Hassle-free tax payment at the ‘Tax Fair’
From today, the annual ‘Tax Fair’ will begin across the country. Over the past few years, the fair has been a convenient spot for citizens to file their tax returns without facing any problems. The Fair in Dhaka will go on at the Officers’ Club until November 19. At district level, the fair will run for four days while it will be held for two days at the upazila level. The annual event has been held since 2010. Over the years, its popularity has continued to increase. While helping taxpayers, it has also roped in new taxpayers. Tax plays an important role in the growth of the economy. Usually, most taxpayers are scared of filing taxes. Some go to lawyers who charge hefty fees. Others try to shift the burden to their office staff, as they fear corruption and other hassles at the government offices. But such problems do not occur at the tax fair. It is quite embarrassing that less than two per cent of the entire population of Bangladesh pay taxes. It is time that everyone became aware of their responsibilities to the nation and started paying taxes.
‘Integrate CSR’ with SDGs for better yield
Businesses through their Corporate Social Responsibility (CSR) integration with Sustainable Development Goals (SDGs) can make significant contribution to the society and have greater return from investments. Business people say that they pay around 43 per cent in taxes; so they can’t contribute more, but actually it depends on their will. Highlighting this year’s CSR report, the CSR Centre CEO said the report focused specially on youth engagement, health issues, road safety and well-being of the society. The report also emphasised how youth engagement could ensure the well-being of the society and strengthen sustainability in Bangladesh. The group allocated Tk 100 million in 2010 for CSR fund that stood at Tk 500 million in 2018, focusing specially on education, health, poverty alleviation, and other community development.
‘King dollar’ benefits from European risks, growth fears
The dollar surged to nearly 17-month highs on Monday against a basket of major currencies as investors sought out the liquid and high-yielding currency against a backdrop of global growth worry and rising political risk in Italy and Britain. A 2-percent oil price jump initially supported European equities but the gains fizzled rapidly as fears grew for Italian lender Carige whose shares were suspended after reports of a capital hole. While Shanghai was lifted one percent by regulators’ promise to simplify share buybacks, MSCI’s world equity index was down 0.3 percent and Asian markets broadly weakened following Friday’s weak Wall Street close. All that, coupled with European political risks, conspired to push the dollar 0.6 percent higher against a basket of currencies. Sterling fell 1 percent while the euro, which comprises more than 50 percent of the dollar index, fell 0.7 percent to its lowest since July 2017. Markets were also spooked by reports that Banca Carige would need around 400 million euros ($451 million) to plug a hole in its capital base and Italy’s deposit protection fund could fill only part of it. That raises the specter of a banking crisis in the euro zone’s third-biggest economy, keeping Italy’s bond yield spread over Germany – the risk premium attached to Italian assets – around the psychologically key 300 basis-point mark. Italian bank shares fell 0.6 percent. Bernd Berg, global macro strategist at Woodman Asset Management, predicted the euro would tumble below $1.10 from the current $1.126 “as renewed eurozone and Brexit angst and a diverging economic outlook with a strong U.S. economy versus a weakening eurozone economy will trigger further euro selling pressure.”
BKB disburses Tk 679m loans in Jhenidah
Bangladesh Krishi Bank (BKB), Jhenidah region, disbursed a total of Tk 679.10 million loan for crop farming, livestock rearing, fish farming, SME loan and others, in the first four months (July to October) of fiscal year (FY) 2018-2019, against their annual target of Tk 3.11 billion. During this time the bank disbursed the amount through its 15 branches, the achievement being 22 per cent of the annual target. Of the grand total, the bank distributed Tk 589.40 million as agriculture loan against annual disbursement target of Tk 2.41 billion and the achievement is 24 per cent. The bank collected foreign remittance worth Tk 77.10 million against yearly target of Tk 300 million and it is 26 per cent of their annual target. The bank targeted to disburse a total of Tk 490 million SME loan and it could disburse Tk 87.80 million, the percentage of achievement is 18.00. The branches here disbursed a total amount of Tk 0.263 million at 4 per cent interest in cultivation of pulse, oil seeds and spices against its annual target of Tk 21.30 million. BKB made net profit of Tk 88.9 million in the last financial year 2017-18. Meanwhile, the bank recovered a total of Tk 616.80 million against the annual target of Tk 1.82 billion which is 34 per cent their annual target. Out of a total of 15 BKB branches in Jhenidah region, 11 branches are conducting online activities while the rest four are conducting manual activities.
Regulator asks MFIs to get its nod for procuring fixed assets
The regulator has asked the Micro Finance Institutions (MFIs) to obtain its prior permission for procuring fixed assets through spending money from their accumulated surplus. The Microcredit Regulatory Authority (MRA) imposed the restriction against the backdrop of alleged violation of a spending limit from the surplus fund by many of the MFIs. Currently, the MFIs can use maximum 35 per cent from their accumulated surplus for purchasing the assets. The MRA wants more lending to clients by the country’s MFIs. As of July 01 this year, some 705 MFIs have been registered with the MRA and 128 are operating on a temporary basis as on May 27 this year. Credit disbursement by the registered MFIs stood at Tk 787.67 billion at the end of June 2016, with a growth of 24 per cent over the previous year. The number of microcredit clients stood at 27.58 million in 2016, according to the latest annual report of the MRA.
Md. Showkat Ali Chowdhury, Chairman of EBL received Gold Award
Md. Showkat Ali Chowdhury, Chairman of Eastern Bank Ltd ( EBL) received the Gold Award for Corporate Governance Excellence in Banking Company category from Finance Minister Abul Maal Abdul Muhith at the ICSB National Award 2017, held at Radisson Blu Water Garden hotel in the city recently. Mir Nasir Hossain, Director of EBL was also present on the occasion.
MTB signs partnership deal with UnionPay
Mutual Trust Bank Limited (MTB) recently signed a partnership agreement with UnionPay International, the largest card payment organisation in the world in terms of number of cards under issuance. Under the agreement, MTB will issue UnionPay debit and credit cards (both contact and contactless) as the first private commercial bank in Bangladesh. The bank will also acquire UnionPay cards across its wide network of Point of Sales (POS) devices and ATMs and launch UnionPay QR Code, P2P and Money Express.
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)||$ 59.24||↓0.69||↓1.15%|
|Crude Oil (Brent)||$ 69.57||↓0.55||↓0.78%|
|Gold Spot||$ 1,204.83||↑4.46||↑0.37%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.8500|
|GBP 1||BDT 108.0223|
|EUR 1||BDT 94.3229|
|INR 1||BDT 1.1550|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.