018-19.

BBN/SSR/AD