VAT benefit for mobile makers in economic zones, hi-tech parks
Mobile phone manufacturing or assembly plants in hi-tech parks and economic zones will get VAT benefits, according to a recent notification from the National Board of Revenue (NBR). The companies have to obtain registration as manufacturers from the Bangladesh Hi-Tech Park Authority (BHTPA) and Bangladesh Economic Zones Authority in order to avail the value-added tax benefits. To get full VAT exemption, manufacturers have to attain the capacity of manufacturing printed circuit boards, chargers, batteries, housings and casings of mobile sets. Local handset production has made impressive strides in recent years, aided by the government’s huge tax benefits unveiled in fiscal 2017-18. Since then, 14 plants have been set up while another four are in the pipeline, creating jobs for around 15,000 people. Recently, two companies started manufacturing Nokia and Maximus-branded mobile phones at the Bangabandhu Hi-Tech City in Gazipur.
Ceramics sector sees highest price appreciation
The ceramics sector saw the highest price appreciation during the last week’s trading at Dhaka Stock Exchange (DSE). Following the price appreciation, the sector witnessed 15.10 per cent capital gain in five sessions of the last week. On the other hand, the Paper & Printing sector saw the second highest price appreciation and the sector saw 7.0 per cent gain in the last week. According to market insiders, lower number of listed companies under Ceramics and Paper & Printing sectors attracted the investors to buy the shares of these two sectors. There are only 5 companies under Ceramics and 6 companies under Paper & Printing sectors. Of the companies of both the sectors, RAK Ceramics (Bangladesh) and Bashundhara Paper Mills were in the chart of weekly top 10 gainers of Dhaka Stock Exchange (DSE). The share price of RAK Ceramics (Bangladesh) closed at Tk 55.70 each on Thursday. The company’s share price rose 23.50 per cent or Tk 10.6 from the closing price of the previous week. At the end of the last week, the share price of Paper processing & Packaging declined to Tk 216.60 each from the price of the previous week settled at Tk 229.70 each.
More leeway for private Inland Container Depots
The National Board of Revenue (NBR) has formulated the country’s first-ever comprehensive policy for private inland container depots (ICDs) in order to facilitate their operations and expand Bangladesh’s foreign trade. Owners of the private ICDs hailed the move, calling the policy comprehensive as it will help the sector get rid of the inconsistencies created by existing guidelines. The Private Inland Container Depot (ICD) and Container Freight Station (CFS) Policy-2021, which was published by the NBR last week, has set clear guidelines on establishing private ICDs. At present, there are 19 private ICDs in Bangladesh, located in and around the port city. More than 90 per cent of the total export-oriented goods are stuffed onto containers at the ICDs before they are shipped through Chattogram port. In 2021, 19 ICDs handled 7.09 lakh TEUs (twenty-foot equivalent units) of export containers, 3.03 lakh TEUs of import containers, and around 13 lakh TEUs of empty containers, according to the Bangladesh Inland Container Depots Association (BICDA). The NBR adopted the policy to resolve the problems faced by the ICD operators due to the inconsistencies in the two separate guidelines, issued by the NBR in 1998 and by the shipping ministry in 2016.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 201.81||↓ 0.56 %|
|FTSE100||$ 7,542.95||↓ 20.90||↓ 0.28 %|
|Nikkei 225||$ 28,124.28||↓ 364.85||↓ 1.28 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 83.82 ||↑ 1.70||↑ 2.07 %|
|Crude Oil (Brent)||$ 86.06||↑ 1.59||↑ 1.88 %|
|Gold Spot||$ 1,817.94||↓ 4.60||↓ 0.25 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 86.00|
|GBP 1||BDT 117.8630|
|EUR 1||BDT 98.4356|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<