Sunday’s morning business round up of Bangladesh

Last updated: June 4, 2017

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.

FBCCI urges to withdraw all excise duty on bank savings
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has urged the government to withdraw all excise duty on bank savings at a press conference on Saturday. The apex trade body also urged the government to withdraw VAT on English medium school tuition fees, goods transport, domestic courier service, and manpower supply based on outsourcing.

TEARS for taxpayers
Year after year, the government has been allowing this easy scheme of plundering our banks -- a group of politically well-connected people will stretch their long arms and take loans from state-owned banks with all kinds of shady schemes. Then they will forget to pay back. By the time the year ends, the government will replenish the plundered amount from the taxpayers' pockets. And who are these taxpayers? The lower middleclass and middleclass people who have to sweat it out just to avoid drowning in poverty.

BSEC gives up efforts to close FB pages spreading rumours
The Bangladesh Securities and Exchange Commission has given up its initiative to close 100 facebook pages which were used to spread rumours regarding share price movement violating securities rules. The stoppage of the facebook page closure process by the capital market regulator surfaced after the reply from Bangladesh Telecommunication Regulatory Commission on a BSEC request to close the pages in April, 2016.

Bangladesh’s budget deficit to widen 15% in FY 18
Bangladesh’s overall budget deficit is set to widen by nearly 15 per cent in the next fiscal year (FY) 2017-18 from this fiscal due to meet higher expenditures for both development and revenue of the government. The budget deficit is estimated to BDT 1.123 trillion for the upcoming FY 18 from BDT 978.53 billion of the original budget estimations for the FY 17.

Weekly Review: Bangladesh’s stocks keep rising on budget hype
Bangladesh’s stocks extended the winning spell for the two consecutive weeks that ended on Thursday as some investors showed their buying appetite on bank issues amid optimism. Analysts said the market maintained the upward trend for the second week in a row amid budget hype despite no incentives for stock investors in the new budget for the fiscal year 2017-18.

Govt keeps Tk10,145cr as share capital in FY18 budget
The government has allocated Tk10,145 crore as share capital in the fiscal year 2017-18 budget which, officials say, is in response to the demand of multinational companies including Unilever Bangladesh Ltd against their rights shares. The government has shares in these companies. Officials said the funds will also be used to help the loss-making state-run companies as they have witnessed rise in losses by 28.09% in the FY2016-17 compared to the previous year, said officials.

Used cars to be dearer
The middle-class consumers have another bad news: they will have to pay more to buy a reconditioned car next fiscal year due to a cut in the depreciation rate used to determine the vehicle's value. Depreciation is the amount of value an automobile loses over time, with the decline in value faster for new cars than for old ones. The depreciation rate impacts a reconditioned car's price directly as tax is applied on the discounted value.

Garment accessories makers lament discrimination in corporate tax cut
Bangladesh Garments Accessories and Packaging Manufacturing and Exporter’s Association on Saturday requested the government to reduce the corporate tax for the sector to the same rate which is set for the apparel sector in the proposed budget for financial year 2017-2018. The BGAPMEA made the appeal in a statement as the government has cut corporate tax for the apparel sector to 15 per cent from 20 per cent in the proposed budget unveiled by the finance minister AMA Muhith on June 1.

BBN/SSR/AD

 

Bangladesh Business News
BBN is the country's oldest Business News and Analysis platform, run by veteran business journalist and analyst that you can rely upon.
© Copyright 2024 - BBN - All Rights Reserved
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram