Lion’s share of investment should come from capital market, says Muhith

Finance Minister Abul Maal Abdul Muhith said Monday the lion’s share of investment for the country’s development should come from the capital market. “The lion’s share of the investment for the country’s development should come from capital market and the merchant bankers could play an important role in this regard,” he told a reception accorded to him by the Bangladesh Merchant Bankers Association (BMBA) in a city hotel. The 84-year-old minister said he lived a life of a successful human being as whatever he dreamt has become true. “I can die in peace,” he said in an emotion-choked voice. He said Bangladesh was born poor and now has become prosperous country during the last two and half decades. Speaking at the function, Commerce Minister Tofail Ahmed said the finance minister has been playing a great role in implementing a roadmap towards making Bangladesh a middle income country.

Source: http://www.thefinancialexpress-bd.com/2017/03/07/63611/Lion’s-share-of-investment-should-come-from-capital-market,-says-Muhith

Overseas investment at DSE rises 28pc in Feb

Net overseas investments at the Dhaka Stock Exchange increased by 28 per cent in February compared with that in the previous month. After the profit booking share sales in January, the foreign investors went for bargain hunting move in February resulting in the rise of their net investment in the month, said market operators. In February, net foreign investments at DSE rose by Tk 52.32 crore to reach Tk 238.45 crore from that of Tk 186.13 crore in the previous month, showed data released by the bourse on Monday. Foreign investors bought shares worth Tk 435.67 crore in February against their sales of Tk 197.21 crore. The buy and sales in January was Tk 611.25 crore and Tk 425.11 crore respectively. The total foreign turnover on the bourse, however, declined to Tk 632.88 crore in February from that of Tk 1,036.37 crore in the previous month.Taking opportunity of bull market, foreign investor went for profit-booking sales in January but they went for bargain hunting move in February as the key index of Dhaka Stock Exchange, DSEX, came down to 5,323 points on February 5 from 5,708 points on January 24, said stockbrokers.

Source: http://www.newagebd.net/article/10634/overseas-investment-at-dse-rises-28pc-in-feb

Revenue collection rises 18pc in Jul-Oct

Revenue collection rose 18 percent year-on-year to Tk 80,255 crore in July-October, owing to taxmen’s efforts and steady growth of economic activities in the first half of the current fiscal year, according to the National Board of Revenue. Collection shot up 23.52 percent to Tk 16,334 crore in December from the same month a year ago, according to provisional data. NBR Chairman Md Nojibur Rahman said the pace of collection rose in recent months. Overall tax collection grew 20 percent in July-February of the fiscal year, he said. “It is a combined effect of economic growth, changes in people’s mindset for reforms in the tax administration and support from taxpayers,” he said. Tax collection may increase in the last quarter of the fiscal year as implementation of the annual development programme gains pace then, Rahman added. The half-yearly collection was 39.5 percent of the overall tax collection target of Tk 203,152 crore for NBR this fiscal year. The current year’s target is 31 percent higher than the total tax receipts of Tk 155,518 crore in fiscal 2015-16, according to NBR data.

Source: http://www.thedailystar.net/business/revenue-collection-rises-18pc-jul-oct-1371994

NBR to hold income tax camp

The National Board of Revenue has decided to arrange ‘income tax camp’ across the country to provide taxpayers with services at their doorsteps and create a revenue-friendly culture in the country. Primarily, the camp will be organised at all the 15 income tax zones in Dhaka and gradually across the country. The revenue board chairman Md Nojibur Rahman on Monday instructed the Income Tax Zone-3, Dhaka to hold such camp soon to reach the taxpayers with improved services, said a press release of the NBR. He made the instruction at a meeting with the officials of the zone during an inspection of the office.

Source: http://www.newagebd.net/article/10637/nbr-to-hold-income-tax-camp

Non-profit research bodies likely to get equal tax treatment

The government is considering formulating comprehensive policy guidelines for ensuring equal tax treatment for the country’s non-profit research organisations, officials said. Tax authority has already received a note from Finance Minister A M A Muhith to work on this issue. The finance minister has taken the initiative following a letter sent by Commerce Minister Tofail Ahmed, requesting tax exemption for Bangladesh Foreign Trade Institute (BFTI). The commerce minister, also the chairman of BFTI board of directors, in this regard referred to two similar research and training organisations of the government. Bangladesh Institute of Development Studies (BIDS) and Bangladesh Agriculture Research Institute (BARI) are enjoying tax exemption facility.

Source: http://www.thefinancialexpress-bd.com/2017/03/07/63604/Non-profit-research-bodies-likely-to-get-equal-tax-treatment

$300m WB fund to empower local government bodies

The government yesterday signed a $300 million financing agreement with the World Bank to strengthen local governments by establishing national budget transfers for all 4,550 union parishads, the lowest tier of local government. Built on the success of two predecessor projects, the Local Governance Support Project–3 (LGSP3) will mainstream the annual financial audits of the union parishads and will benefit over 115 million people across the country. The project will also pilot a fiscal transfer system for 16 municipalities in eight divisions, the multilateral lender said in a statement yesterday. The eligible municipalities will receive expanded block grants to give them access to greater resources to respond to local service delivery priorities, it said. “Over the past decade, the World Bank has been supporting the government’s vision of a stronger and more accountable local governance system,” said Qimiao Fan, World Bank country director for Bangladesh, Bhutan and Nepal. “Started in 2006, the LGSP was the first nationwide programme to provide block grants to union parishads to spend at their own discretion.”

Source: http://www.thedailystar.net/business/300m-wb-fund-empower-local-government-bodies-1371967

Huge investment expansion by Norwegian Pension Fund in BD

Norwegian Government Pension Fund Global, the world’s largest sovereign wealth fund, has substantially expanded its investment in Bangladesh, showing a six-fold expansion. Pension Fund invested in Bangladeshi stocks for the first time in 2015, the total was a modest US$ 19 million. By the end of 2016, the fund’s investment had grown six fold to US$ 112 million in 15 Bangladeshi companies on Dhaka stock exchange. “The significant growth in investments in Bangladesh by the Norwegian Government Pension Fund Global is very positive. I see this as a confirmation that the Bangladeshi economy is maturing and companies are regarded as promising investments,” Norwegian Ambassador Sidsel Bleken was quoted in a statement on Monday as saying.

Source:
http://www.observerbd.com/details.php?id=62111
http://www.thedailystar.net/business/norwegian-funds-investment-dhaka-bourse-rises-six-fold-1371991

Chevron exit plan: Fate of 600 employees uncertain

Around 600 employees of Chevron Bangladesh are passing days in uncertainty as the US-based oil giant is preparing to pull out from Bangladesh.“We are still in the dark about the process for handing over Chevron Bangladesh’s operations to another company. The process should be made clear to the staff as around 94 percent employees are Bangladeshi nationals,” the leaders of Chevron Bangladesh Employees Union said. They also placed a demand to the senior of management of Chevron Bangladesh in this regard. “We fear that we will have to lose our jobs and will be deprived of proper compensation as per the labour law if the authorities don’t maintain transparency in the process,” they said at a press conference.

Source:
http://www.daily-sun.com/post/210512/Chevron-exit-plan:-Fate-of-600-employees-uncertain-
http://www.thedailystar.net/business/employees-concerned-chevron-plans-sell-assets-bangladesh-1371973

Govt announces minimum wage for hotel workers

The government has announced the minimum monthly wages for hotel and restaurant workers employed in thana/upzilas, district towns and city corporation/divisional cities respectively, according to officials. The monthly minimum wages for these workers of upazila, district towns and city corporations/ divisional areas have been fixed at Tk. 3710, Tk.4280 and Tk. 5400 respectively. The ministry of labour and employment on March 01 issued a gazette notification in this regard. The last minimum wage for workers of the sector was set at Tk 1,750 in 2009, according to officials. The government has announced Tk 2,150, Tk 2,400 and Tk 3,000 as basic salary for unskilled workers in thana/ upazila, district towns and city corporation and divisional cities respectively. The newly announced basic wages for semi-skilled workers are Tk 2,400, Tk 3,000 and Tk 3,600 in hotel and restaurants in thana/ upazila, district towns and city corporation and divisional cities respectively.

Source: http://www.thefinancialexpress-bd.com/2017/03/07/63606/Govt-announces-minimum-wage-for-hotel-workers

Govt looks for land at Uttara for BGMEA Bhaban: Tofail

Commerce minister Tofail Ahmed on Monday said that steps had been taken to select a suitable land at Uttara for the construction of ‘BGMEA Bhaban’, reports Bangladesh Sangbad Sangstha. He said that the Bangladesh Garment Manufacturers and Exporters Association would be able to construct the new ‘BGMEA Bhaban’ in two to three years. The government will take steps as per the verdict of the country’s highest court, he said while talking to reporters after holding a view-exchange meeting with Qatar ambassador to Bangladesh Ahmed Mohamed Al-Dehaimi. The Appellate Division on Sunday rejected a petition filed by the BGMEA for a review of its verdict that had upheld a High Court judgment ordering the demolition of 15-storey BGMEA Bhaban illegally constructed in Hatirjheel lake in the capital. Tofail told reporters said there would be no gas crisis in the country after the completion of the construction work of the floating LNG terminal in deep-sea by 2018.

Source: http://www.newagebd.net/article/10635/govt-looks-for-land-at-uttara-for-bgmea-bhaban-tofail

Biggest ever haul of Tk 1.0b goods smuggled as capital machinery

The Directorate of Customs Intelligence and Investigation (DCII) has seized from 12 containers a huge quantity of cigarettes, wine and LED televisions imported under false declaration at Chittagong Port. The DCII has described the seizure as the biggest case of smuggling in recent times. Officials at the Directorate opened six containers in presence of officials of the Chittagong Custom House (CCH), the Chittagong Port Authority (CPA) and other concerned agencies at the New Mooring Container Terminal yard of the port on Sunday and six others on Monday. The contraband goods, brought under false declaration of capital machinery to produce animal food and exported by Jamraj Industries, Singapore were seized by the DCII on Saturday at a yard of the New Mooring Container Terminal of Chittagong Port. The DCII officials estimated the market value of the seized goods at around Tk 1.00 billion (Tk 100 crore). Sources said that the containers reached the port on March 3.

Source: http://www.thefinancialexpress-bd.com/2017/03/07/63610/Biggest-ever-haul-of-Tk-1.0b-goods-smuggled-as-capital-machinery

Pran bags $5m orders at food fair in UAE

Pran has bagged export orders worth around $5 million at a five-day fair—Gulfood—in the UAE. Gulfood Fair is one of the largest food and hospitality shows in the world, said Md Mizanur Rahman, chief of export at Pran Group. “Traders and buyers come to this fair from every corner of the globe.” Over 4,200 exhibitors from 99 countries took part in the fair that started on February 26 at Dubai World Trade Centre. Pran has been participating in the fair since 2013, and this year the group displayed 300 products in two stalls.

Source: http://www.thedailystar.net/business/pran-bags-5m-orders-food-fair-uae-1371970

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