Banks to cut 15pc VAT on Foreign e-purchase, payments for Ads
Bangladesh Bank on Sunday asked country’s all scheduled banks to deduct 15 per cent value-added tax on overseas payments made by their clients using any method, including credit card, against services like online purchase and advertisement on digital platforms. Banking Regulations and Policy Department of the central bank gave the instruction to the chief executive officers and managing directors of the scheduled banks following a letter of National Board of Revenue. VAT wing of NBR on January 22 requested BB Governor to instruct all banks to deduct the VAT on any payment, irrespective of mode of payment, made by banks’ clients against services including royalty, various internet services, advertisement on digital platforms and other services received from abroad. The letter, signed by NBR first secretary (VAT policy) Hasan Mohammad Tarek Rikabder, said that 15 per cent VAT would be applicable to payment for the services which was generated outside the geographic territory of the country but consumed inside the country and payment was made from the country.
Chemical imports treble in 10yrs
Bangladesh’s chemical imports have nearly tripled in the past decade, spurred by the rising demand from various industrial sectors catering to domestic and foreign markets. Sector operators said garments and textile sectors are the main consumers of the imported chemicals followed by pharmaceuticals, food processing, cosmetics and toiletries, leather, plastic and other sectors. According to Bangladesh Bank (BB) data, Businesses brought in Tk 17,548 crore worth of chemicals in 2017-18, which was only Tk 6,103 crore in 2007-08. Imports rose 12 percent year-on-year to Tk 7,772 crore in the July-November period of the current fiscal year.
Foreign Fund in Stocks keep soaring on DSE
Net foreign investments in Dhaka bourse soared more than 84 per cent month-on-month in February as overseas investors continued to put fresh funds after the national elections. Net foreign fund in stocks turned positive in January, 2019 after remaining negative in the past three consecutive months – October, November and December, 2018. As per the market Analysts, a stable political situation after the national elections pepped up the confidence level of the overseas investors and they started to invest in stocks. According to statistics from the Dhaka Stock Exchange (DSE), the overseas investors bought shares worth Tk 5.87 billion and sold stocks of Tk 2.64 billion, to take their net investment to Tk 3.23 billion in February.
LPG becoming vital source of Energy
As per LPG facility Providers, the use of energy at both households and industries will undergo a major shift in the next decade as Bangladesh is increasingly making liquefied petroleum gas (LPG) widely available. The demand for LPG is growing exponentially in the country. It needs about 600,000 tonnes of LPG to meet the current demand, which is projected to be more than 1,400,000 tonnes by 2022. The rising energy demand and the projected shortage of natural gas are bolstering the growth of LPG use at both household and industry levels.
BHTPA gets ISO Certification
As per an Official, the Bangladesh Hi-Tech Park Authority (BHTPA) has recently been awarded certification for quality management from the International Organisation for Standardisation (ISO). The ‘ISO 9001:2015’ certification will help the government organisation attract more foreign entrepreneurs in the country’s information communication and technology (ICT) sector. According to BHTPA Project Director, they received the certification last week, after meeting all the criteria set by the ISO representative organization. Through this achievement, the BHTPA has become one of the few Bangladeshi government organisations receiving such international certification for quality management.
Runner Automobiles to allocate 13.93m shares
Runner Automobiles will allocate 13.93 million ordinary shares among the successful applicants as the company’s IPO lottery draw was held on Monday. The result has already been published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company. Runner Automobiles, a flagship company of Runner Group, raised a fund worth Tk 1.0 billion from the capital market under the book-building method. The book-building method is a process through which an issuer attempts to determine the price of a share based on the demand from institutional investors. The fund will be utilised for the purpose of research and development works, purchasing machinery, repaying bank loans and bearing the IPO expenses.
Branch Manager`s Conference of Islami Commercial Insurance held
Branch Manager`s Conference -2018 of Islami Commercial Insurance Co. Ltd. was held recently at Dhanmondi, Dhaka. The Chairperson of the Board of Directors Janaba Shahida Anowar, Chief Adviser Janab Al-haj Md. Anowar Hossain, Adviser Janab A.Z.M. Shamsul Alam, Consultant Janab A.K. Momtaz Khan, Managing Director & CEO Janab Mir Nazim Uddin Ahmed, Branch Managers, Senior Executives of Head office of the company were present on the occasion. An elaborate discussion was made on the performance of business operation upto December -2018 and future plan for the year-2019.
Dhaka to seek DP World’s investments in Ports
As per the Officials, Bangladesh will seek Dubai-based DP World’s investments for Chittagong and Payra ports. A delegation of the DP World high-ups is scheduled to arrive in the city today (Tuesday) and shipping officials in Dhaka will seek investments. During Prime Minister Sheikh Hasina’s UAE visit on February 17, chairman of DP World Sultan Ahmed bin Sulayem and Bangladesh shipping secretary Abdus Samad signed a memorandum of understanding on setting up port, dry port and industrial park in the country. The DP World high-ups told Bangladesh officials that wherever they constructed a port they would also set up an industrial park. As per Foreign Secretary, they are thinking about large investments in Bangladesh.
Rangpur Chilli Growers getting good profit
Chilli growers in different areas in the district are delighted as they are getting good profit from the sale of their produce. As per the sources, the prospect of spicy crops is bright in different upazilas of the district including Kawnia and Gangachara. The weather, moderate rainfall and soil of the region are also congenial to the farming of different varieties of spicy crops including chilli. Presently, per maund (40 kg) of chilli is being sold at Tk 1,050 to Tk 1,100 in different markets. Due to low production cost, good profit and easy farming process its cultivation is on the rise in different char areas as well.
Mr. Maroof becomes City Bank AMD
Sheikh Mohammad Maroof has been appointed as additional managing director of City Bank recently. Prior to his appointment, Mr. Maroof served as a deputy managing director and a wholesale banking head of the same bank, since 2012. He joined City Bank in 2007 as executive vice president and head of treasury and later took the charge of wholesale banking.
Suspected drug peddler killed in shootout
An alleged drug peddler was killed in what police said was a gunfight between two gangs of drug traders at Kazipur village in Gangni upazila of Meherpur early yesterday.
7,000 bottles of Phensedyl seized
Members of Rapid Action Battalion (Rab) arrested an alleged drug peddler with 7,000 bottles of Phensedyl at Nimtala in Gomostapur upazila under the bordering district yesterday.
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)||$ 56.30||↓0.29||↓0.51%|
|Crude Oil (Brent)||$ 65.37|| ↓0.30||↓0.46%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.0250|
|GBP 1||BDT 110.5265|
|EUR 1||BDT 95.1835|
|INR 1||BDT 1.1865|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<