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.
FBCCI wants early formation of banking reforms commission
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), country’s apex trade body, on Monday welcomed the move to lower the lending rate to single digit by banks and called for strong monitoring to make it sustainable. The FBCCI also termed the move timely. The 9.0 per cent lending rate facility will encourage investors of an investment-hungry country, it said.
State banks to provide funds to PCBs at 6.0% interest
The state-run banks have agreed to provide deposit to the private commercial banks (PCBs) at 6.0 per cent interest rate for implementing the single-digit lending rate, officials said. The decision was disclosed at a meeting of the bankers, held at the Bangladesh Bank (BB) headquarters in Dhaka on Monday with BB Governor Fazle Kabir in the chair.
Operators yet to cut VAT on internet use
No internet service provider, including the mobile operators, has lowered the value-added tax at the end user level even though the government has slashed the tax burden by about 66 percent for customers from July 1. In contrast, when the government imposed supplementary duty on mobile services two years ago the operators scuppered to implement it, with the levy taking effect within hours.
The 9-digit e-BIN has been made mandatory since July 1
No traders in the country will be able to operate business with the old 11-digit Business Identification Number (BIN) as the electronic BIN (e-BIN) has been made mandatory from July 1, first day of the new fiscal year 2018-19. The National Board of Revenue (NBR) targeted to scrap the old BIN from the first day of FY17-18, but extended it thrice, and the last deadline expired on June 30, 2018, officials said.
Bangladesh’s inward remittance jumps by 17% in FY 18
The inflow of remittance jumped by more than 17 per cent in the just-concluded fiscal year following higher fuel oil prices in the global market. The flow of inward remittances rose to $14.98 billion in the FY 2017-18 from $12.77 billion a year ago, according to the Bangladesh Bank (BB)’s provisional data.
Prices of junk shares continue to rise
Prices of junk stocks continue to rise on the Dhaka Stock Exchange whereas prices of quality stocks have fallen significantly. The shares of the worst-performing companies were the top gainers on the premier bourse yesterday. On the other hand, the stocks of the well-performing companies declined drastically.
NBR sets criteria for AEO status
National Board of Revenue has framed rules providing a set of benefits including completion of physical examination of import-export goods on the business premises, instead of customs houses, of trusted traders. NBR on Thursday issued the Authorised Economic Operator (Authorisation) Rules-2018 specifying criteria for gaining AEO status by compliant traders, benefits for the selected AEO and other issues related to the scheme.
BD could make good use of IDA loans: WB
Bangladesh could make good use of low cost International Development Association (IDA) loans, a top World Bank official said on Monday. “Bangladesh is one of the largest recipients of the IDA funding from the World Bank, which I must say the government could make very good us of it,” the visiting executive director of World Bank Aparna Subramani said.