FriJul282017

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Business

NBR exceeds revenue target for third straight year

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The National Board of Revenue or NBR has crossed the revenue collection target for fiscal 2016-17, which it says is the third time to happen in a row. In the last fiscal year, the NBR has mobilised nearly Tk 1.86 trillion, which is a little over the revised target of Tk 1.85 trillion.

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VAT law delay to impact economic growth: IMF

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VAT law delay to impact economic growth: IMF

Bangladesh will face challenges in maintaining its current growth momentum in fiscal 2017-18 due to the deferment of the implementation of the new VAT law for two years, said the International Monetary Fund.

 

“The authorities' decision to delay the launch of the VAT that was supposed to improve the weak tax revenue collection will make achieving the growth more difficult,” said the Washington-based multilateral lender in its updated World Economic Outlook.

 

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ADB approves $526 million for infrastructure projects in Bangladesh

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The Mayor Mohammad Hanif Flyover in Dhaka is a public-private partnership initiative. File photo

The Asian Development Bank or ADB has approved $526 million in loans for Bangladesh to help boost infrastructure investment.

 

 

The multilateral lender said the funds will be used in financing public-private partnership or PPP projects and renewable energy plants.

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Govt’s power generation cost should be $19bn less for next 25yrs: Nat'l Committee

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‘Govt’s power generation cost should be $19bn less’

The National Committee to Protect Oil, Gas, Mineral Resources, Power and Ports today in an alternative proposal claimed that the government can achieve its electricity generation target with a lesser amount of investment.

 

In the “draft” proposal, the committee said the total expenditure plan for power generation can be reduced to $110 billion from $129 billion in next 25 years.

 

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Home loans rise on falling interest: study

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Home loans rise on falling interest: study

Bangladesh's banking sector has been seeing a surge in home loans for the last two years due to single digit interest rate and an increase in per capita income.

 

As of June last year, total outstanding home loans from banks and financial institutions stood at Tk 56,290 crore, which was 9.1 percent of total credit to the private sector, according to a study.

 

Mohiuddin Siddique, professor and director of Bangladesh Institute of Bank Management, presented the research paper titled “Home Loan of Banks: Trend and Impact” at a roundtable held yesterday at the BIBM auditorium in Dhaka.

 

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DSE, CSE witness fall

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DSE, CSE witness fall

Trading on the country’s two bourses -- Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) -- is underway amid a negative trend of share-price indices on Wednesday.

 

DSEX, the benchmark index of DSE, shed over 7.05 points or 0.12 percent to 5812.21 at 12:43 pm.

 

The DS30 index, comprising blue chips, also declined 0.82 points or 0.03 percent to stand at 2133.42 points.

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Bangladesh prods Thailand for urgent purchase of 200,000 tonnes rice: Report

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A soldier checks sacks of rice at a warehouse in Ayutthaya province, north of Bangkok July 3, 2014. Reuters

Flood-hit Bangladesh is in talks with Thailand for an urgent purchase of 200,000 tonnes of rice to refill its decreasing stock, according to a report.

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Stocks open optimistic on bourses

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Stocks open optimistic on bourses

Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) -- witnessed positive trend in early hour of trading on Sunday, the opening session of the week.

 

The benchmark index of the DSE went up by 20.88 points, while the Selective Category Index of Chittagong Stock Exchange (CSE) rose 54.25 points.

 

DSEX, the prime index of Dhaka Stock Exchange (DSE), advanced 20.88 points or 0.35 percent to stand at 5,855.75 at 12:54 pm.

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VAT deficit must be balanced to meet revenue target: Hasina

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Prime Minister Sheikh Hasina has proposed to recover by any means the Tk 200 billion additional revenue income that the government says will now be lost due to the suspension of the new VAT law.

 

 

She has also urged the people to pay taxes regularly to offset the budget deficit and for further development.

 

She made the calls during her valedictory speech of the budget session of the 10th Parliament on Thursday in the backdrop of Opposition Leader Raushon Ershad's statements made earlier.

 

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First shipment of rice from Vietnam arrives in Chittagong

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Government data shows a 47 percent rise in the price of coarse rice while a fine variety saw around 20 percent rise in a year. File photo

The first shipment of rice from Vietnam has arrived at the Chittagong port.The Directorate of Food said that the ship carrying 20,000 tonnes of rice anchored at the port on Thursday morning.

 

“We believe the next shipment will arrive on Jul 18 and the third will arrive on the 22nd,” Md Jahirul Islam, controller of its Movement, Storage and Silo Division, told bdnews24.com.

 

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ECNEC approves 9 projects involving Tk 6, 393.18cr

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The Executive Committee of the National Economic Council (ECNEC) approved a project for construction of elevated expressway from Lalkhan Bazar to Shah Amanat Airport in the port city Chittagong at a cost of Taka 3,250.84 crore.

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Tk 844 cr transacted thru’ MFS per day: Muhith

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Finance Minister AMA Muhith on Monday told Parliament that the daily average transaction of money through mobile financial services (MFS) is around Tk 844 crore.

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Market showing gain

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Market showing gain

Both the bourses –Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) -- witnessed positive trends in the early hours of trading on Sunday, the first session of the week.

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Bangladesh rice prices falling on supply glut after duty cut

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Rice prices have started dropping in Bangladesh as traders are importing huge consignments on low duty announced in the wake of sudden price hikes and concerns over shrinking stock.

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Dhaka, Bangkok to work together to boost bilateral trade Dhaka, Bangkok to work together to boost bilateral trade

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Thailand on Thursday agreed to consider Bangladesh's proposal in expanding Duty Free Quota Free (DFQF) market access facility to Thailand as the two countries expressed their eagerness to work together for increasing bilateral trade volume.

Thailand on Thursday agreed to consider Bangladesh's proposal in expanding Duty Free Quota Free (DFQF) market access facility to Thailand as the two countries expressed their eagerness to work together for increasing bilateral trade volume.

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NBR moves to soften blow of VAT law delay

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NBR moves to soften blow of VAT law delay

The revenue authority is relying on cigarettes and tobacco products and a steady growth of economic activities to soften the blow of the postponement of the new VAT law by another two years.

 

The finance division drafted a massive budget for this fiscal year banking on higher revenues from the implementation of the VAT and Supplementary Duty Act 2012 that prescribes a 15 percent VAT for most of the goods and services available in the country.

 

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NBR goes for work plan to achieve VAT collection target

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NBR goes for work plan to achieve VAT collection target

Following the suspension of the new VAT Law, having a provision of 15 percent uniform VAT rate, for the next two years, the National Board of Revenue (NBR) has decided to devise a new work plan to achieve the gigantic target of VAT collection in the new fiscal year. “Yes, we’re planning to prepare a new plan for the VAT collection as the implementation of the new VAT Law has been deferred for two years,” a senior NBR official told UNB.

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