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 28, 2023

Govt to double gain tax on land, flat registration

The government plans a two-fold hike in the rates of gain tax on land and flat registration, and penalties for late submission of income tax returns in the upcoming fiscal 2023-24. Under the new measures, the gain tax on land and flat registration will be raised to 8% from 4% in the Rajdhani Unnayan Kartripakkha (Rajuk) and Chattogram Development Authority (CDA) areas, according to officials of the finance ministry. In other areas, the rate will be increased to 6% from 3%, they added. Additionally, the maximum limit for the gain tax will be raised to Tk20 lakh per katha or 10% of the deed value, whichever is higher, up from the current Tk10.80 lakh and 4%, respectively. The penalty for late submission of income tax returns will also be doubled to 4% of the payable tax, and these changes will be incorporated into the new income tax law, expected to be passed in parliament during the upcoming budget session. Currently, the registration costs for land include a 1% registration fee, 1.5% stamp duty, 2% local government tax, and 4% or 3% gain tax.

Source: https://www.tbsnews.net/economy/budget/govt-double-gain-tax-land-flat-registration-638738

Govt to avoid being guarantor of loans to reduce risk

The government plans a significant reduction in loan guarantees for state-owned enterprises in a bid to boost the capacity of the institutions and reduce external debt burden. Finance ministry sources have revealed that under the new measures, the government will cease to guarantee loans for government institutions or projects except for those deemed genuinely important in the public interest e.g. the TCB’s open market sale of essentials at subsidised rates and import of fertilisers. This strategic move is expected to enhance the efficiency in managing government enterprises, particularly ones that have been running at a loss for long and have become overly reliant on government assistance. According to information revealed in the budget for the current fiscal 2022-23, the government had extended guarantees of Tk92,602 crore against loans taken by various state institutions until 30 June 2022, which was Tk57,000 three years ago.  Officials from the Finance Division anticipate that the guarantee amount will reach around Tk98,000 crore by the end of the current financial year. This indicates a net increase of approximately Tk6,000 crore in guarantees during the ongoing fiscal year.

 Source: https://www.tbsnews.net/economy/govt-avoid-being-guarantor-loans-reduce-risk-639162

Ford, Tesla shares jump over 7 per cent on Superchargers deal

Ford Motor Co shares jumped by more than 7 per cent on Friday after the No. 2 US automaker announced a deal allowing its electric-vehicle owners to access rival Tesla Inc’s charging stations in North America, reports Reuters. Tesla’s Superchargers could become the standard for EV charging in the United States, Ford CEO Jim Farley told CNBC, but added: “With adapters and software, we really don’t have to make a choice right now what the standard is, but I think it’s going to play out in the free market.” Ford shares were up 7.6 per cent at $12.25 in afternoon trade, while Tesla shares rose 7.5 per cent to $197.95. US Transportation Secretary Pete Buttigieg praised the Ford-Tesla deal, but told CNBC that the Biden administration would not dictate an EV charging standard. For them to be part of this effort I think is terrific news. Access to charging stations is considered one of the main hurdles so far to broader acceptance of electric vehicles. Farley added that General Motors Co and other automakers are going to “have a big choice to make” in selecting between Tesla’s EV chargers and the Combined Charging System (CCS).

Source: https://today.thefinancialexpress.com.bd/stock-corporate/ford-tesla-shares-jump-over-7-per-cent-on-superchargers-deal-1685201381

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 33,093.34
↑ 328.69↑ 1.00 %
FTSE100$ 7,627.20↑ 56.33↑ 0.74 %
Nikkei 225$ 30,916.31↑ 115.18↑ 0.37 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 72.67↑ 0.84↑ 1.17 %
Crude Oil (Brent)$ 76.95↑ 0.69↑ 0.90 %
Gold Spot$ 1,946.46↑ 5.05↑ 0.26 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 107.1055
BDT 108.6300

*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