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.
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.
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.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 109.28||↓ 0.33 %|
|FTSE100||$ 7,756.87||↑ 14.57||↑ 0.19 %|
|Nikkei 225||$ 30,925.20||↑ 116.85||↑ 0.38 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage 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 *
|USD 1||BDT 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.<