An apparel factory in Bangladesh. Photo: 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.
BGMEA says proposed budget not RMG sector friendly
The Bangladesh Garment Manufacturers and Exporters Association on Sunday said that the proposed budget was not RMG sector friendly, reiterating its demand for revoking tax at source for the sector for the next two years. RMG exporters now pay tax at source at 0.7 per cent on their export proceeds as per a statutory regulatory order issued by the National Board of Revenue instead of 1 per cent set in the budget for the outgoing fiscal year (2016-17).
Bangladesh’s remittance inflow jumps 16% in May
The flow of inward remittance jumped by 16.01 per cent in May this year over that of the previous month mainly due to the upcoming Eid-ul-Fitr festival. The remittance was estimated at $1.27 billion in May 2017, up by $174.97 million from $1.09 billion in April. It was $1.21 billion in May last year, according to the central bank’s latest statistics.
Chinese investors keen on Bangladesh: SCB
Bangladesh's exports to China are heavily concentrated on garments despite having duty-free market access of over 4,700 items, senior officials of Standard Chartered Bank said yesterday. Of nearly $800 million exports to China this fiscal year, 84 percent were garments, they said at a press conference to share the bank's views on the China's Belt and Road initiative at the capital's Sonargaon hotel.
Exporters, Biman face huge losses as cargo ban lingers
The UK’s ban on cargo shipment from Hazrat Shah Jalal International Airport (HSIA) has elapsed more than 14 months but there is still no indication of lifting the ban, affecting trade between the two countries. Owing to the fact, the ban on direct cargo shipment is putting pressure on the shippers, exporters and freight forwarders as mandatory rescanning in a third country has pushed up shipment costs.
Bangladesh’s stocks edge up on post-budget day
Bangladesh’s stocks edged higher for the four straight sessions on Sunday, the first trading session after budget declaration, as some investors continued their buying spree on lucrative stocks. Analysts said the market extended the winning spell despite no incentives of the stock investors in the proposed budget for the fiscal year 2017-18.
WB to help create 90,000 new jobs
The World Bank has approved $100 million financing to help Bangladesh diversify exports in labour and skill-intensive industries beyond the garment sector and create more and better jobs. The Export Competitiveness for Jobs Project will improve competitiveness of existing and potential export-oriented industries such as leather, footwear, plastics and light engineering, where Bangladesh has demonstrated a competitive edge.
Tax returns submission under self-assessment relaxed
The government has relaxed the issues related to submission of income tax returns and making assessment under the universal self-assessment scheme, according to the budget proposal of the government for the next fiscal year. Taxpayers will be able to submit revised income tax returns within six months of filing the original returns if they find any unintentional mistakes in the returns.
Excise duty on bank accounts to affect economy
Economists on Sunday termed the proposed hike in excise duty on bank accounts as unjustifiable and warned that it would affect the country’s economy as common people would lose their trust in formal banking. They also said that proposed 15 per cent Value-Added Tax and high government expenditures would fuel inflation, negating apprehension of finance minister AMA Muhith who dismissed fear of price hikes of commodities after placing budget proposals on June 1 for the financial year 2018.
BBN/SSR/AD