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.
Cash use costs Bangladesh Tk 9,000cr every year
The country has to count more than Tk 9,000 crore a year because of its heavy dependence on cash, further depicting the necessity to move towards a cashless society. The maintenance cost of the printed money is nearly 0.50 percent of the country’s GDP, according to the central bank report styled ‘Reducing the Cash Transaction’. The Bangladesh Bank calculated the cost based on a survey by US consultancy firm McKinsey & Company.
NBR asks courier service cos not to transport goods without VAT docs
National Board of Revenue has asked courier service providing companies not to transport industrial and commercial goods without documents related to payment of value-added tax. Transports of courier service providers must have VAT payment documents or VAT challan or invoice to carry goods to which VAT is applicable, it said.
Bangladesh’s most banks’ EPS rise in Q1 of 2019
The consolidated earnings per share (EPS) of most of the listed banks increased in the first quarter (Q1) of the current calendar year despite higher growth of classified loans. The country’s banking sector remained volatile with ongoing liquidity crunch, soaring interest rate coupled with huge non-performing loans (NPLs) which may affect the banks’ profitability by the end of this year, according to market operators.
NBR targets 5 sectors to make up VAT shortfall
The National Board of Revenue has prioritized five sectors, including source tax, to meet its target of value added tax collection, with just two months left of the ongoing fiscal year. The other areas of priority are the taxes from floor space, brick kiln, bidi and local trade.
Bangladesh’s stocks extend falling streak further
Bangladesh’s stocks maintained the losing streak for the fourth straight session on Wednesday as the key index of the prime bourse dipped below 5,200-mark again after two weeks. The investors continued their selling binge amid lack of confidence, coupled with liquidity crunch in the money market while many have followed cautious stance during Ramadan, according to market operators.
Govt may seek WTO panel advice on India, Pakistan anti-dumping duties
The government may seek advice from the Advisory Centre on WTO Law on the merits of its plan to file petition against imposition of anti-dumping duty by India and Pakistan on import of hydrogen peroxide and Jute goods from Bangladesh with the dispute settlement body of the World Trade Organisation.
Govt eyes 10m taxpayers: Kamal
Finance Minister A H M Mustafa Kamal said the government has a plan to raise the number of taxpayers to 10 million by the next fiscal year (FY), 2019-20. “Now the number of eligible taxpayers in the country is estimated to be 40 million, and 10 million of them will be brought under tax payment network,” the finance minister said on Wednesday.
Islamic banks’ profitability shrinks in 2018
Shariah-based banks’ net profit margin declined to 2.2 percent in 2018 from 3 percent a year earlier at a time when the banking sector’s rose, found a recent study. The banking sector’s net profit margin improved to 3 percent from 2 percent last year, according to the study titled “Islamic Banking Operation of Banks-2018”.