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 November 21, 2021

Govt aims for major reforms to boost tax receipts

The government plans to merge development and revenue budgets, amend income tax laws and establish a procurement authority in the next three years as part of a set of reforms aimed at boosting revenue collection and ensuring transparency in expenditure. Revenue generation in Bangladesh is one of the lowest in the world because of tax avoidance, a long list of exemptions, lower taxpayer base, and weak enforcement, while public expenditures face leakages and are not efficient.  By July 1 next year, the National Board of the Revenue will implement online payment for income tax exceeding Tk 20 lakh and roll out a piloting of online return filing for the taxpayers with incomes exceeding Tk 70 lakh, according to the document related to the plans.Other steps include online payment of VAT amount surpassing Tk 1 crore with effect from January 1 next year, introducing an electronic contract management system of e-GP (electronic government procurement), and initiating and scaling up citizen monitoring of contract implementation by June 30, 2022.And by December 31 next year, it will integrate e-GP with iBAS++, an integrated budget management system.The Manila-based lender has already approved $250 million and the Asian Infrastructure Investment Bank sanctioned $250 million as budget support for the current fiscal year. The Export-Import Bank of Korea will lend $100 million and the OPEC Fund for International Development will provide $100 million.The tax-to-GDP ratio will also be increased to 8.8 per cent, up from 8.1 per cent. The capital expenditure to GDP ratio will be raised to 6.3 per cent, up from 5.6 per cent in FY20.The fiscal deficit is estimated at $23.9 billion for FY2022 and $26.5 billion for FY2023. The projected external borrowing is $8.8 billion in FY2022 and $11.7 billion in FY2023. At least 20,000 electronic fiscal devices will be installed and commissioned for automated VAT invoice generation by 2024.

Source: https://www.thedailystar.net/business/economy/news/govt-aims-major-reforms-boost-tax-receipts-2234931

Prime Bank subscribes Tk 2.0b in preference shares of UMPL

Prime Bank subscribed Tk 2.0 billion in the preference shares issued by United Mymensingh Power Limited (UMPL), one of the concerns of United Group. As part of the group’s initiative to explore alternative instruments to support its financing requirement, Prime Bank arranged and subscribed the preference shares.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/prime-bank-subscribes-tk-20b-in-preference-shares-of-umpl-1637419206

ICAB launches ‘Bangladesh Economia’

The Institute of Chartered Accountants of Bangladesh (ICAB) published a peer-reviewed journal titled ‘Bangladesh Economia’, a half-yearly journal based on research. The launching of ‘Bangladesh Economia’ was held on Saturday at Council Hall, CA Bhaban, Dhaka. Mohibul Hassan Chowdhoury, M.P, Deputy Minister, Ministry of Education, GoB, attended the ceremony as the Chief Guest and unveiled the 1st issue of the half-yearly journal of ICAB. Dr. Atiur Rahman, Former Governor, Bangladesh Bank and Dr. Khondaker Golam Moazzem, Research Director, Centre for Policy Dialogue (CPD) were also present as special Guests.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/icab-launches-bangladesh-economia-1637419409

RMG production cost up 5pc on diesel price hike

The latest diesel-price hike would raise the readymade garment items’ production cost by 5.0 per cent, thereby posing a headwind against the turnaround Bangladesh’s main export industry is making with western markets rebounding. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) made the observations Saturday and urged the government to reconsider the raise in the fuel price that casts multiple impacts on the industry and transportation.Though apparel-export-earning growth during recent months is good, he said, the industry has been passing through a challenging time. The RMG factories have yet to overcome the losses incurred during the invasive pandemic, he cited as an example of the downside. To add up to the cost of production and shipment processing, yarn price has gone up by 60 per cent in a year while container charges jumped 350 to 500 per cent, coupled with a 40-per cent rise in dyes and chemicals, 13-per cent electricity cost, and 7.5-per cent wage hike.

Source: https://today.thefinancialexpress.com.bd/first-page/rmg-production-cost-up-5pc-on-diesel-price-hike-1637427139

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 35,601.98
FTSE100$ 7,223.57↓32.39↓0.45%
Nikkei 225$ 29,745.87↑147.21↑0.50 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 75.94↓2.47↓3.15%
Crude Oil (Brent)$ 78.89↓2.35↓2.89%
Gold Spot$ 1,845.73↓13.21↓0.71%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 85.8000
GBP 1BDT 115.6927
EUR 1BDT 97.1256





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