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.
Budget to get 30pc bigger
The size of the upcoming budget may go up by 30 percent from the current fiscal year’s revised outlay as the government seeks to fast-track the giant projects and complete one or two in its current tenure. The planned Tk 340,600 crore budget for fiscal 2016-17 would be 17.4 percent of the gross domestic product. In terms of share in the GDP, the planned budget is almost the same as the budget of fiscal 2015-16.
Budget deficit to soar by 13%
The budget deficit in next fiscal year is going to rise by 13% or Tk 11,280 crore from the current fiscal’s figure due to increase in expenditures on development programmes and salaries and allowances of the government employees. According to final budget outlay obtained by the Dhaka Tribune, the deficit is likely to stand at Tk97,853 crore in the FY2016-17 from Tk86,657 crore in the current fiscal year.
Budget 2016-17: Muhith eyes 10.7pc tax-GDP
A large revenue earning target from taxes is likely to be the main feature of the upcoming budget to be unveiled tomorrow, as the finance ministry set a 10.7 per cent tax to GDP ratio target. While the revised estimate has been contracted to nine per cent of gross domestic product this fiscal, the fresh target of 10.7 per cent, equivalent to Tk 2,42,752 crore, might weigh heavily on businesses and individual taxpayers, experts said.
Bangladesh’s banks asked to ensure credit quality
The central bank of Bangladesh has asked commercial banks to ensure the quality of credit for reduction of classified loans in the country’s banking sector, officials said. The instruction was issued at a bankers meeting, held in the central bank headquarters in the capital Dhaka on Tuesday with newly appointed Bangladesh Bank (BB) Governor Fazle Kabir in the chair.
Businesses demand cuts in corporate taxes
Business leaders are expecting a budget that would reduce corporate tax, as the cost of doing business is on the rise. They also said the government should take up schemes to spur expansion of local industries and create more employment opportunities.
Bangladesh’s stocks edge lower with volatility
Bangladesh’s stocks edged lower on Tuesday after witnessing volatility throughout the trading session as some investors were cautious ahead of national budget to be unveiled Thursday next. Both the Dhaka Stock Exchange, the prime bourse of Bangladesh, and the Chittagong Stock Exchange, the port city bourse of the country, moved heavily between red and green throughout the session as intra-day volatility was around 22 points.
Unit holders to decide on MFs’ liquidation or conversion
The liquidation or conversion of closed-end mutual funds (MFs) will continue as the securities regulator’s directive prevails through Tuesday’s final verdict of the Supreme Court (SC), jurists said. They said a four-member bench of the Appellate Division of the SC led by Chief Justice Surendra Kumar Sinha had allowed the capital market regulator’s ‘appeal’ filed against an earlier High Court (HC) order declaring ‘illegal’ the regulatory directive on liquidation or conversion of closed-end MFs.
Users can buy back unregistered SIMs in 18 months
The telecom regulator has decided that any mobile connection that was terminated on Tuesday mid-night will be opened if the respective subscriber buys back the SIM and completes his or her biometric re-registration in next 18 months. The government-set deadline for biometric re-registration of mobile phone connections ended on Tuesday with around 2.5 to 3 crore SIMs remaining unregistered.