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 take $2b in buyers’ credit in 1yr
Buyers’ credit in the country’s business sector increased heavily in recent months, reaching almost $6 billion at the end of April as local importers were taking the advantage of receiving foreign loans at lower rates of interest. Buyers’ credit increased by 49.71 per cent to $5.82 billion as of April 30, 2017 from an outstanding amount of $3.89 billion in the corresponding month a year ago, according to the latest Bangladesh Bank data.
Operating profits of Bangladesh’s private banks’ rise in H1
The operating profits of Bangladesh’s private commercial banks (PCBs) showed an upward trend in the first-half (H1) of the current calendar year. Of 40 PCBs, 15 marked an upward trend in operating profits while three witnessed a downturn, according to provisional data for the January-June 2017 period. The data of the rest were not immediately available.
Backtracking on New VAT Law: Big businesses appeased
It was mainly the pressure from big businesses that led to the government's backtracking on its decision to implement the new VAT law. Appeasing the people in general was not much of a reason, which the government has been touting. The late u-turn of the government last month has left the National Board of Revenue (NBR) in a spot of bother, as it now has to fill a gaping hole in its revenue collection target.
BB failed to get info about Bangladeshi depositors in Swiss banks
The Bangladesh government has already sought information about Bangladeshi depositors in Swiss banks but are yet to receive a reply, said Finance Division officials. They said Bangladesh Bank had sent several letters to the Swiss National Bank over the last three years seeking the information. But the SNB authorities have never answered.
Bangladesh’s stocks end higher for 2nd week
Bangladesh’s stocks closed higher for the second week in a row that ended on Thursday, the last week of the just concluded fiscal year, as investors continued their buying appetite. Brokers said the market maintained its bullish trend amid rising turnover as investors injected fresh funds into stocks to avail the tax benefit in the just concluded fiscal year coupled with positive impact of VAT policy reversal and other budgetary changes.
NBR revenue goes up 19pc
The National Board of Revenue's collections soared 18.95 percent last fiscal year -- a disclosure that will be comforting to the government as it goes about progressively implementing larger budgets every year. In fiscal 2016-17, the revenue authority collected Tk 185,071 crore, according to preliminary data disclosed yesterday.
Fund collections thru IPOs hit 11yr low
The number of IPO-fund raising companies in the country’s capital market hit eleven-year low in the just concluded fiscal year of 2016-17 amid complexities over public issue rule amendment and declining bank loan interest rate. According to a Dhaka Stock Exchange data, nine companies including three mutual funds raised fund worth Tk 390 crore from the stock market in the FY 2016-17.
FBCCI for impact assessment study before new VAT law
The apex trade body of the country, FBCCI, has demanded impact assessment study before implementation of the new Value Added Tax (VAT) and Supplementary Duty law 2012. “As the government has scheduled to execute the new VAT law after two years, the government should conduct an impact assessment study by an independent agency before implementing the law with amendment,” said the Federation of Bangladesh Chambers of Commerce and Industry President Md Shafiul Islam Mohiuddin.
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