Tax revenue up as economy rebounds
Tax-revenue collection in Bangladesh marks an upturn amid economic rebound, both globally and locally, following reopening from corona lockdowns. Transitional period in economy after the anti-Covid lockdowns has helped the tax authority hammer in a 14.55-per cent growth in the first two months of the current fiscal year (FY), provisional data with the National Board of Revenue (NBR) show. The revenue growth was negative 1.50 per cent in the same period last fiscal year-the period when the mortal global pandemic had upended normal order of life and business. However, the NBR counted a shortfall against its target worth Tk 52.12 billion for the past July-August period. The taxmen collected Tk 345.48 billion in tax revenue in the first two months against its target for Tk 397.59 billion. Collection of import and export duties registered the highest growth at 15.72 per cent while VAT collection from domestic sources grew 14.21 per cent. Income-tax wing of the revenue board registered 13.66-per cent growth in this period. The NBR collected Tk 2.61 trillion in tax revenue in FY 2020-21against the revised target of Tk 3.01 trillion. The tax growth was twofold in FY ’21 against its average growth of 10 per cent during the last five fiscal years. In FY 2019-20, the NBR had collected Tk 2.18 trillion, registering a negative growth. For the current FY, the government has set Tk 3.30-trillion target for the NBR.According to Bangladesh Bank (BB) data, the settlement of letters of credit (LC) grew by 30.62 per cent to $5.17 billion in August 2021 from $3.96 billion in the month of July. The opening of LCs, generally known as import orders, also increased above 48 per cent to $6.29 billion in August from $4.25 billion a month before.
BD sees single-month record export growth on RMG pickup
Bangladesh saw single-month exports grow a record 38 per cent, year on year, last September with overall US$4.16-billion income as apparel shipments rebound through pandemic recession. Sources in business circles said as readymade garment (RMG) industry kept its wheels rolling, under special arrangements, even amid the coronavirus onslaught, the clothing exporters were happy to make substantial shipments with supply chains restored and a demand surge in the reopening western world. The country had received $3.01 billion in total from merchandise shipments this very month (September) last year, according to data released Monday by the Export Promotion Bureau (EPB). This past September earnings also overshot the target set for the month by 39.17 per cent. September RMG exports fetched $3.41 billion, registering a 41.66-per cent growth over the receipts this month in 2020. Besides, the country’s overall merchandise exports during the first three months of the current fiscal year 2021-22 also marked a growth of 11.37 per cent to $11.02 billion. The July-September earning in 2020-21 fiscal year-which fell into full flash of the pandemic-was US$9.89 billion. The overall export earnings also surpassed the set target by 5.65 per cent, according to EPB data.
ADB extends $1.78b for Dhaka-Sylhet corridor
The Asian Development Bank is providing $1.78 billion in loans to Bangladesh under the multi-tranche financing facilities, making it the highest proposed financing from the Manila-based lender against any single project.Under this FFA, a loan of $400 million for tranche-1 was approved on September 8 this year, according to the statement. The main objective of the project is to improve the sub-regional transport and trade through upgrading the 209.33 kilometres of corridor to a four-lane standard with the feature of the slow-moving vehicular traffic lane.The project will also improve the institutional capacity of the roads and highways department and the efficiency, connectivity and safety of the Dhaka-Sylhet international corridor.ADB’s total loan to Bangladesh till now is more than $26.61 billion and the total grant is about $1.053 billion.
New DMD & CBO of Standard Bank
Mr. M Latif Hasan has joined Standard Bank Limited as Deputy Managing Director & Chief Business Officer recently, said a statement. Prior to joining Standard Bank, he was the Head of Credit Risk Management at Eastern Bank Ltd. Throughout his career of nearly 27 years, Mr. Hasan has worked for Citibank NA Bangladesh, Prime Bank and Eastern Bank and successfully carried out various significant roles such as Chief Financial Officer, Head of Business, Head of Export Finance and Head of Credit Risk Management.