Steps taken to make capital market vibrant: PM
Prime Minister Sheikh Hasina yesterday said her government has taken various steps to ensure a vibrant capital market that will supplement its efforts to make Bangladesh a developed country by 2041. “Various measures are being taken to protect the interests of investors which will ensure a conducive environment for a vibrant capital market,” PM said. The Prime Minister spoke while inaugurating a regional seminar on “Financial literacy and investment protection”. The Bangladesh Securities and Exchange Commission (BSEC) and the Asian Development Bank (ADB) jointly organised the seminar. PM said industrialisation is the key to employment generation in the country and it requires investors from home and abroad along with the investment capital.
MoI finalises leather goods development policy draft
According to officials, the Ministry of Industries (MoI) has prepared a draft of the Leather and Leather Goods Development Policy 2019. The MoI has prepared the draft policy for development of the leather sector after scrutinising recommendations of 25 different ministries. “We have finalised a draft of the Leather and Leather Goods Development Policy 2019, considering potentials of the sector to contribute to the country’s economy,” officials also said. The ministry will soon send the draft policy to the Cabinet Division for approval by the cabinet. In the proposed policy, priority is given to three categories – finished leather, footwear/ shoes, and leather goods/ products. The draft policy also suggests providing the same facilities like the ready-made garment (RMG) sector to the leather sector, the second largest export-earning sector of the country. The proposed policy also suggests offering speedy customs clearance services to the leather and leather goods exporters.
NBR to launch mobile app to prevent Tax evasion
The National Board of Revenue (NBR) is going to launch a ‘mobile app’ for increasing the number of taxpayers and preventing tax evasion. “We will make web-based software and a mobile app for increasing the number of taxpayers. Through the app, we will bring all taxable persons under the tax net,” a senior official of NBR said. He informed that a total 649 tax zones across the country will be included with the mobile app and anyone can examine their tax certificate through using the mobile app. “When a customer or general citizen can make a complaint against Business establishment regarding the payment of tax through using the mobile app, normally the businessman will become careful in this regard and pay tax regularly,” he added. The official also said the government will amend the existing law for effectively using the mobile app against tax evasion as well as increasing the number of taxpayers.
Govt to spend Tk 10.40b for paddy purchase
The government will spend Tk 10.40 billion for procuring 400,000 metric tonnes of paddy from the farmers during the current boro season. Food Minister Sadhan Chandra Majumder gave the information while replying to a question in the parliament on Monday. “The price of per tonne paddy will be procured at Tk 26,000” the Minister said. The Minister also informed the parliament that the so far food ministry procured 79,463 metric tonnes of paddy with a price of Taka 2.07 billion.
People’s Leasing faces liquidation
The government has directed the Central Bank to liquidate People’s Leasing and Financial Services (PLFS), a non-bank financial institution, due to deterioration of its financial health in the last several years. If the liquidation goes through — in line with the Financial Institutions Act, 1993 — it will be a first in Bangladesh’s financial sector. Previously, two Banks — Bank of Credit and Commerce International and Oriental — that were on their last legs were restructured but not liquidated. Liquidation of PLFS means closing its operations permanently and the government will take actions to settle liabilities by selling off its assets. But the Central Bank as the regulator has to take approval from the High Court before liquidation. Earlier on June 27, the Finance Ministry instructed the Central Bank to shutter the NBFI for its failure to improve its conditions, said Asadul Islam, Senior Secretary of the Banking division.
Double-digit export growth in FY19
The country’s merchandise export earnings grew by 10.55 percent year-on-year to $40.53 billion in the immediate past fiscal year riding on a high volume of garment shipment in a favourable external business environment. The earnings were 3.94 percent higher than the annual target of $39 billion in 2018-19. In 2017-18, Bangladesh exported goods worth $36.66 billion. However, June recorded one of the lowest export receipts at $2.78 billion, which is also 5.27 percent less than that of the corresponding month in the previous fiscal year, according to Export Promotion Bureau (EPB) data released yesterday. In June of 2017-18, Bangladesh’s export earnings were $2.93 billion.
New MD for AB Bank
Tarique Afzal has recently been appointed President and Managing Director of AB Bank. He was earlier the acting President and Managing Director. He joined AB Bank as Deputy Managing Director.
NBR to issue VAT consultant licence
The National Board of Revenue will give licences to eligible individuals as VAT consultants to advise Businesses on issues related to value-added tax and represent them in tax offices. The revenue board has already framed rules tilted VAT Consultant Licencing Rules-2019 to facilitate issuance of such licences for removal of scarcity of skilled professionals in the sector. Officials said that the number of Businesses and coverage of the indirect tax had been expanding remarkably along with the growing economy of the country but the number of independent VAT professionals was very insignificant causing difficulties for traders in receiving effective services from VAT officials.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 57.45||↓0.21||↓0.36%|
|Crude Oil (Brent)||$ 63.86||↓0.25||↓0.39%|
|Gold Spot|| $1,393.12||↓2.41||↓0.17%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.9697|
|GBP 1||BDT 103.8730|
|EUR 1||BDT 93.0911|
|INR 1||BDT 1.2094|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<