Tk 3,000cr new low-cost fund for farmers

Bangladesh Bank yesterday unveiled a fresh Tk 3,000 crore refinance scheme to provide low-cost loans to farmers with a view to supporting farm production amid the coronavirus pandemic.The new fund comes after the tenure of the Tk 5,000 crore refinance scheme for the agriculture sector expired in June. The new refinance package will expire on June 30 next year, said the BB in a circular.

Farmers will get loans at a 4 per cent interest rate, and banks will access the fund at a 1 per cent interest. The tenure of loans is 18 months.Producers engaged in cultivating food and cash crops, vegetables, and tuber crops will get financing from the package. Besides, growers will receive loans to cultivate fruits and flowers, aquaculture, poultry and livestock.

 Banks will also be able to lend for agricultural, irrigation and seed production, the BB said.The lenders will have to ink a participation agreement with the central bank to access the fund and will have to disburse the loans through their own network.Banks can disburse the highest Tk 10 crore to a single borrower.The refinancing package brings some good news for small and marginal farmers. They will get up to Tk 2 lakh without any collateral, according to the notice.”Banks can also finance dairy farming and bull fattening at the household level against the personal guarantee.”

However, existing borrowers cannot adjust their previous loans with the funds from the new scheme. Defaulters are not eligible for loans from the package as well.Banks will give out at least 30 per cent of the targeted amount under the package to the crop sector.In April last year, the central bank rolled out a stimulus package amounting to Tk 5,000 crore after the coronavirus pandemic hit the country. More than 90 per cent of the fund was disbursed as of August.As the tenure of the fund expired in June, the central bank introduced the new scheme to help farmers.

Source: https://www.thedailystar.net/business/economy/banks/news/tk-3000cr-new-low-cost-fund-farmers-2176186

 Banking sector dominates highest taxpayers’ list

The manufacturing sector follows closely, with 10 companies making into the Large Taxpayers Unit’s list of 30 top organizations

Highlights

• 443 companies, 728 individuals listed by LTU
• LTU honours 30 cos as top taxpayers in FY21
  • 13 banks
  • 10 manufacturing companies
  • 3 service and other companies
  • 2 NBFIs
  • 2 insurance companies
• Banking sector pays the most taxes to NBR
• Grameenphone listed as the highest taxpayer
• 3 entities honored for top tax deduction at source

 The Large Taxpayers Unit (LTU) – under the National Board of Revenue – has honored 30 companies for paying the highest amount of taxes in Fiscal Year 2020-21. It also honored three other entities for deducting the highest amount of tax at source, including the central bank.

This list of highest taxpayers honored by the LTU clearly indicates that the banking sector is dominating, as 13 of these 30 companies are private banks. The manufacturing sector follows closely, with 10 companies making into the list.

Among the companies honored by the LTU, Islami Bank Bangladesh Ltd, Standard Chartered Bank Bangladesh, HSBC, Dutch-Bangla Bank, United Commercial Bank, National Bank, Eastern Bank, Al-ArafahIslami Bank, Export Import Bank of Bangladesh Ltd, Trust Bank, Premier Bank, Brac Bank and Prime Bank are from the banking sector.British American Tobacco Bangladesh, Square Pharmaceuticals, Sheikh Akij Uddin Limited, Uttara Motors, Uttara Automobiles, Perfect Tobacco Company, Nestle Bangladesh, Healthcare Pharmaceuticals, Beximco Pharmaceuticals, and Olympic Industries are from the manufacturing sector.Grameenphone, Chevron Bangladesh Block 13-14, and MJL Bangladesh are from the service and other sectors.IDLC Finance and Infrastructure Development Company Limited (IDCOL) are from the NBFI sector, while American Life Insurance Company and the SadharanBima Corporation are from the insurance sector.

Besides, the unit honored the Bangladesh bank, Grameenphone and Titas Gas Transmission and Distribution Company as the Tax Deduction at Source (TDS) authorities.

Source: https://www.tbsnews.net/dropped/nbr/banking-sector-dominates-highest-taxpayers-list-302551