Excise duty exemption likely on offshore banking deposits

Depositors, who park funds in offshore banking units of banks, may enjoy exemption from excise duty payment on their foreign currency deposits in the coming fiscal year of 2024-25. The government plans to offer the benefit as banks are working to lure foreign currency holders, particularly non-resident Bangladeshis, to make deposits in their offshore banking units. The development comes after Bangladesh Bank relaxed the rules and allowed banks to receive funds from the OBUs amounting to up to 40 percent of their regulatory capital to settle payment obligations. Bankers said depositors can enjoy tax free profits of up to 8.40 percent on fixed deposits in US dollars or euros for terms ranging from three months to five years. Savers can also transfer funds internationally without any restriction along with profit. For the next fiscal year, the National Board of Revenue may increase the excise duty in case a bank account’s credit or debit balance crosses Tk. 50 lakh at any time during the year.

Source: https://www.thedailystar.net/business/economy/news/excise-duty-exemption-likely-offshore-banking-deposits-3626821

The Impact of Green Finance in Bangladesh Charting a Greener Future

Bangladesh has been profoundly affected by global human-induced climate change, despite its minimal contribution to the problem. The consequences are stark, with the country experiencing frequent cyclones, tornadoes, floods, coastal and riverbank erosion, droughts, landslides, heat waves, and prolonged summer seasons. According to the Global Climate Risk Index 2021, Bangladesh is ranked as the seventh most disaster-prone country in the world, underscoring its extreme vulnerability to both natural disasters and climate change. According to the central bank’s latest report, the total amount of green finance disbursed during FY23 was BDT 126.41 billion by banks and BDT 23.58 billion by NBFIs. Green finance accounted for 5.84 percent of the total term loan disbursements. The green banking policy has encouraged banks to establish online branches and power them with solar energy. By the end of FY23, there were 720 branches powered by solar energy. Moreover, the sustainability rating methodology for banks and NBFIs, circulated on December 31, 2021, includes green refinance as one of its five components.

Source: https://www.thedailystar.net/supplements/world-environment-day-2024/news/the-impact-green-finance-bangladesh-charting-greener-future-3626916

Special economic zone gets 8 investors, Singer Bangladesh in production

Bangladesh Special Economic Zone (BSEZ) has attracted eight investors, with Singer Bangladesh Ltd already in trial production, said the zone’s Managing Director Taro Kawachi. Kawachi made the remarks at a signing ceremony for a memorandum of understanding between the Bangladesh Economic Zone Authority (Beza), BSEZ, Sumitomo Corporation, and BRAC, at Beza headquarters in Dhaka. Singer Bangladesh Ltd will invest $78 in a joint venture with Turkish company Arçelik. Singer Bangladesh Ltd has been allocated 33.4 acres of land, Rudolf GmbH (Germany) 5 acres, Lion Corporation (Japan) 8.4 acres, Onoda (Japan) 5 acres, and NICCA Chemical Co Ltd (Japan) 3.2 acres.

Source: https://www.tbsnews.net/economy/special-economic-zone-gets-8-investors-singer-bangladesh-production-868761

Chattogram port: Import, export container handling increased in May

Container handling of export and import goods increased at Chattogram Port in May compared to the previous month. Container handling rose by 24.46% for exports and 10.10% for imports in May, according to the Chattogram Port Authority (CPA). Additionally, when compared to May last year, container handling this year saw a 22% increase in exports and a 10.36% increase in imports. According to CPA data, Chattogram Port handled 64,523 TEUs (twenty-foot equivalent units) of export containers and 130,000 TEUs of import containers in May 2024. In April 2024, the figures were 48,737 TEUs for exports and around 117,000 TEUs for imports.

Source: https://www.tbsnews.net/economy/ctg-port-import-export-container-handling-increased-may-868526

Mr. Tanjil Chowdhury re-elected chairman of Prime Bank

The board of directors of Prime Bank has unanimously re-elected Tanjil Chowdhury as chairman for the third consecutive term (2024-26). He first assumed the office of the chairman of the board in 2020. During his two tenures, the bank received multiple accolades for being the best digital bank, innovative products & services, environment & social governance, gender diversity, sustainability, and leadership from reputed international awarding authorities & institutions. Mr. Chowdhury is the managing director of East Coast Group (ECG), a diversified conglomerate with more than 45 years of experience in energy & downstream hydrocarbons, and an advisor to British International Investment (BII), UK’s development financial institution established in 1948.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/tanjil-chowdhury-re-elected-chairman-of-prime-bank-1717526283