Bangladesh Finance Minister AMA Muhith. 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.

Parliament passes Finance Bill 2018
The Jatiya Sangsad (JS) passed the Finance Bill 2018 on Wednesday, bringing a number of changes in taxes/duties proposed earlier in the finance minister’s budget speech. The bill was passed by voice vote. Six lawmakers of Jatiyo Party sought public opinion on the bill, but it was also rejected by voice vote later.

Banks cut interest rates as per board decision
Bangladesh’s private commercial banks (PCBs) will slash interest rates for both lending and deposit from July 01 as per the decision of their board of directors. Top bankers took the decision at a general meeting of the Association of Bankers, Bangladesh (ABB), held at the headquarters of a bank in Dhaka on Wednesday with ABB Chairman Syed Mahbubur Rahman in the chair.

Bangladesh’s tax gap to GDP ratio highest in Asia-Pacific
The gap between tax revenue and Gross Domestic Product (GDP) in Bangladesh is the highest in the Asia-Pacific region, a recent study has revealed. Trade analysts blame the 7.5% gap recorded by the “Economic and Social Survey of Asia and the Pacific-2018” on weak administration and a narrow tax net, strong lobby by business groups in the setting of the tax rate, and the corruption of tax officials.

Scam-hit banks get bailout fund again
The government on Wednesday disbursed Tk 2,000 crore for state-owned banks including scam-hit Sonali and Janata Banks ignoring severe criticism from different quarters. According to a notification from the finance division on the day, Sonali and Janata were given Tk 400 crore each from the fund kept in the outgoing fiscal budget.

Bangladesh’s stocks return to higher after two-day
Bangladesh’s stocks returned to the green on Wednesday as investors were on buying spree amid expectations, market operators said. Analysts said interest rate cut news on banks in phases and latest warning to financial institutions over attracting depositors via messages gave a positive signal to the stock investors.

BSEC guidelines bar cos from declaring dividend whimsically
The Bangladesh Securities and Exchange Commission has made it mandatory for the listed companies not to declare dividends out of their capital reserve accounts and to maintain post-dividend retained earnings positive, and to distribute dividends for a year out of profits made in the year. Besides, the listed companies must explain the reason for declaring stock dividend and the utilisation of such retained amount as capital (stock dividend) must be disclosed in the annual report.

FTAs far away
The signing of the much needed free trade agreements (FTAs) with the important trading partners is still far away for Bangladesh as many countries are not showing interest to go for such deals, despite the hectic efforts over the years. The government is now looking for ways to sign preferential trade agreements with the trading partners.

Petrapole committee withdraws strike
Trade between Benapole and Petrapole land ports resumed Wednesday morning, after the strike was called off Tuesday evening. The export-import committee of Petrapole land port has withdrawn its strike. The strike was called on Tuesday morning.

BBN/SSR/AD