15pc VAT on grave preservation fees

Value Added Tax (VAT) will be imposed on grave preservation fees as per a recent decision of the government, officials said. Finance minister AMA Muhith recently turned down a proposal put forward by the National Board of Revenue (NBR) for VAT exemption on such fees. From now on, 15 per cent VAT will be imposed on grave preservation fees. According to the officials, the finance minister rejected the proposal saying that as well-off people preserve graves, so there is no justification for waiving VAT on its maintenance fees.

Source: http://www.thefinancialexpress-bd.com/2017/01/23/59892/15pc-VAT-on-grave-preservation-fees

Budget promises continue to remain undelivered

The government managed to spend 76 percent of its budget in fiscal 2015-16, which is in keeping with the past trend of having a sizeable amount of unused funds at the yearend. Some Tk 225,051 crore was spent last fiscal year against the budget of Tk 295,100 crore, according to data from the Finance Division. Officials of the finance and planning ministries blame the poor implementation of the development works for the failure to exhaust the budget. But even then there is incongruity on the statistics of expenditure of the development budget. Typically, at the end of a fiscal year, the Implementation Monitoring and Evaluation Division or IMED provides data on implementation of the annual development programme.

Source: http://www.thedailystar.net/business/budget-promises-continue-remain-undelivered-1349980

Bangladesh may come out of LDC group in 2024: CPD

Bangladesh will likely be recommended for graduation from the category of the least developed countries in 2018, and will come out of the LDC group in 2024, the Centre for Policy Dialogue said in a statement yesterday. The issue is high on the government’s agenda. The CPD organized a discussion with government officials on Bangladesh’s LDC graduation strategy, at Brac Centre Inn in Dhaka on January 22. Twenty-seven government officials from the key ministries, agencies and training institutes participated in the event, according to the statement. The discussions were focused on structural transformation, sustainable development goals, external challenges facing the economy, international support measures, and the advantages and disadvantages that will emanate from the graduation.

Source:
http://www.thedailystar.net/business/bangladesh-may-come-out-ldc-group-2024-cpd-1349896
http://print.thefinancialexpress-bd.com/2017/01/24/162883

Bapex-Santos joint venture to drill Magnama structure

State-run Bangladesh Petroleum Exploration Company (Bapex) is set to initiate first-ever oil and gas exploration in offshore Magnama next month under a joint venture with Australian Santos, said officials. The cabinet committee on economic affairs approved this month inking of a sales and purchase agreement (SPA) with the JV. State-run Bangladesh Petroleum Exploration and Production Company Ltd (Bapex) earlier inked a ‘binding offer agreement’ with Santos under which it will carry out offshore drilling jointly with Santos at Magnama structure.

Source: http://print.thefinancialexpress-bd.com/2017/01/24/162917

National Board of Revenue seeks budget proposals from stakeholders

The National Board of Revenue has started preparatory work for formulation of the revenue budget for the next fiscal year of 2017-2018. As part of the preparation, the three wings — income tax, value-added tax and customs — of the NBR have sought budget proposals from external stakeholders including trade bodies, associations and research organizations as well as from its field offices. The three wings in separate letters have recently requested the stakeholders to submit their respective written budget proposals by February.

Source: http://www.newagebd.net/article/7651/nbr-seeks-budget-proposals-from-stakeholders

Jute packaging made mandatory for 11 more products

The government has made jute packaging mandatory for 11 more products to boost domestic use of the golden fibre following the imposition of anti-dumping duty by India on Bangladeshi jute and jute goods. India on January 5 imposed, to the Bangladeshi exporters’ dismay, anti-dumping duty ranging from USD 19.0 to USD 352.0 a tonne on import of jute and jute goods from Bangladesh. The textile and jute ministry on January 21 issued a gazette notification amending the Mandatory Jute Packaging Rule-2013 and making use of jute bags for the agricultural products mandatory. According to the notification, growers and traders will have to compulsorily use jute bags for packaging of chilli, onion, garlic, turmeric, ginger, pulses, coriander, potato, atta, maida and rice bran.

Source: http://www.newagebd.net/article/7648/jute-packaging-made-mandatory-for-11-more-products

Germany to help develop textiles education

Germany is willing to establish a strong collaboration with Bangladesh to develop the country’s textiles and higher education sectors, said a UGC press release. A three-member German delegation expressed the interest at a meeting with University Grants Commission (UGC) Chairman Professor Abdul Mannan at his office on Monday.

Source: http://print.thefinancialexpress-bd.com/2017/01/24/162884

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