One-fourth of taxpayers filed returns so far
Just one-fourth of more than 50 lakh registered taxpayers in the country filed their annual income tax returns by the end of last week. But the National Board of Revenue said that it would not extend the deadline for submission beyond November 30. This means that taxpayers who fail to file their return by the end today will have to submit their returns by seeking time from the field offices of taxes.The NBR said that the number of tax returns filed increased 5 per cent year-on-year to 13.20 lakh as of November 26, up from 12.57 lakh a year ago.Income tax is the second biggest source of revenue collected by the NBR, and companies account for more than 60 per cent of the direct tax collected. Last year, nearly 22 lakh taxpayers filed returns as the submission was not mandatory. This year, taxmen expect to receive a higher number of returns because of changes in the law brought while passing the national budget for fiscal 2020-21. The tax department aims to log Tk 105,475 crore during the current fiscal year. The collection target is 32 per cent of the total goal of Tk 330,000 crore. As of October, taxmen had achieved nearly one-fifth of that yearly target, NBR data shows.
IFC invests $25m in Bank Asia
In an effort to provide liquidity to businesses affected by the COVID-19 pandemic in Bangladesh and help preserve jobs, IFC, a member of the World Bank Group, is making a fresh investment in the Bank Asia Limited. IFC’s $25 million loan to Bank Asia Limited will provide critical working capital to help small and medium enterprises (SMEs) and corporate clients to continue their operations. SMEs comprise over 90 per cent of businesses in Bangladesh and employ over 20 per cent of the adult population. The financing package is part of IFC’s $8 billion global COVID-19 fast-track financing facility, aimed at helping companies stay afloat during the ongoing public health crisis. This investment comes under the Working Capital Solutions (WCS) program of the COVID-19 response envelope, which provides $2 billion globally to emerging-market banks, enabling them to support struggling firms.The International Development Association’s Private Sector Window (IDA PSW) Blended Finance Facility is also supporting IFC’s WCS program with a first-loss guarantee of up to $215 million in eligible countries, including Bangladesh.
Airbus signs MoU with BSMRAAU
Airbus signed a Memorandum of Understanding (MoU) with Bangladesh’s Bangabandhu Sheikh Mujibur Rahman Aviation and Aerospace University (BSMRAAU) on Sunday to provide its students world class pilot training and maintenance engineering skills. The MoU underlines Airbus’ strong commitment towards supporting the expansion of Bangladesh’s aviation infrastructure, which can be a key accelerator of the country’s already impressive economic growth.
MTB signs deal with QFL
Mutual Trust Bank Limited (MTB) has recently signed an agreement with Quality Feeds Limited (QFL) at a simple ceremony held at the bank’s Corporate Head Office in the city. Under this agreement, MTB will offer collateral-free Agriculture & SME loan facilities for the dealers of QFL.
NCC Bank Ltd opened Sonargaon Sub-branch
NCC Bank Ltd opened its Sonargaon Sub-branch at Narayanganj on Sunday. Vice Chairman of the bank Md. Abul Bashar formally inaugurated the sub-branch as the chief guest through a digital platform. Managing Director & CEO (C.C.) of the bank KhondokerNayeemulKabir presided over the ceremony.