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.
Tightrope walk for Kamal
The government unveils the budget for fiscal year 2021 today (Thursday) expanding the social safety-net, but the health sector, as indications are available, is likely to get scanty attention despite the pandemic-spurred public health emergency. Finance minister AHM Mustafa Kamal is set to place the budget proposal for the next fiscal in parliament at 3:00pm.
Budget of self-preservation
It seems the universe keeps conspiring against Finance Minister AHM Mustafa Kamal. When it is his moment to shine, some misfortune strikes. Last year, it was dengue, and this year, it is the raging coronavirus that has left him at the centre of what could possibly be Bangladesh’s most acute economic — and human — crisis yet. With the rogue virus reigning supreme, there is likely to be a gingerly slog into the podium today for the 73-year-old, instead of a strut, to unveil a budget that can, hopefully, fend off an economic catastrophe.
Returns submission to be made mandatory for all TIN holders
The submission of income tax returns is likely to be made mandatory for all people having taxpayers’ identification number with some exceptions from the next fiscal year 2020-2021. Officials said that finance minister AHM Mustafa Kamal might announce the inclusion of such proposal in the Income Tax Ordinance-1984 in his budget proposals to be placed before parliament today.
NBR needs reforms to earn more for a bigger budget: Analysts
The higher economic and revenue growth targets are unlikely to be achieved, analysts told a discussion, hoping for an implementable budget based on pragmatic macroeconomic realities. Drastic reforms are not possible at this time of pandemic, but bringing in more taxable people in dragnet, better enforcement of VAT law and rationalising of exemptions can help the National Board of Revenue (NBR) raise its earnings to support rising demand for money.
Bank debt target likely at Tk 880b
The government is likely to set its bank borrowing target at Tk 880 billion to partly finance the budget deficit for fiscal year 2020-21. A senior official familiar with the public-debt management said on Wednesday the government will borrow the money from all banks by issuing Treasury Bills and Bangladesh Government Treasury Bonds to close budget gap, defined as the difference between overall expenditure and revenue and other receipts.
Borrowers get interest rebate for Apr-May
The Bangladesh Bank yesterday drew up a policy to rebate interest for borrowers for the April-May period as part of its move to give a breathing space to them from the ongoing economic fallout. The borrowers, who have taken out a maximum of Tk 1 lakh in loans from banks, will not have to give any interest, according to a notice issued by the central bank.
Stocks gain for 2nd day on floor price system
Dhaka stocks inched up for the second day on Wednesday, riding on the back of the Bangladesh Securities and Exchange Commission-introduced floor price system, but investors remained mostly nervous amid the worsening coronavirus pandemic in the country. The BSEC on March 19 imposed the ceiling on the share price fall to check free fall on the market amid the pandemic.
Sales of savings tools drops 73% in July-Feb
The net sales of national savings certificates (NSC) fell by around 73% in the first eight months of the current fiscal year– July to February– thanks to the strict regulations of the government to lessen investment in high interest-bearing savings tools. Net sales of savings tools fell by 72.85% or Tk25,936.61 crore year-on-year to Tk9,665.88crore during the period (July-February) from Tk35,602.49 crore in the same period of the last fiscal year, according to the latest data Bangladesh Bank (BB) latest data.