US keen to invest in different sectors in Bangladesh: USTR
Staff Correspondent | Updated at 10:17pm on May 23, 2023
The United States has a keen interest to invest in different sectors of Bangladesh, said the US Trade Representative. Brendan Lynch, assistant US Trade Representative,...
'Governance, NPLs are burning issues of banking sector'
BB governor says at ABB's summit
RMG minimum wage board holds first meeting
No proposal on minimum salary was placed
Biman to operate special flights from Dhaka for RU admission seekers
Biman Bangladesh Airlines will operate three special flights on the Dhaka-Rajshahi route from May 29 to May 31 to facilitate journeys of Rajshahi University admission seekers.
SIBL, Southeast Bank get nod to declare stock dividends
SIBL will give 5% dividend, Southeast 4%
BBS Cables to supply Tk 106 crore cables to DPDC
The information was shared in a filing on the DSE
Global Insurance’s profit slightly up in 2022
The company made Tk 6.61 crore in
GQ Ball Pen adjusts Tk1.15 crore bank loan with land sell proceeds
DSE turnover surges to six-month high at Tk1,109 crore
Stocks inching up in morning trade
UAE-based BTA Wealth buys Tk111cr shares of Islami Bank
BSEC approves Green Delta Dragon Enhance Blue Chip Growth Fund’s drafts prospectus
DSE gets 2 new independent directors
Alhaj Textile MD lost job amid internal conflict
BSEC to digitise capital market monitoring system to check forgery
Bangladesh Securities Exchange Commission (BSEC), in collaboration with the government, is going to digitize the
Banking
Interbank dollar exchange rate rises to BDT 108.75
May 23, 2023
· The interbank exchange rate for dollars rose from BDT 108.50 to BDT 108.75, which is the highest in the country's history.
· According to central bank data, the American greenback traded at the lowest rate of BDT 108.50 and the highest rate of BDT 108.75 on Monday (22 May).
· Earlier on 15 May, the dollar rate rose to BDT108.50 in the interbank exchange, which was the highest dollar rate in this market till Monday.
From: https://www.tbsnews.net/economy/interbank-dollar-exchange-rate-rises-tk10875-636846
Economy
Health and hygiene to get duty rebate on raw material imports
May 23, 2023
· The government plans to offer a duty rebate on the import of more raw materials of medicine and medical equipment productions in the upcoming national budget.
· Besides, the VAT waiver may continue in the next year for raw material import for manufacturing sanitary napkins, diapers, and toiletries, necessary items for public health and hygiene.
· According to finance ministry officials, the government is going to include another 10-12 raw materials of cancer and diabetes drugs to the existing duty-free list to make the treatments more affordable.
· The next budget is also likely to see a 150% supplementary duty on liquid nicotine and transdermal nicotine patch, and impose a 212.2% duty on e-cigarettes, vapes, and parts of such devices, to discourage their use.
From: https://www.tbsnews.net/economy/health-and-hygiene-get-budgetary-care-637006
Six more services to need proof of tax return
May 23, 2023
· The National Board of Revenue (NBR) has planned to broaden tax coverage by mandating the proof of submission of return (PSR) for six additional sectors or services.
· Currently, the provision of mandatory PSR is applicable for 38 services. According to the NBR plan, it has proposed making PSR mandatory for suppliers or service providers when they offer goods or services to specific individuals or entities.
· According to sources, these entities may include the government, any authority, corporations, whose activities are authorized by laws, acts, orders, or instruments in Bangladesh. Additionally, projects or activities in which the government has financial or operational involvement, as well as joint ventures or consortia, will also fall under these entities.
· Furthermore, it may also be mandatory to submit proof of return for the sale and lease of land worth more than BDT10 lakh in municipality areas.
Online marketplaces may be exempted from VAT challans
May 23, 2023
· Online marketplaces are expected to receive an exemption from the mandatory collection of invoices for value-added tax, known as VAT challans, for sales made on their sites starting from the next fiscal year.
· Finance ministry officials have said the government plans to introduce a definition of online marketplaces, along with specifications, in the upcoming budget.
· The introduction of the measure will result in the exemption of online marketplaces from the mandatory collection of VAT challans, with the aim of attracting increased foreign direct investments (FDIs) in the sector.
· The officials further said starting in the new fiscal year, e-commerce companies will only be required to pay VAT on their service commissions. If the platforms are engaged in selling goods, sales VAT will be applicable, and the companies will be responsible for paying their VAT on their sales.
From: https://www.tbsnews.net/nbr/online-marketplaces-may-be-exempted-vat-challans-636998
Capital Market
DSE gets 2 new independent directors
May 23, 2023
· The Dhaka Stock Exchange (DSE), the premier bourse in the country, has got two new independent directors on its board.
· The two new directors are Md Shaheedul Islam and Kawser Ahmed.
· Kawser Ahmed is an advocate and also a member of the Bangladesh Human Rights Commission. Md Shaheedul Islam is a former deputy managing director of the Palli Sanchay Bank.
From: https://www.tbsnews.net/economy/stocks/dse-gets-2-new-independent-directors-636930
IT
eGeneration appointed to set up the Bangladesh Insurance Authority data center
May 23, 2023
· eGeneration Limited, a renowned software firm, has recently signed an agreement with the Bangladesh Insurance Sector Development Project to set up a state-of-the-art data center for the Bangladesh Insurance Authority.
· As per the agreement, eGeneration will undertake the data center project with the Insurance Development and Regulatory Authority– implementer of the Bangladesh Insurance Sector Development Project financed by the World Bank.
· The cost of the data center project is estimated to reach BDT 150mn (USD 1.4mn).
Real Estate
Japanese realtor to invest USD 20m
May 23, 2023
· Japanese real estate and construction company JP Building opened its new Bangladesh chapter "JP Build BD Co", through which the realtor plans to invest USD20mn or BDT 2,160mn in the local market in the next three years.
· JP Building said, they will provide Bangladesh's real estate sector with construction solutions and sophisticated technology.
· JP Build Company entered into the real estate and construction business in Japan in 2018 and the company's core strength is its quality products and use of modern technology in construction, according to the statement.
From: https://www.thedailystar.net/business/economy/news/japanese-realtor-invest-20m-3327941
note: this post is for research and analysis purposes only.