Finance Minister AMA Muhith BBN file photo
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 26pc bigger
When Finance Minister AMA Muhith presents the budget in parliament tomorrow, he will likely gloat about it -- Tk four lakh crore in size -- which is 26 percent bigger than the one for the outgoing fiscal year. Not that presenting a big budget is of great significance for Muhith; he has been doing it for the past few years. In fact, it is under his tutelage that the budget has risen from below Tk one lakh crore in 2009 to Tk four lakh crore this time around.
NBR offers VAT exemption to agri products, medical services
National Board of Revenue (NBR) will offer value-added tax (VAT) exemption to agricultural products, medical services and life-saving drugs under the new VAT Act-2012. The government decided to keep them out of VAT so that the people can get some relief, the officials concerned said. The VAT law will not apply to small traders, they said, adding that they proposed lowering the proportion of VAT’s annual transaction limits and turnover tax.
BB sets Tk 19,856cr farm loan target for banks for FY18
Bangladesh Bank has set the farm loan disbursement target for banks at Tk 19,856.34 crore for the coming financial year 2017-18, said officials of the central bank. The loan disbursement target is 13.14 per cent higher than that of the current FY17. The BB had set annual farm loan disbursement target at Tk 17,550 for this financial year. A BB official told New Age on Tuesday that the central bank had set the projected target for FY18 in line with the finance ministry’s requirement.
Bangladesh’s stocks return to higher after two days
Bangladesh’s stocks returned to higher on Tuesday, after witnessing correction in the past two sessions in a row, as investors took position stance on lucrative stocks. Brokers said the market rebounded after two days’ heavy downfall in prices as some enthusiastic investors went on buying spree on sector specific large-cap stocks.
Excise duty on bank accounts to double next fiscal year
The government is considering doubling the excise duty on bank accounts with large debit or credit balance in fiscal 2017-18 to boost revenue collection. Accounts with balance between Tk 1 lakh and Tk 10 lakh at any time of a year may be slapped with Tk 1,000 excise tax, up from existing Tk 500, as per the proposal of the Internal Resources Division.
DSE scraps move to form IT subsidiary
The country’s premier bourse has backtracked from its plan to form a separate information and technology-based subsidiary company mainly due to duel taxation provision in the country. Dhaka Stock Exchange after becoming a demutualized stock exchange in November 2013 had contemplated to form a separate IT company as part of its business plan.
Biman lost Tk200 crore by leasing two non-operational planes
In another case of mismanagement, Biman has been forced to ground two leased Boeings from EgyptAir at a cost of Tk200 crore that was supposed to resume the Dhaka-New York flights in 2014. The two Boeing 777 200 ER aircraft were leased for five years. One of them has now been grounded for five months because of engine failure and another is fully non-operational.
Slow remittance flow to hurt economy: analysts
Remittance slid 16 percent year-on-year in the first ten months of the fiscal year in continuation of the sluggish trend that is threatening the country's foreign currency reserves, growth and poverty reduction efforts. Between the months of July last year and April this year, Bangladesh received $10.28 billion in remittance, according to data from the Bangladesh Bank.
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