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 31, 2023

20% tax planned on interests on foreign loans

Foreign loans will be costlier further as the government is likely to impose a 20% tax on the interest against loans from external sources, according to finance ministry officials. Such a move, if implemented in the upcoming FY2023-24, will increase the burden on businesses at a time when they are in a tight corner because of high production costs and a decline in demand, analysts and businessmen fear. The upcoming budget plans to withdraw the existing facility of tax-free interest payment of foreign borrowings and make mandatory the deduction of tax at source (TDS) at 20% on the inter-company loan interest. On the other hand, the draft income tax law 2023, which will be placed in parliament on 4 June, plans to impose a tax on other incomes, which will not be set off against core business losses. Finance ministry officials say the government plans to bring these changes to comply with the IMF prescriptions to improve the tax-GDP ratio. The ministry officials further said under Section 56 of the draft income tax law, 20% tax will be deducted on all types of interests at source during payment. According to Bangladesh Bank data, the country’s gross external debt was $96.24billion until December 2022. Out of that, private sector’s loans were $24.3 billion, of which, short term trade credit was over $11.15 billion.

Source: https://www.tbsnews.net/economy/budget/20-tax-planned-interests-foreign-loans-641086

Asian Paints launches ‘Colour Next-2023’

Asia’s second largest paint manufacturer Asian Paints has revealed the ‘Colour of the Year’ for 2023 in Bangladesh through a comprehensive forecast report and launched ‘Colour Next-2023’ at an event, says a press release. The Colour Next is a colour & materials intelligence forecasting process where Asian Paints works with architects, interior designers, artists, sociologists, and other prominent cultural commentators from across the subcontinent who help Asian Paints identify the changing cultural and social landscapes within the subcontinent and thus identify contemporary trends. Asian Paints singularly stands for ‘making living spaces beautiful’ for our customers. We are committed to constantly redefining our trends with world-class solutions and inspiring our consumers to realise their dreams. The Colour Next-2023 Materials and Intelligence Report shows the process where you can understand the trends emerging in the current social and cultural space. With Colour Next-2023, we strive to address the ongoing changes in colour selection and present a positive, trendy, and vibrant colour palette to our customers.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/asian-paints-launches-colour-next-2023-1685468894

Saiful Islam new DMD of Shahjalal Islami Bank

Prominent Banker M M Saiful Islam joined Shahjalal Islami Bank Limited as deputy managing director (DMD) on Monday. Prior to joining Shahjalal Islami Bank, he served Al-Arafah Islami Bank Limited as senior executive vice president and head of corporate investment, said a statement. Mr Islam obtained an MBA degree from the Institute of Business Administration (IBA) at Dhaka University. Later, he also obtained Post Graduation in Certified Financial Planning (CFP) with honours from Centennial College, Toronto, Canada. He started his career in 1998 by joining Islami Bank Bangladesh Limited as a senior officer. In his banking career spanning over 25 years, Mr Islam held key positions in different financial institutions, including Bank Asia.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/saiful-islam-new-dmd-of-shahjalal-islami-bank-1685468806

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 33,042.78
↓ 50.56↓ 0.15 %
FTSE100$ 7,522.07↓ 105.13↓ 1.38 %
Nikkei 225$ 30,934.81↓ 393.35↓ 1.26 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 69.25↓ 0.21↓ 0.30 %
Crude Oil (Brent)$ 73.35 ↓ 0.19↓ 0.26 %
Gold Spot$ 1,959.22↓ 0.11↓ 0.01 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 107.1300
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