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