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

Important Business News Extracts August 19, 2018

Tax cuts to cheer up apparel exporters

The government is going to cut withholding tax and corporate tax for garment exporters in what can be viewed as yet another pullback by the revenue authority from its intent to collect higher tax from the sector. Last fiscal year, the sector earned $30.61 billion, which is 83.5 percent of the total export receipts for the year. The corporate tax rate is likely to be reduced to 12 percent from 15 percent. And for those manufacturing clothes in green buildings, the corporate tax rate is likely to be 10 percent, as in the previous fiscal year. In fiscal 2015-16, the tax authority logged in Tk 1,484 crore as source tax mainly from garment shipments. The NBR got the highest amount of source tax on exports in fiscal 2013-14, when Tk 2,080 crore was collected, according to its annual report.

Source: https://www.thedailystar.net/news/business/tax-cuts-cheer-apparel-exporters-1622866

BB sounds cyber alarm

The Bangladesh Bank yesterday warned banks to heighten measures to repel cyber attacks after a multinational hacking ring made off with Rs 94.4 crore from India’s Cosmos Bank last week. The co-operative bank said unidentified hackers stole customer information through a malware attack on its automated teller machine server, withdrawing Rs 80.5 crore in 14,849 transactions in just over two hours on August 11, mainly overseas. Then on August 13, the hackers transferred Rs 13.9 crore to a Hong Kong-based company’s account by issuing three unauthorized transactions over the SWIFT global payments network, the bank said in a police complaint. Earlier on February 2016, customers of three local banks — Eastern, City and United Commercial — became victims of an ATM scam. Skimmers withdrew money by forging credit and debit card data. In the same year, cyber criminals stole $101 million from the central bank’s accounts with the Federal Reserve Bank of New York.

Source: https://www.thedailystar.net/news/business/banking/bb-sounds-cyber-alarm-1621987

Most MFs declare lower dividends

Majority of the mutual funds (MFs) declared lower dividends for their unit holders for the fiscal year 2017-18 due to the bearish trend in the secondary market. The trustee committees of 32 MFs, out of 37, have so far declared dividends. Of them, 17 announced lower dividends for the FY 2017-18 compared to the previous FY while eight higher, six similar and one zero dividend. Of the 37 closed-end funds on the premier bourse, 31 were trading below their face values at present, according to data from the Dhaka Stock Exchange (DSE). The market was comparatively stable till June 30, 2017. Later, the market exhibited instability and subsequently the EPU of MFs declined for the year ended on June 30, 2018. Between July 1 and June 28, the core index of the DSE fell by 4.44 per cent or 251 points, ending the fiscal year at 5,405. The daily average turnover, another important gauge, stood at Tk 6.46 billion in the last fiscal year, down 14.43 per cent from the previous fiscal.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/most-mfs-declare-lower-dividends-1534602692

Consumers to pay addl Tk 60b

The country’s mobile phone users will have to pay an additional Tk 60 billion (6,000 crore) due to the recent hike in voice call rate, said speakers at a meeting on Saturday. The call rate was raised to Tk 0.45 per minute from Tk 0.25 just to serve the interest of the mobile phone operators. The BTRC should take the consumers’ interest into account because such a decision will affect them. The government had announced to withdraw 10 per cent VAT on internet use, which was imposed in the current budget, the decision has not come into effect yet.Central leader of the Bangladesh Samajtantik Dal Rajukajjaman Ratan said mobile phone users will have to pay an additional amount of Tk 60 billion due to this rise in call rate. The speakers demanded immediate scrapping of the BTRC decision.

Source: http://today.thefinancialexpress.com.bd/trade-market/consumers-to-pay-addl-tk-60b-1534605374

21 BD companies to take part in Paris expo

A total of 21 Bangladeshi companies, including apparel and leather units, will participate in a four-day fair in Paris beginning on September 17. The Leather World Paris will feature for the first time in the Texworld/Apparel Sourcing Paris this year. The Texworld/Apparel Sourcing Paris is one of the best options for Bangladesh’s ready-made garment (RMG) sector to improve their market share not just in France but also all over Europe. Of the 21 participants, nine are knitwear, five denim and four fabric manufacturers. There will be a national pavilion under the banner of the Export Promotion Bureau (EPB) at the Texworld/Apparel Sourcing Paris. The next Texworld/Apparel Sourcing will be held from February 11-14, 2019. In September 2017, a total of 1,660 exhibitors participated in the Texworld/Apparel Sourcing. The last edition of the expo recorded 14,581 visitors from 108 countries. The visitors came from all over Europe with a large number of buyers from the UK, France, Turkey, Spain, Italy and Germany.

Source: http://today.thefinancialexpress.com.bd/trade-market/21-bd-companies-to-take-part-in-paris-expo-1534606663

Govt cuts source tax to 0.6pc for all exporters

The government has decided to reduce both source tax and corporate tax for all exporters to support them to stay competitive in the international market. The source tax will be 0.6 per cent for exporters of all sectors, including those of readymade garments (RMG), leather, jute and frozen foods. Besides, the corporate tax rate will be 12 per cent for apparel exporters. However, the rate will be 10 per cent for apparel factories having green building certification. In the budget for the current fiscal year (FY), 2018-19, the source tax for exporters was increased to 1.0 per cent from 0.7 per cent. Corporate tax rate for apparel exporters was also adjusted upward to 15 per cent, and it was 12 per cent for apparel exporters having green building certification. Meanwhile, many of the banks have already deducted tax at source at 1.0 per cent from export proceedings, as the measures came into effect on July 01, 2018. Officials said the rate of source tax was increased to 1.0 per cent following the expiry of validity of a SRO on June 30, 2018, mentioning the special rate of 0.7 per cent.
The finance minister, in his budget speech for FY 2018-19, said RMG industry is playing an important role in generating employment and fostering economic growth of the country. In FY 2017-18, the country’s export income recorded a moderate growth of 5.81 per cent to $ 36.66 billion, according to the Export Promotion Bureau (EPB) data. Apparel, jute and leather sectors together fetched about $ 32.71 billion in last FY. Of the sectors, RMG export earning posted an 8.76 per cent growth to $ 30.61 billion. Export of leather footwear grew by 5.33 per cent in last FY compared to that of the previous year. However, total export earning from leather and leather products fell by 12.03 per cent.

Source: https://thefinancialexpress.com.bd/trade/govt-cuts-source-tax-to-06pc-for-all-exporters-1534650408

SCB provides ‘Governor Scholarship’ to DU students

Standard Chartered Bank, Bangladesh (SCB) has provided scholarships to top students of Dhaka University’s Department of Development Studies and Department of Economics. Shitangshu Kumar Sur Chowdhury, Advisor of Bangladesh Bank, attended the event as chief guest at Professor Muzaffar Ahmed Chowdhury Auditorium, Social Sciences Faculty Bhaban of Dhaka University. Representing SCB were Naser Ezaz Bijoy, Chief Executive Officer, and Bitopi Das Chowdhury, Head of Corporate Affairs, Brand & Marketing. Some 60 students from Department of Economics and 19 from Department of Development Studies were awarded the “Governor Scholarship”. Till date, there have been a total of 594 awards under the Governor Scholarship.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/scb-provides-governor-scholarship-to-du-students-1534602706

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
Nikkei 22522,270.38↑78.34↑0.35%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$65.91↑0.45↑0.69%
Crude Oil (Brent)$71.83↑0.40↑0.56%
Gold Spot$1,184.25↑10.09↑0.86%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.8050
GBP 1BDT 106.8430
EUR 1BDT 95.8562
INR 1BDT 1.1945





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,

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Dhaka Bank Limited