BB bats for sukuk investors
The central bank has proposed the National Board of Revenue (NBR) to consider the profits earned by individual investors from their investment in the Islamic bond as tax-free income. The banking regulator has also suggested the NBR withdraw the 5 per cent source tax on the investment in the Shariah-compliant bond, known as sukuk. The Bangladesh Bank wrote a letter to the NBR on March 4, requesting it to take measures so that clients get inspired to purchase Sukuk certificates in the secondary bond market.The Bangladesh Bank issued a sukuk on December 28, the first of its kind in Bangladesh, to raise Tk 8,000 crore for the implementation of a nationwide safe water supply project.The government initially raised 50 per cent of the targeted amount, and the rest Tk 4,000 crore will be mobilised in May.Investors will enjoy a profit of 4.69 per cent on their investment in the Islamic bond. The sukuk will mature in five years, and the government looks to implement the safe water supply project by June 30, 2025.The central bank has urged the NBR to treat Sukuk like three other bonds the government has introduced for expatriate Bangladeshis. The Bangladeshis investing in the US Dollar Premium Bond, the US Dollar Investment Bond, and the Wage Earners Development Bond do not face any tax.
Dhaka Bank signed an agreement recently for providing cash management services to Progressive Life Insurance Company
Dhaka Bank signed an agreement recently for providing cash management services to Progressive Life Insurance Company Limited. Akhlaqur Rahman, SEVP & Head of Corporate Banking Division, Dhaka Bank Ltd, and Ajit Chandra Aich, CEO of Progressive Life Insurance Company Limited, signed and exchanged the documents of agreement.
Take steps to lower LC margin, cut import duty
The home ministry has requested the commerce ministry to take effective measures ahead of the upcoming Ramadan so as to keep the prices of essential items stable during the holy month. To this end, it has suggested that the commerce ministry give necessary instructions to the regulator concerned to lower the margins on opening letters of credit (LCs) and cut import duty, aiming to help importers of the essential commodities. It recommended strengthening the activities of the Trading Corporation of Bangladesh (TCB) and importing essential items with providing government subsidy and incentive, if needed, to maintain price stability in the market.Trading Corporation of Bangladesh (TCB), a state-owned agency, will launch open market sale (OMS) of key essential items from April 01 next to keep prices within the buying capacity of the common people ahead of upcoming Eid-ul-Fitr. TCB would sell essential commodities in different parts of the country, using over 500 trucks in Dhaka, Chattogram and other divisional cities and each district town.
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