Limestone flux import hits snag for HS code mismatch

Importers could not import limestone flux (solid form) from Bhutan since February for higher duty charged on the industrial raw material for mismatched HS code of the item, industry-insiders said. Limestone import was enjoying duty-free facility under HS code 2521.00.00. But the customs authority last February declared the duty-free facility for feed-grade limestone under HS code 2517.49.00. Change in the HS code of the product threw the importers into a quandary as they were subjected to paying 25% duty on import of the previous category of limestone. Customs officials said the zero-rated duty has been provided for the feed- grade limestone for the poultry industry. However, the importers of limestone flux argued that feed-grade limestone cannot be defined as limestone. The HS code 25.21 is for import of limestone flux (a category of limestone and other calcareous stone used for the manufactures of lime or cement). Limestone flux is used in the iron and steel industry for increasing fluidity and eradicating impurities. The industry sources said due to the suspension of import of the raw material under the given circumstances, the industries concerned are in problem. The industries are procuring the limestone flux at higher prices from other sources.

Source: http://print.thefinancialexpress-bd.com/2016/08/18/149481

Govt in the ‘dark’ about KL job mkt opening

The Expatriates’ Welfare Ministry said Wednesday it remained “in the dark” about whether Malaysia would hire Bangladeshis or not. “We are in the dark about the opening of the Malaysian market. We don’t know when it opens,” expatriates’ welfare and overseas employment minister Nurul Islam told reporters. The minister said the Malaysian authority did not inform Bangladesh anything about the possible recruitment. He made the government’s position clear after speculation of market opening deepened more than a month ago. He also urged overseas job seekers not to give money to any recruiting agency for jobs to Malaysia as the market is not ‘open’ yet.
Source: http://www.thefinancialexpress-bd.com/2016/08/17/42499/Govt-in-the-‘dark’-about-KL-job-mkt-opening

Four gas companies stop paying VAT again

Four major state-owned gas distribution companies have again stopped paying value-added tax and supplementary duty collected by them from their consumers on the prices of gas after paying the taxes for few months in 2015 though the companies have dues of BDT 132.8 billion to the National Board of Revenue, officials said. They said that the companies paid BDT 26.2 billion as VAT and SD for the period between April 2015 and October 2015 and after that they refrained from paying the taxes. In addition to BDT 132.8 billion in dues for the period of July 2009 to March 2014, the companies — Titas, Karnaphuli, Bakhrabad and Jalalabad gas transmission and distribution companies —did not pay another BDT 68.2 billion for the period between April 2014 and March 2015, and from November 2015 to June 2016, according to the NBR data. In this situation, the large taxpayers unit (value-added tax) of the revenue board sought NBR intervention in realizing the dues and regular taxes from the companies. Of the amount, the four companies collected BDT 132.8 billion as SD and VAT and the remaining amount of BDT 63.2 billion as interest amount on the taxes. Of the principal amount, Titas Gas dodged the highest amount — BDT 109.9 billion in VAT and SD — followed by Karnaphuli Gas BDT 12.7 billion, Bakhrabad Gas BDT 6.7 billion and Jalalabad Gas BDT 3.5 billion.

Source: http://newagebd.net/246780/four-gas-cos-stop-paying-vat/

Annual servicing forces Emerald Oil to close production

The production of Emerald Oil Industries has been closed for more than one month due to ‘annual servicing’ of the machineries and equipment, according to Dhaka Stock Exchange (DSE). The company’s production has come to a halt after one year and six months of listing with both the bourses. “In response to a DSE query in connection with closure of production, the company has informed that due to annual servicing of the machineries and equipment, the production of the company has been closed since June 27, 2016,” said a DSE disclosure Wednesday. The company, however, has expressed its optimism of starting the production August 20, 2016. The company has also mentioned that they require 35-40 days for overall repairs and maintenance of the machineries and equipments.

Source:
http://print.thefinancialexpress-bd.com/2016/08/18/149456
http://www.thedailystar.net/business/emerald-oil-withholds-price-sensitive-info-1271347

Creditors move to collect dues from Citycell

The first hearing of a winding up petition filed by China Development Bank to realise its dues of $36.63 million from Citycell was held yesterday, amid a government move to cancel the licence of the mobile operator. Winding up is the process of selling all the assets of a business, paying off creditors, distributing any remaining assets to the partners or shareholders and then dissolving the business. The government has set in motion the process to revoke Citycell’s licence after the operator failed to pay Tk 477.51 crore it owes the government. The operator owes more than Tk 4,000 crore to banks, vendors, tax authorities, regulator and other operators, according to insiders.

Source:
http://www.thedailystar.net/business/telecom/creditors-move-collect-dues-citycell-1271353
http://www.dhakatribune.com/business/2016/08/18/citycell-lenders-service-providers-fret-likely-shutdown/
http://www.thefinancialexpress-bd.com/2016/08/17/42459/Citycell-employees-demand-compensation

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