Bangladesh an important destination for German companies
German investment and trading companies are looking for new places for their investments and business and Bangladesh will be one such important destination. Peter Fahrenholtz, Ambassador of Germany to Bangladesh disclosed this on Monday in a meeting held on online platform, arranged by Bangladesh-German Chamber of Commerce and Industry (BGCCI). The German ambassador disscussed on matter of business interest to activate business in Bangladesh during the ongoing pandemic. The ambassador also informed that since last three years he has not seen any Bangladesh business delegation visiting Germany which is very unfortunate, to explore new markets and investment. He suggested that BGCCI could pursue in simplifying the rules and regulation for the investors and reducing the bureaucratic bottle necks. The German Ambassador also suggested that BIDA should be more proactive and realistic for attracting FDI. He added that he has not seen any new brochures to promote business in Germany and suggested that BGCCI could come forward to publish such information Booklets and Brochures to attract new investors. He gave reference of neighboring countries.
DSEX exceeds 4,000-mark after five weeks
The core index of the prime bourse crossed the ‘psychological’ threshold of 4,000-mark after five weeks Tuesday as buoyant investors showed their appetite following the ultimatum by the regulator on complying with minimum shareholding by directors of the listed companies. DSEX, the key index of the Dhaka Stock Exchange, went up by 7.15 points or 0.17 per cent to settle at more than one month high at 4,001, since May 31. Market operators said the securities regulator’s ultimatum to non-complaint directors of listed firms to ensure holding of minimum 2.0 per cent shares within 45 days propelled the buy pressure in the market. The stock market regulator has recently asked 61 directors of 22 listed companies to ensure a minimum 2.0 per cent shares in their own companies within 45 days to continue their directorship. If any director fails to comply with the 2.0 per cent shareholding rules within stipulated time, his/her position would be automatically vacated. To comply with the rules, many directors will have to buy shares within the 45-day time frame which boost the investors’ confidence, said a leading broker.
Pubali Bank holds countrywide online conference
Pubali Bank Limited recently held an online conference with the participation of 482 branch managers’, all regional managers and all division heads and executives across the country with a view to keeping the banking system smooth and dynamic during and after the current crisis, said a statement. Md. Abdul Halim Chowdhury, Managing Director and Chief Executive Officer of Pubali Bank Ltd called upon all the officers to provide safe banking services in compliance with the health rules in the current situation.He emphasized the need to work together to protect the post-corona banking sector as well as to prevent corona and provide credit facilities to productive industries for economic development. He also urged the implementation of incentive package adopted by the government.
One-page tax return form launched
The revenue board has launched a single-page income tax return form for small taxpayers in an attempt to simplify submission. The form has recently been introduced by issuing a gazetteto make the return filing easier. Many people having income below the taxable range of Tk 0.3 million will have to submit tax returns from this fiscal year as the tax authority has made the return filing mandatory for all TIN holders in the budget. The number of TIN holders in Bangladesh is about 4.6 million, but less than half submit tax returns. Individual taxpayers having taxable income and gross wealth not exceeding Tk 0.4 million and Tk 4.0 million respectively are eligible to file tax return in one-page return form from in line with the income tax ordinance-1984.With the introduction of such a return form, the submission of assets and lifestyle statement with the income tax returns becomes optional for individual taxpayers with gross assets below Tk 4.0 million, officials said. Until FY2020, taxpayers having gross assets of Tk 2.5 million were exempted from filing the statement of assets, liabilities and lifestyle with the annual returns.
Work on Indian economic zone to finally get off the ground soon
Bangladesh Economic Zones Authority (Beza) is all ready to start site development for an India Special Economic Zone (ISEZ), where billions of dollars in investment are expected to pour in from the neighbouring country. The Indian authority approved $115 million in funds for the project on June 11 under its third Line of Credit (LoC) worth $4.5 billion to Bangladesh, which was agreed upon in 2017.He expects the project to be ready for factory setups within June 2021 and the factories to go into operation in full swing by 2023. Beza already signed an agreement with the APSEZ to develop the zone and the Prime Minister’s Office approved it in January this year.The government allocated Tk 80 crore under the annual development project this fiscal year for the ISEZ. Meanwhile, the pre-qualification report for a project management consultant has been sent for vetting to the Exim Bank of India, which is supposed to disburse the LoC.The site selection and land acquisition for the ISEZ have already been completed at Bangabandhu Sheikh MujibShilpa Nagar (BSMSN) in Mirsarai, Chattogram.In fiscal 2018-19, Bangladesh’s merchandise shipments to India amounted to $1.24 billion, crossing the $1 billion-mark for the first time, according to data from the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI). At the same time, Bangladesh imported goods worth $7.64 billion, down from $8.61 billion in the previous year. The trade imbalance would be reduced while the ISEZ would go into manufacturing products and export it to the neighbouring countries, particularly to the Seven Sister States of India.