TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Daily Business News Flash May 22, 2023

UK-Bangladesh trade hits record £4.7b in 2022

In a significant milestone in bilateral trade, the United Kingdom (UK) and Bangladesh witnessed a remarkable surge in trade volume, with the total trade reaching a record £4.7 billion ($5.83bn) in 2022. The UK’s Department for Business and Trade released these figures on Thursday, revealing a substantial increase of 50.4% compared to the previous year. The trade balance heavily favoured Bangladesh, largely attributed to its thriving readymade garments (RMG) sector, which accounted for the lion’s share of the trade. The UK’s total imports from Bangladesh surged by 54.0% to £3.8 billion in 2022. At the same time, UK exports to Bangladesh increased by 36.7% to reach £897 million during the same period. Bangladesh’s growing prominence in the UK’s trade landscape is evident, with the nation becoming the UK’s 50th largest trading partner in 2022. Accounting for 0.3% of total UK trade, which signifies the mutual benefits derived from their robust economic ties.

Source: https://www.tbsnews.net/economy/uk-bangladesh-trade-hits-record-ps47b-2022-634810

Tax return filing any time, but with penalty

A taxpayer will be able to file their returns at any time, even after deadlines, by paying a penalty for the delay and interest on the payable amount, as the revenue authorities aim to reduce harassment of taxpayers, according to officials familiar with the initiative. In such cases, taxpayers will not be required to seek a time extension. Sources at the National Board of Revenue (NBR) said it may bring such a change to the tax collection system in the upcoming national budget. In this case, there may be some changes in the penalty and interest rates.

Source: https://www.tbsnews.net/nbr/tax-return-filing-any-time-penalty-635350

End of zero tax!

The government is considering a minimum Tk2,000 tax on individuals who will file tax returns even if they do not have taxable income. But, analysts argue that such a move would burden low-income people and contradict the concept of tax-free income thresholds. According to finance ministry officials involved in the process, the budget proposals for the fiscal year 2023-24 are expected to incorporate the new rule regarding the minimum tax and the provision for deregistering from TIN in the event of death or no income. Officials said there is a possibility that the minimum tax could be gradually imposed on all TIN holders. Currently, there are around 86 lakh individual TIN holders, but only 32 lakh of them submit tax returns, indicating that they declare their income, expenses, and pay taxes accordingly. Among the individuals who submit tax returns, approximately eight lakh do not have taxable income. If these eight lakh individuals are made to pay the minimum tax of Tk2,000, the government will generate an additional revenue of Tk160 crore.

Source: https://www.tbsnews.net/nbr/end-zero-tax-635786

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 33,426.63
↓ 109.28↓ 0.33 %
FTSE100$ 7,756.87↑ 14.57↑ 0.19 %
Nikkei 225$ 30,925.20↑ 116.85↑ 0.38 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 70.94↓ 0.61↓ 0.85 %
Crude Oil (Brent)$ 75.02↓ 0.56↓ 0.74 %
Gold Spot$ 1,978.23↑ 0.42↑ 0.02 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 107.1000
BDT 108.5000

*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<

* Exchange Rates are taken from BB website, as on latest update.<




Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited