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.
VAT rate may be cut to flat 12pc
The government is likely to set a flat 12 percent VAT rate by amending the new VAT law in the face of demands from various quarters, according to finance ministry officials. Businesses have been reasoning that the proposal of a uniform 15 percent VAT would be too high for consumers.
VAT exemption list may be doubled
The number of VAT exempted products and services is likely to be doubled in the new VAT law from the items currently enjoying exemption to minimise pressure of price hike on consumers and facilitate businesses, officials of the National Board of Revenue said. They said that the revenue board had almost finalised the list of products and services for giving exemption from payment of value-added tax under the new law which is scheduled to be implemented from July 1 this year.
‘Narrow spread, cut cost to save depositors’
The central bank asked banks to narrow their interest-rate spread through lowering both operational costs a+nd classified loans to shun interest squeeze on deposits. Officials said the major issues troubling the banking system were discussed at a last bankers’ meeting held in the central bank headquarters in Dhaka with the Bangladesh Bank (BB) Governor, Fazle Kabir, in the chair.
BB won’t allow mobile operator-led MFS
Bangladesh Bank Deputy Governor SK Sur Chowdhury has said the central bank will not allow mobile operator-led mobile financial service (MFS). “We will not allow any mobile operator-led model except bank-led model,” Sur said at a roundtable held at a city hotel on Tuesday. United Nations Capital Development Fund (UNCDF) Bangladesh organised the roundtable titled “Role of Digital Financial Services in promoting inclusive growth: challenges and opportunities”.
Bangladesh’s stocks finish lower for fourth day
Bangladesh’s stocks finished lower for the four consecutive sessions on Tuesday as risk-averse investors continued their selling spree. Meanwhile, trading on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) will remain closed tomorrow due to public holiday on the occasion of Buddha Purnima.
Safety net schemes to get a boost
Expenditure under the social safety net programmes, including allowance for the elderly and widows, will be increased substantially in the next fiscal year to give more benefits to the ultra-poor. At a meeting on April 30 with Finance Minister AMA Muhith in chair, it was decided that the number of beneficiaries and the amount of money under the programmes will be increased.
Tk 8.0t dev projects get approval in 3.5 years
The incumbent government during nearly three and half years in office approved 766 development projects involving an aggregate cost of Tk 8.0 trillion, officials concerned said Wednesday. The total cost is equivalent to nearly two and half times of the country’s current national budget and about eight times more than the Annual Development Programme (ADP) for the current financial year.
BB relaxes farm loan release ratio for 9 new banks amid pressure
Bangladesh Bank has taken a decision to allow nine new commercial banks to disburse 2.50 per cent of their outstanding loans as farm loans from previous limit of five per cent in accordance with their (nine banks) wish. Nine new scheduled banks had been pursuing the central bank for long to withdraw many of the conditions, including disbursement of five per cent farm loan of their outstanding loans, under which they were given licences in 2012.