BB opens GTF for all sectors
Bangladesh Bank on Wednesday opened up its Green Transformation Fund (GTF) for all manufacturing and export oriented entities irrespective of sector. Earlier, the BB only allowed three sectors — textile, leather and jute — to access fund from the GTF to import capital machinery and accessories for implementing specified green or environment-friendly initiatives. However, other conditions to get refinance fund from GTF would remain unchanged, a BB circular issued on the day said. In January, 2016, BB introduced a refinance scheme namely GTF amounting to $ 200 million for the export oriented industries of the textile and leather sectors to set up environment friendly infrastructures.
VAT on foreign cable TV, digital services from July
Bangladesh is going to impose VAT on satellite channels and tech Companies offering digital services without an office in the country from next fiscal. National Board of Revenue (NBR) issued a directive recently saying that VAT and Supplementary Duty Act 2012 on digital services will be applicable from July 1. In the directive, it has asked satellite channels to appoint VAT agents in Bangladesh and pay 15 per cent VAT on advertisement revenue to the government. The NBR requested the Information Secretary of Ministry of Information, and Chairman of Bangladesh Telecommunication Regulatory Commission Chairman to ask all the non-resident firms to get VAT registration and hire VAT agents.
Tk 1.5b project to develop handloom Industry
The government has taken a project involving Tk 1.5 billion (Tk 158 crore) to provide running capital and modernise handlooms for improving the socioeconomic condition of the weavers. Textiles and Jute Minister Golam Dastagir Gazi on Wednesday make the disclosure at the Jatiya Sangsad (JS). A total of 119,673 handlooms out of 320,781 are now remain closed across the country, he said, adding that the government has given Tk 750 million (Tk 75.06 crore) loan to 44,240 weavers against 65,451 handlooms under a project titled ‘Microcredit Programme for Weavers’ to reopen the closed handlooms.
Pathao downsizing on fund shortage
Pathao, a ride-hailing Company and one of the fastest growing tech startups in Asia, cut more than 50 percent of its workforce in the last two days as it struggles to raise funds amid waning popularity for its services. According to several sources, nearly 300 mid- to top level employees, including the head of Pathao Food and Ride Core Service, were terminated. Senior Executives from Chattogram and Sylhet were also forced to step down, said the employees who faced the fate. According to finance department of Pathao, the layoff was due to investors backing out from the upcoming investment round, leaving it with only a few months’ worth of funds to run the Company.
BGMEA suspends UD of 51 factories
Bangladesh Garment Manufacturers and Exporters Association has temporarily stopped issuing utility declaration to 51 of its member factories for non-compliance. After nine months of the government instruction to stop providing UD to 142 factories due to slow progress in safety remediation, the trade body on Tuesday decided to suspend issuance of UD to 51 factories. Department of Inspection for Factories and Establishments on September 20, 2018 issued a letter to BGMEA and Bangladesh Knitwear Manufacturers and Exporters Association asking them to stop providing UD to the factories as the remediation progress in the units was not satisfactory. In the letter, DIFE requested the trade bodies to stop issuing UD to the factories for the next three months to expedite remediation in the units inspected under a national initiative.
13 lakh bhori of gold legalised in 3-day fair: NBR
Jewellers and gold traders legalised around 13 lakh bhori (a bhori is equivalent to 11.664 grams) of gold and gold ornaments in the three-day gold fair that ended on Tuesday across the country, according to provisional estimates of the National Board of Revenue. Income tax officials of the revenue board said that jewellers and traders legalised the precious metal through making declaration and paying Tk 1,000 for a bhori to the tax authorities in the fair held in eight divisional cities across the country.
The NBR received more than Tk 130 crore in tax from the scheme.
NRB Bank re-elects Chairman
Mohammed Mahtabur Rahman has recently been re-elected Chairman of NRB Bank. He is currently the Chairman and Managing Director of Al Haramain Perfumes Group of Companies. He is the founder President of Bangladesh Business Council in Dubai and the NRB CIP Association in Bangladesh.
BASIC Bank gets new MD
State-owned BASIC Bank has finally got a Managing Director. The post had been vacant since November last year. The Financial Institutions Division of the Ministry of Finance issued a letter on Tuesday nominating Md Rafiqul Alam as the Bank’s Managing Director.
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