Q1 sees rise in ADP implementation rate

The first quarter (July-September) of the current fiscal year (FY18) has witnessed an increase in the implementation rate of Annual Development Programme (ADP). Planning Minister AHM Mustafa Kamal said the rate was found to be 10.21 per cent with an overall expenditure of Taka 167.55 billion. He stated this while briefing the journalists emerging from the ECNEC meeting at Sher-e-Bangla Nagar in Dhaka on Tuesday, a BSS report said. The ADP implementation progress during the first quarter of the last fiscal year (FY17) was nine per cent with an overall expenditure to the tune of Tk 107.89 billion.

Source: https://thefinancialexpress.com.bd/economy/q1-sees-rise-in-adp-implementation-rate-1508855904

Move to explore new manpower markets

A research firm has been appointed by the government to carry out a survey on labour markets in 52 countries, including 20 new ones, across the world. The revelation came on Wednesday during a meeting of the Parliamentary Standing Committee on Expatriates’ Welfare and Overseas Employment Ministry held at the Jatiya Sangsad Bhaban with its Chairman Nurul Majid Mahmud Humayun in the chair. According to a handout, the meeting was told that the government has been trying relentlessly to explore new labour markets side by side safeguarding the existing ones. As part of the efforts, it was also informed, a separate labour market research cell has already been set up in the ministry.

Source: https://thefinancialexpress.com.bd/economy/move-to-explore-new-manpower-markets-1508953487

NBR asks 37 companies to pay BDT 6.9 billion in unpaid VAT

The large taxpayers unit (value-added tax) of National Board of Revenue has issued demand notices to 37 public and private companies, asking them to pay BDT 6.9 billion in VAT and source VAT which was earlier ‘evaded’ by the entities. The LTU issued the primary demand notices in September for the ‘evaded’ amount which was detected through auditing and scrutinizing the documents including VAT returns submitted by the companies and through other intelligence and investigation activities. Of the amount, state-owned Bangladesh Telecommunications Company Limited alone evaded BDT 3.8 billion in VAT. The LTU also asked three mobile operators — Grameenphone, Robi and Banglalink — to pay BDT 72.5 million, BDT 75.8 million and BDT 83.5 million respectively which the operators did not submit as VAT on floor space and establishment rent. Earlier, the VAT office had demanded another BDT 830.0 million in VAT from the operators on the same ground.

Source: http://www.newagebd.net/article/26945/nbr-asks-37-cos-to-pay-BDT-694cr-in-unpaid-vat

Steel millers oppose bid to hike power tariff

Leaders of trade bodies of rod and steel industries on Wednesday demanded that the government do not increase the power tariff for the sector to save them from losses. Bangladesh Auto Re-Rolling & Steel Mills Association, Bangladesh Steel Mill Owners Association and Bangladesh Re-rolling Mills Association made the demand at a joint press conference at the Jatiya Press Club in the capital. They also urged the government to stop importing MS (mild steel) rods from abroad and providing them duty-free facilities. Bangladesh Auto Re-Rolling & Steel Mills Association (BARSMA) General Secretary M Shahiullah read out a written statement at the press conference. Shahiullah said the steel industry faces a serious crisis due to the electricity problems. Electricity cost is the highest in steel rod production after the raw materials.

Source: http://thefinancialexpress.com.bd/trade/steel-millers-oppose-bid-to-hike-power-tariff-1508952472

Akij to remit $20m to buy Malaysian firms

Akij Jute Mills is all set to become the seventh Bangladeshi company to invest abroad after the government yesterday gave it the green light to remit $20 million to buy a Malaysian company along with its subsidiary for $80 million. The approval came at a meeting of the cabinet committee on economic affairs chaired by Finance Minister AMA Muhith, capping off a year-long suspense for Akij Jute Mills, a concern of Akij Group. “This is a milestone for Bangladeshi enterprises,” Sheikh Bashir Uddin, managing director of Akij Group, told The Daily Star over telephone. Akij will acquire Robin Resources and its subsidiary Robina Flooring — both of which manufacture reconstituted wood products and export to about 60 countries, generating $8-9 million in profit a year, according to the investment proposal. It will remit the $20 million from its export retention quota (ERQ). As of June 22, the company has more than $25 million of foreign currency under its ERQ.

Source: http://www.thedailystar.net/business/akij-remit-20m-buy-malaysian-firms-1481833
http://www.newagebd.net/article/26944/akij-gets-govts-nod-to-invest-20m-in-malaysia

Govt to import another 2.5 lakh tonnes of rice

The government is set to import 2.5 lakh tonnes of parboiled rice under a state-to-state arrangement and competitive bidding as part of its aggressive push to boost stocks. The cabinet committee on purchase yesterday approved the proposal for import of 1.5 lakh tonnes of rice for $465 per tonne from Thailand through government arrangement. The committee also approved another proposal for importing 1 lakh tonnes of rice through open tender for Tk 43,440 to Tk 44,330 per tonne. The rice will be delivered in 38 lots to 38 government silos across the country. When converted to dollar, the per tonne price of rice, including freight to silo, would come to $523 to $534. As per food ministry calculation, one dollar equals Tk 83. In recent months, the government has moved to import rice through competitive bidding, which tends to be lower than the price obtained under government-to-government arrangements.

Source: http://www.thedailystar.net/business/govt-import-another-25-lakh-tonnes-rice-1481824

E-procurement begins a new phase

The World Bank has renewed its partnership with Bangladesh on establishing transparency and accountability in public purchases and improving the overall government procurement management in the country. The Washington-based lender is providing $55 million for the $60 million Digitising Implementation Monitoring and Public Procurement Project. Under the project, the government plans to go for paperless tendering by this year, said a senior official of the Central Procurement Technical Unit (CPTU) of the Implementation Monitoring and Evaluation Division. Finance Minister AMA Muhith inaugurated the five-year project at a ceremony at the Radisson Blu Water Garden in Dhaka yesterday in presence of AHM Mustafa Kamal, planning minister, MA Mannan, state minister for finance and planning, and Qimiao Fan, country director of the WB Bangladesh. In Bangladesh, annual expenditure on public procurement amounted to over $7 billion in recent years, representing 70 percent of the annual development programme.

Source: http://www.thedailystar.net/business/e-procurement-begins-new-phase-1481830

BTRC formulating integrated service quality regulation

Bangladesh Telecommunication Regulatory Commission has formed a committee to formulate an integrated regulation on service quality for all kinds of telecom service providers to ensure better satisfaction of end users. Currently there are about 500 service providers such as mobile phone, internet service, Wi-Max and landphone operators who are directly connecting a telecom service to users. The telecom regulator says there are over 14 crore registered connections availing the services. The BTRC earlier formulated a service quality guideline for mobile operators, who are yet to accept it. The new regulation will concentrate on every service, meaning there will be specific quality requirements, said a top official, who is also a member of the committee. The Quality of Service Regulations of BTRC 2017 will also contain provisions for punitive measures.

Source: http://www.thedailystar.net/business/telecom/btrc-formulating-integrated-service-quality-regulation-1481815

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