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.
New Vat Plan: Govt may back off for now
The government may backtrack on its plan to implement the new VAT law from July this year, in the face of pressure from a section of businesses and lobby groups, a highly placed source said yesterday. Instead, the government may choose to continue collecting the indirect tax under the existing VAT Act of 1991 and announce a fresh deadline to enforce the much-talked-about VAT and Supplementary Duty Act 2012.
Muhith hints to change stance on VAT law, excise duty, Japa MP demands his resignation
Finance Minister AMA Muhith has said the decision on the changes in new VAT law implementation and the amount of excise duty on bank deposits will be announced on June 28. The minister made the remarks after a programme at the Finance Ministry auditorium on Tuesday. Prime Minister Sheikh Hasina on Monday asked the finance minister to postpone implementing the controversial new value-added tax law set to be effective from July 1.
FBCCI seeks multiple VAT rates
The Federation of Bangladesh Chambers of Commerce and Industry has demanded that the government should introduce multiple rates of VAT and increase the tax-free income threshold for individual taxpayers by amending the proposed budget for the fiscal year 2017-2018. The apex trade body recently submitted a set of post-budget proposals related to value-added tax, income tax and customs duty to the National Board of Revenue for consideration before the parliament approves the budget.
Eid vacation: Banks asked to ensure transactions using ADCs
The central bank has asked banks to ensure transactions through smooth operations of alternative delivery channels (ADCs) round the clock during the Eid vacation. “We’ve taken the latest moves to ensure smooth transactions using the ADCs during the upcoming Eid-ul-Fitr vacation,” a senior official of the Bangladesh Bank (BB), the country’s central bank, told BBN in Dhaka on Tuesday.
Tough days ahead for forex reserves
Bangladesh’s healthy foreign exchange reserves is set to come under stress in the wake of the rising import bill and sliding remittance flow, bankers said. “The foreign exchange market may see a huge pressure in the coming days as import is rising faster than export. Also, the inflow of remittance is on a negative territory,” said a senior official of the Bangladesh Bank.
Bangladesh takes measures to cool overheated rise market
The Bangladesh government as well as the central bank has taken various measures to cool the overheated rise market immediately, officials said. Under the moves, the central bank of Bangladesh has already asked commercial banks to open letter of credit (LC) for importing rice with zero-margin on the basis of bank-client relationship.
Bangladesh’s prime bourse crosses 5,500-mark
Bangladesh’s prime bourse crossed 5,500-mark again extending the winning spell for the second day in a row on Tuesday as pre-Eid sale pressure faded away. Brokers said the market ended higher as pre-Eid sale pressure subdued and the optimistic investors took position on sector specific large-cap stocks amid post-Eid expectation.
BB serves notice on NRBC Bank chairman
Bangladesh Bank has issued a show-cause notice to NRB Commercial Bank chairman Farasath Ali asking him to explain why he placed ‘false information’ before the central bank regarding the private commercial bank’s proposal to appoint independent directors. According to the notice, board meeting’s minutes signed by Farasath informed the central bank that the shareholders of NRB Commercial Bank approved its proposal to appoint three independent directors in the bank’s board at the fourth annual general meeting of the bank.