Tax-free forex earning for flag vessels on cards

The government has decided to give tax exemption on foreign currency income by Bangladeshi flagged oceangoing ships from the upcoming fiscal year in a bid to earn $3 billion to $4 billion a year, according to finance ministry officials. Currently, these local ships have to pay 10% tax on their incomes. Ministry officials said the facility will continue till 2030 if the vessels’ foreign exchange income is brought into the country through banking channels. According to the Mercantile Marine Department, Bangladesh currently has a fleet of 81 ocean-going vessels, with KSRM Group alone owning 23 oceangoing bulk carriers. Besides, Meghna Group of Industries owns 16 vessels, Akij Group has 10, the state-run Bangladesh Shipping Corporations owns 8, Karnaphuli Group owns 6, and Bashundhara Group and BSA Group each own 5 vessels. The sector has an investment of $2 billion, according to sources. Bangladeshi businesses have to spend over $9 billion as freight charges for export and import, but local oceangoing vessels can tap into only 10-15% of it, which is less than $1 billion.

Source: https://www.tbsnews.net/economy/budget/tax-free-forex-earning-flag-vessels-cards-430778

Dhaka stocks rise slightly

Dhaka stocks rose slightly on Tuesday, extending the gaining streak to the fourth session as a section of investors went for buying shares while many others remained concerned about the macroeconomic situation. DSEX, the key index of the Dhaka Stock Exchange, increased by 0.06 per cent, or 4.19 points, to close at 6,392.85 points on Tuesday. The DSEX gained 204 points in the past four sessions. Out of the 376 issues traded on Tuesday, 137 advanced, 196 declined and 43 remained unchanged on the DSE. The Bangladesh Securities and Exchange Commission on May 25 issued a directive, lowering the price fall limit to 2 per cent from 5 per cent on all listed companies while keeping the upper limit open at 10 per cent. The turnover on the DSE dropped to Tk 637.87 crore on Tuesday compared with that of Tk 836.4 crore in the previous session. The DSE Shariah index also added 1.74 points to close at 1,403.53 points, but, the DS30 index shed 0.02 points to finish at 2,350.25 points.

Source: https://www.newagebd.net/article/172049/dhaka-stocks-rise-slightly

Mr. Monzurur Rahman re-elected chairman of Pubali Bank

Mr. Monzurur Rahman has been re-elected as Chairman of the Board of Directors of Pubali Bank Limited. He was re-elected at the 1338th Board Meeting of the bank. Mr. Monzurur Rahman is the Chairman of Rema Tea Company Ltd. He has long 53 years experience in banking, insurance and tea business. He was an Independent Director of Lafarge Holcim Bangladesh Ltd.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/monzurur-rahman-re-elected-chairman-of-pubali-bank-1654020966