BD’s economic growth to continue at 8.0pc this FY
Japanese Ambassador in Dhaka Naoki Ito on Saturday expressed the hope that Bangladesh’s economic growth will continue at 8.0 per cent this fiscal year (FY) despite negative impact of the coronavirus outbreak. Despite negative impact of the coronavirus, Bangladesh economy will continue to grow at 8.0 per cent. all investment and cooperation made by Japan under the comprehensive partnership signed between the two Prime Ministers of Japan and Bangladesh, and said the country’s growth is likely to accelerate further after completion of many of the Japan-funded infrastructure projects by 2024 and 2025. Despite the increase of virus-affected patients from 156 in February to 284 in March, the Ambassador said it is only 0.02 per cent of the total population. The Japan government is preparing to host the Tokyo Olymic to be held in July 24 as IOC international committee already issued the statement to continue preparation for the event. Japanese investment flow increased to 160 per cent in the fiscal year 2018-2019 compared to the previous fiscal year. There is still a huge room for improvement in ease of doing business and business climate, and urged the government of Bangladesh to take policies addressing key elements for the Japanese companies.
Interest rate caps poised to shrink NBR’s collections
The state coffer’s receipts from the banking sector, which accounts for about one-third of the National Board of Revenue’s Large Taxpayers Unit’s collections, are likely fall in the wake of interest rate caps on loans and deposits, said taxmen and bankers. Banks accounted for 35 per cent of tax collection of Large Taxpayers Unit, the main tax collector for income tax under the NBR, in the first half of the current fiscal year. One of the reasons banks’ profits will shrink is because of inclusion of consumer loans to the 9 per cent interest rate bracket. If the interest rates on consumer loan are reduced to 9 per cent, no bank will be able to manage. This is why bank’s income will drop and so will their profits. Its total collection was nearly one-fourth the total income tax of Tk 73,000 crore collected by the NBR in fiscal 2018-19. The LTU logged in Tk 17,420 crore last fiscal year and the amount of collection from the banking sector was 38 per cent of its total receipts. Between July last year and February this year, the LTU collected Tk 10,200 crore and the contribution of banking sector continued to remain more than one-third of its total tax receipts. The NBR collected Tk 6,577 crore tax on interest income of saving and fixed deposits last fiscal year, up 9 per cent year-on-year, according to data from the field office. The tax authority collects 10 per cent tax on interest earnings of depositors with Taxpayers Identification Numbers (TINs) and 15 per cent from those who do not have TINs.
“Sobar Jonno Bari” under its home loan product of Dhaka Bank Limited
Emranul Huq, Managing Director & CEO of Dhaka Bank Limited and other senior executives represents the inauguration as the bank announced an offer ‘Sobar Jonno Bari’ under its home loan product recently. This offer is valid for the ‘Mujib Borsho’.
StanChart celebrates success stories of women
Standard Chartered Bangladesh recently organised a read-aloud for its employees and their children in a bid to celebrate the incredible stories of some Bangladeshi women who left their marks in their respective fields. During the story-telling event, HerStory Foundation fellows spelled out the contributions of Khana, a Bengali poet and astrologer of olden times, and Rokia Afzal Rahman, a modern-day woman entrepreneur. Khana authored rhymes on agricultural practices which are still popular in rural Bangladesh, while Rokia is a trailblazer for women empowerment, a former adviser of the caretaker government and the founding president of the Bangladesh Federation of Women Entrepreneurs. The story-telling session was followed by a panel discussion led by Bitopi Das Chowdhury, the country head of corporate affairs, brand and marketing of the bank.
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