Corporate tax not rising for compliant listed companies

Tax rates for publicly-listed companies may remain unchanged in the upcoming fiscal year while some changed parlances could make uncertain the availing of lower tax rates tagged with conditions. However, although the tax rate would remain same, in principle, the base rate may see a rise for the publicly listed companies which may, again, go down to the existing rates if the condition of cashless- transaction limit is complied with. However, the tax rates for listed companies with free float up to 10 per cent and above with cashless transactions would be 20 per cent and 22.5 per cent as in the current fiscal year. Noncompliance with the cashless-transaction limit has to be paid for-the rates will be higher at 22.5 per cent and 25 per cent tax respectively. However, taxmen may get ‘if conditions are met’ instead of existing ‘failure to meet the conditions’ incorporated into the Finance Bill 2024. Currently, base rates of corporate tax for listed companies are 20 per cent and 22.5 per cent which taxpayers used to avail as standard rates. If the rates change to 22.5 per cent and 25 per cent, many companies may not be able to avail 2.5-percent lower taxes by way of compliance with cashless transaction, according to the ex-official. The condition on cashless limit is not exceeding Tk 0.5 million for a single transaction and not above Tk 3.6 million per annum.

Source: https://today.thefinancialexpress.com.bd/first-page/corporate-tax-not-rising-for-compliant-listed-companies-1716834434

Pran-RFL gets nod to use land of shuttered govt textile mills

Pran-RFL Group is going to build factories to manufacture products related to textiles on the land of two shuttered mills of the Bangladesh Textile Mills Corporation under a public-private partnership. A total of 20 acres of land of RR Textile Mills located in Sitakunda of Chattogram will be leased out to the group for 30 years. Besides, Chorka Textile of the group will set up mills by taking lease of 26 acres of land of Rajshahi Textile Mills for 30 years. During the period, the government will purchase electricity from the company at Tk 7.04 per kilowatt. Besides, the committee also approved proposals to purchase 50 lakh litres of soybean oil at Tk 151.45 per litre, 1.30 crore litres of palm oil at Tk 143 per litre, and 10,000 tonnes of lentils at Tk 101.30 per kilogramme from local markets.

Source: https://www.thedailystar.net/business/news/pran-rfl-gets-nod-use-land-shuttered-govt-textile-mills-3620416

Pubali Bank launches Visa debit, credit cards with BSMMU

Pubali Bank launched co-branded Visa debit and credit cards with Bangabandhu Sheikh Mujib Medical University (BSMMU) at Shahid Dr. Milon Auditorium, BSMMU on Monday. Mohammad Ali, managing director & CEO of Pubali Bank, and Professor Dr. Deen Mohd. Noorul Huq, vice-chancellor of BSMMU.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/pubali-bank-launches-visa-debit-credit-cards-with-bsmmu-1716832779