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.
Bangladesh to unveil BDT 3.40 trillion budget for FY 17
Bangladesh government is set to announce a budget of BDT 3.40 trillion aiming to achieve 7.2 per cent economic growth by the end of the upcoming fiscal year (FY). Finance Minister AMA Muhith is scheduled to propose the national budget for the FY 17 at the National Parliament in the capital Dhaka on Thursday afternoon.
In the stumbling block of concrete mess at Moghbazar, Minhaz Abedin waits patiently every day, worrying about his unemployed son, something he has been doing for the past three years now. He has no clue when this flyover will complete. Every day, he hopes his patience will not run out this time. His retirement comes up next year when he turns 60 and then he does not know how he will sustain another 10-15 years of his life he hopes to live.
Package VAT to continue in new fiscal
While finance minister presents budget in the Parliament today, the government has finally decided to continue with package value-added tax system for small traders and halt implementation of controversial new VAT law from July. The new law imposes a flat 15% VAT for all sectors, sparking outrage in the business community and leading to calls for change in the law.
Taxation in new budget: A copycat of yesteryear
Government’s finance wing is up with an almost repeat-all type of fiscal measures in the budget for financial year (FY) 2016-17, with the new VAT law eventually jettisoned and individual income-tax ceiling unchanged at Tk 250,000 despite cry for a raise. The only major change is in duty structure — the government is likely to introduce a five-tier duty system.
Slowdown in investment: a headache for Muhith
The outgoing fiscal year is defined by growing confidence and optimism in the country’s ability to achieve higher economic growth. The government’s increasing investment in giant infrastructure projects has helped Bangladesh achieve 7.05 percent growth.
Power sector to get Tk 43.06b from ECA outside ADP
The government is set to keep the allocation from the Export Credit Agency (ECA) outside the purview of the next Annual Development Programme (ADP), resulting in squeezing of the development allocation for the power sector by 20.82 per cent, or Tk 34.32 billion, to Tk 130.52 billion in the national budget.
Bangladesh’s stocks end flat amid bumpy ride
Bangladesh’s stocks closed flat Wednesday after passing a volatile trading session as most of the investors remained cautious ahead of national budget to be unveiled on Thursday. Both the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) witnessed see-saw movement throughout the session as intra-day volatility was around 20 points.
4 SCBs must focus on SME sector to avoid risky loans
Bangladesh Bank is going to include SME loan disbursement target as a clause in memorandums of understanding signed with the four state-owned commercial banks. A BB official told New Age on Wednesday that the central bank had taken the plan so that the four banks — Sonali, Janata, Agrani and Rupali — would have to disburse maximum loan to small and medium enterprises avoiding risky large-scale loans.