Tax collection more than doubles in April
evenue collection surged 116 per cent year-on-year to Tk 19,326 crore in April, the highest monthly growth in the current fiscal year, which has seen lower tax receipts because of the economic slowdown. Receipts rose 13 per cent year-on-year to Tk 197,583 crore in the July-April period, buoyed by increased imports and higher collection from domestic sources ahead of Eid-ul-Fitr, the biggest sales season in the country, provisional data from the National Board of Revenue (NBR) showed.Despite the stellar performance in April, the tax administration is unlikely to achieve its revised collection target of Tk 301,000 crore in 2020-21: the NBR will have to generate Tk 103,416 crore in the final two months of the fiscal year ending in June.The NBR raised Tk 61,132 crore from import tariff from July to April, up 20 per cent year-on-year. Imports increased 6 per cent to $46.23 billion in July-March period from a year ago, according to the Bangladesh Bank. The collection from the value-added tax, the biggest source of revenue for the NBR, grew 11 per cent to Tk 76,781 crore in the 10-month period. Tax officials logged an 8 per cent higher growth in income tax to take the collection to Tk 59,670 crore.
Higher profits give a fillip to cement stocks
Thanks to a hike in cement prices, all the cement manufacturers witnessed higher profits in the January-March quarter of the current year. This higher profit booking ultimately boosted the stocks of cement companies.However, the DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 17 points, or 0.29 per cent, to 5,990 yesterday. Among all sectors, cement rose the highest with a 6.26 per cent jump. Mutual funds dropped the most, falling 1.84 per cent. In its disclosure yesterday, Confidence Cement announced that its earnings per share had almost tripled to Tk 7.80 in the January-March period of the current fiscal year. After the news broke, Confidence Cement topped the gainers’ list, rising 9.97 per cent atz the DSE, followed by Dutch-Bangla Bank, MI Cement, Rahima Food Corporation, and Premier Cement.Stocks of Beximco Ltd traded the most with Tk 125 crore followed by Confidence Cement, LafargeHolcim Bangladesh, Dutch-Bangla Bank and IFAD Autos. Turnover, another important indicator of the market, fell 19.21 per cent to Tk 1,736 crore. Banking stocks dominated the turnover chart, covering 19.11 per cent of the total. At the DSE, 102 stocks advanced, 203 fell and 54 remained unchanged. Union Capital shed the most, losing 12.65 per cent, followed by First Finance, Pragati Life Insurance, Rupali Life Insurance and Sunlife Insurance. The Chittagong Stock Exchange (CSE) also fell as the CASPI, the general index of the port city bourse, dropped 19 points, or 0.11 per cent, to 17,359.
BRAC Bank launches ‘Prothom Account’
BRAC Bank has launched ‘Prothom Account’ to cater to the banking needs of the aspiring new entrepreneurs across Bangladesh. ‘Prothom Account’ is basically a personal current account for SME entrepreneurs following Bangladesh Bank’s circular last year, said a statement. The account can be opened by any CMSME-sized business owners with a lowered opening balance and minimum document requirement.Women entrepreneurs would be provided additional benefits of TARA, a dedicated banking platform for women.No trade license will be required for opening ‘Prothom’ Account. An account can be opened with only BDT 500 opening balance and the interest will be calculated on the daily balance which would be credited half-yearly. Also, the account holders would also be provided with a debit card with no issuance fees.
Summit power plant to use GE’s HA gas turbine
In line with Summit’s commitment to continue transforming the power sector in Bangladesh by adopting advanced technology solutions, the company has successfully brought GE 9HA.01 heavy-duty gas turbine to its upcoming Summit Meghnaghat-II power plant located in Meghnaghat, near Dhaka. Meeting the project timeline, the gas turbine has been successfully placed on the foundation at the site of the power plant, which is expected to be commissioned in 2022, generating the equivalent electricity needed to supply up to 700,000 homes in Bangladesh.GE’s H-class is also the fastest growing fleet of gas turbines in the world in its class. Manufactured in Belfort, France, the GE 9HA.01 gas turbine can deliver up to 63.7 per cent record-setting net combined-cycle efficiency in the 50 Hz segment and offers lowest total cost of ownership in the industry, driven by most cost-effective conversion of fuel to electricity and industry-leading flexibility.