Full execution of new VAT law likely in FY22
Finance Minister A M A Muhith on Monday said the new VAT law might be fully implemented in fiscal year (FY) 2021-22. He made the comment just after a day the National Board of Revenue (NBR) chief pledged to implement the new law from next FY. Implementation of the new law was deferred in FY 2017-18 by two years. As per the government’s commitment, it is scheduled to come into force from July 1, 2019. NBR organised the programme at Bangabandhu International Conference Centre in the capital on the occasion of National VAT Day 2018. The finance minister said the government will keep three rates of VAT in the new law instead of a uniform rate of 15 per cent. Some 20 per cent of businesses are paying 80 per cent of the aggregate VAT collection. On the occasion of National VAT Day 2018, NBR awarded a total of 144 highest VAT-depositing businesses across the country.
IHG marks re-entry into BD with opening of InterContinental Dhaka
InterContinental Hotels Group (IHG), one of the world’s leading hotel companies, has announced the opening of InterContinental Dhaka in partnership with Bangladesh Services Limited. The luxury hotel is situated in a prime and one of the most prestigious locations in the capital’s Minto Road with easy access to the downtown business district. IHG is currently operating 32 hotels across SWA under the brands InterContinental Hotels & Resorts and is aiming for rapid expansion with a strong pipeline of 60 hotels across cities. Built in a contemporary design, the hotel offers 226 stylish guest rooms, including 201 premium or deluxe rooms, 10 deluxe suites, five superior suites, five diplomatic suites and five presidential suites. With over 21,000 square feet of specially designed space for meetings and events, the hotel promises flawlessly executed corporate and social events.
Technology Transformation: Time to harness the power
The world is going through a massive technological transformation. Evolution of Artificial Intelligence (AI), Internet of Things (IoT), robotics, blockchain, and big data proves that the 4th Industrial Revolution is no longer a distant myth. Being a developing country, Bangladesh has tremendous potential to be the deployment hub of the finest technological innovations. Bangladesh’s countrywide mobile penetration is 156.5 million. Digital payment methods are on a rise between both B2B and B2C transactions. Alongside the drastic change, fraudulent activities have also been noticed as bank security systems were compromised in recent times. This is where blockchain technology can protect organisations from financial loss and safeguard the image of the company in the market. IOT can be the secret agent that can identify hidden issues in these cases along with futuristic prediction. In an IoT-based architecture, sensors streams data 24/7.
Japan to give Yen 500m grant for development of pry education in BD
Japan will provide Japanese Yen 500 million in grant for the development of primary education in Bangladesh. A signing ceremony on “Japanese Grant Aid for the 4th Primary Education Development Programme (PEDP4)” was held at Economic Relations Division (ERD) on Monday, said a press release issued by the Japanese Embassy. Japan has been supporting PEDP, national development strategic plan for primary education, in cooperation with other development partners since 2011 under the sector-wide approaches (SWAPs). Under the PEDP3, 25 million students in primary schools received ‘refined’ textbooks, approximately 500,000 teachers were empowered and more than 25,000 classrooms were built. The PEDP4 is aimed at improving the quality of education including improvement of learning achievement.
National Tea’s price jumps 68pc in a month
The share price of National Tea Company is soaring without having any undisclosed price sensitive information. Within a month, the company’s share price jumped more than 68 per cent or Tk 382.20 each to close at Tk 945.10 on Monday. Its share price was Tk 562.90 a month ago on November 11. The company’s share traded between Tk 541 and Tk 945.10 each in the last one year, hitting the year’s highest on the day. Its share price also jumped 7.49 per cent or Tk 65.90 each on the Monday. The company’s share soared 35 per cent or Tk 36.40 each in a week to close at Tk 141.50 on Monday. Its share price was Tk 105.10 each on December 02.
COP24 and greater awareness of climate change
The UN Climate Change Conference (COP24) began on December 03 at Katowice, Poland. It is scheduled to continue till December 14. This conference is an important bridge between the Paris conference (COP21) and another to be held in 2020, when all the signatory countries would need to revise their climate commitments upwards. There is still a glimmer of hope from the IPCC (Intergovernmental Panel on Climate Change), which estimated in its recent report that it is still possible to maintain an under 1.5°C of global temperature increase till 2100.
Move to groom skilled Chartered Financial Analysts
CFA Society Bangladesh has declared a team of North South University champion of the local final of the CFA Institute Research Challenge 2018-19. The local competition started on September 04, 2018 and 114 teams from 27 universities and institutes around the country participated in this competition. From there top 12 teams were selected for the equity research report round and based on their performance top six teams qualified in the local final.
Rangpur broccoli cultivators make handsome profit
The broccoli cultivators in different areas of the district are hopeful about a plentiful yield of the vegetable in this season. This year winter vegetable growers under the district geared up the farming of different varieties of vegetables including broccoli and made vigorous efforts with the optimism of expected output as well as handsome profit from the sale of their produces.
BGAPMEA gets new governing body
Bangladesh Garments Accessories & Packaging Manufactures & Exporters Association (BGAPMEA) on Monday formed its new governing committee for the period of 2018-19 and 2019-20. Md Abdul Kader Khan and Khandoker Latifur Rahman will lead the 21-member body as president and first vice-president respectively. Mozaharul Haque Shahid has been elected as the second vice-president while Manir Uddin Ahmed (Finance) and Zahir Uddin Hayder have also been made vice-presidents of the body.
Malaysia eager to invest in BD
Malaysian High Commissioner in Bangladesh Nur Ashikin Mohd Taib on Monday showed her country’s eagerness to make investment in Bangladesh. Bangladesh has made extensive development for which the businesses of their country were eagerly waiting to invest in this country. However, the entrepreneurs have stressed the need for establishing direct communication between the businesses of both the countries. Bangladesh and Malaysia have been maintaining an excellent friendly relationship. The Malaysian envoy later visited the ongoing third international SME Fair organised by the CCCI and the exhibition hall of the WTC.
DScE to launch bachelor course on entrepreneurial economics next year
Dhaka School of Economics (DScE), a constituent institution of the University of Dhaka, has planned to introduce Bachelor of Entrepreneurial Economics (BEE) course in 2019 to facilitate entrepreneurship development in Bangladesh. They have already signed MoUs with Visha Bharati of India and Naresuan University of Thailand. Currently, the DScE is offering two courses – Master of Entrepreneurship Economics (MEE) and Post Graduate Diploma in Enterprise Development (PGDED).
Vibrant corporate bond market key to higher economic growth
The global bond market has more than tripled in the past 15 years and exceeds $100 trillion. That is 40 percent larger than the total value of global stock markets. In Bangladesh, bond market and its developments are mostly confined to words than actions. However, government bond with 7.86 percent of GDP is relatively discernible. Thanks go to the Bangladesh Bank. The BB’s concentrated efforts on strengthening market infrastructure have enhanced the reliability of the government securities market. The number and amount of corporate bonds in Bangladesh are required to be searched with a high powered binocular. At present, the size of the corporate bond market is very scanty — only 0.2 percent of GDP, whereas China and India are having 18.63 percent and 2.89 percent respectively. It is heartening to know that Pran Group and Ashuganj Power Limited are coming up very soon with two debt securities with public placement. Additionally, banks have, although all are in private placement, issued a total of 57 subordinate bonds amounting to Tk 19,824 crore since 2009 to insert capital under tier II. The Bangladesh Securities and Exchange Commission (BSEC) has the most important role in deepening and diversifying the corporate bond market.
NBR awards 144 top VAT-payers
The National Board of Revenue (NBR) on Monday observed the National VAT Day-2018 with a call for building awareness among the people about payment of VAT and tax. The NBR honoured a total of 144 top VAT-payers at national and district level. The revenue board has been observing the National VAT Week-2018 across the country since December 10.
Bank Asia gets independent director
Dilwar H Choudhury has recently been elected independent director of Bank Asia. He is a recognised professional banker having 35 years of work experience in eight different countries of Asia, Europe and Africa, the bank said in a statement yesterday. Choudhury was managing director (current charge) of City Bank.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 51.13||↑0.13||↑0.25%|
|Crude Oil (Brent)||$ 60.09||↑0.12||↑0.20%|
|Gold Spot||$ 1,245.80||↑1.34||↑0.11%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.7474|
|GBP 1||BDT 105.3459|
|EUR 1||BDT 95.1873|
|INR 1||BDT 1.1583|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.