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.
BPC profits to treble this year
Bangladesh Petroleum Corporation is set to log in profit of Tk 12,186 crore for fiscal 2015-16, which is three times more than in the previous year, in spite of the recent price cuts, according to the finance ministry’s provisional estimate. After five consecutive years of losses, BPC last year made a profit of Tk 4,126 crore. The fuel price has been on a slide since June 2014 in the international market but Bangladesh did not adjust it domestically, which contributed to the profit.
BB RESERVE THEFT: FBI, Egypt skip Interpol meeting
Egypt, India, the United States and the World Bank, among others, skipped a four-day ‘case coordination meeting’ convened by Interpol last week to speed up the investigation into the theft of $101 million from the Bangladesh Bank reserve with the Federal Reserve Bank of New York. At the meeting, Interpol called upon the representatives of 11 countries and international agencies to speed up the investigation as many of the countries are delaying their support.
Cos must submit returns on withholding tax twice
Companies, cooperatives and non-governmental organizations (NGOs) may now have to submit withholding tax returns twice a year, mandatorily, under a new fiscal regime. The deducting authorities on the withholding tax, known as tax at source, will also face audit from the upcoming fiscal year (FY) 2016-17 by the taxmen as per strict provisions incorporated into the Finance Bill 2016.
BB asked to keep bank branches open at night during Ramadan
Home Minister Asaduzzaman Khan yesterday urged the Bangladesh Bank to take a step to keep bank branches near shopping malls and markets open at night during Ramadan to facilitate businesspeople. The minister advocated for the nighttime banking as he said the money flow increases in markets and shopping malls at night during the fasting month.
Weekly Review: Bangladesh’s stocks rebound on budget hopes
Bangladesh’s stocks returned to green last week that ended on Thursday, after previous week’s mild correction, as optimistic investors went on buying spree amid budgetary expectations. Finance Minister AMA Muhith on Thursday proposed to waive small investors from the income tax charged on margin loans and interest waived up to BDT 1.0 million for the fiscal year 2016-17, keeping the existing provisions remained unchanged.
New measures to cut hassles of businesses
Businesses will benefit from the withdrawal of a requirement to get price approval from the VAT authority prior to sales of goods, PwC Bangladesh said yesterday. At present, businesses need to get the prices of goods approved by the VAT authority before they can put them up on the shop floor. In his budget speech for fiscal 2016-17, Finance Minister AMA Muhith abolished the provision.
Remittance dips by 3pc in Jul-May
The country’s remittance inflow in the July-May period of the current financial year 2015-16 declined by 3.09 per cent to $13.45 billion from $13.88 billion in the corresponding period of the previous year. Declining global oil prices have affected the remittance inflow in the last few months as the lion’s share of Bangladesh’s remittance earnings comes from oil-based economies in the Middle East, Bangladesh Bank officials told New Age on Saturday.
BPC gets back job of importing furnace oil
The Energy and Mineral Resources Division has revoked its earlier order and allowed the state-run Bangladesh Petroleum Corporation (BPC) to import three cargoes of furnace oil amounting to 60,000 tonnes in total within this month, a senior BPC official told the FE Saturday. The Division had asked BPC to stop importing furnace oil from January last and allowed the private sector to do the job.