Annual Development Program (ADP) spending rises 42% in July-October

Development spending rose 42% year-on-year to BDT 238.15 billion in the first four months of the current fiscal year on the back of increased use of foreign aid. The spending by the ministries and divisions between July and October was 14.51% of the total allocation for the annual development program, according to figures from the Implementation Monitoring and Evaluation Division. At this point last fiscal year, BDT 167,720 million was spent, which was 13.60% of the total allocation. The government is contributing BDT 955,150 million to the ADP from its own accounts. Of which, 12.10% was spent in the four-month period. The implementation rate was 14.32% in the same period last fiscal year, meaning this year’s outlay fell by more than 2% age points. •. Of the 15 large ministries and divisions that account for 80.83% of the allocation combined, five spent higher than the average. The government plans to spend about USD7 billion in foreign aid in the current fiscal year. The use of foreign aid has been higher both in terms of implementation rate and amount. In the first four months, aid spending stood at BDT 111,190 million, almost treble the amount of BDT 48,610 million from the same period a year earlier.

Source: http://www.thedailystar.net/business/adp-spending-rises-42pc-jul-oct-1494250

Eateries, shops largely evade ECR use

Many fast-food shops, bakeries, restaurants and retail outlets in Dhaka avoid issuing electronic cash register (ECR)-generated pay-slips to evade VAT payment, as monitors look on, sources said. Lack of awareness among the consumers and some VAT officials’ connivance with errant businesses are cited as major causes of increased failure to comply with the ECR-use rules. The government made use of ECR mandatory for some 11 categories of businesses in 2009 but compliance could not be ensured during the eight years. Some businesses are in a dilemma over use of their existing ECR machines as, according to government’s latest decision, they will have to replace those with new ones from the next fiscal year (FY), 2017-18. As the existing ECR machines are not interconnected with NBR’s VAT online server, the VAT officials cannot monitor the ECR-generated transactions properly, officials said. Responding to such allegations, Bangladesh Shop Owners Association president Md Helaluddin agreed that there is connivance between VAT officials and VAT-evading businesses. The NBR will have to devise proper mechanisms to ensure compliance on use of ECR, he said. He suggested that assistant commissioner-level officials should deal with the monitoring of ECR use.

Source: https://thefinancialexpress.com.bd/economy/bangladesh/eateries-shops-largely-evade-ecr-use-1511202889

Final notices on four mobile firms over unpaid VAT

The revenue board issued Monday final demand notices to the four mobile multinationals for clearing unpaid VAT worth BDT 8.83 billion in second phase of outstanding SIM replacement tax within 90 days. Officials said the Large Taxpayers Unit (LTU) under the VAT Wing of the National Board of Revenue (NBR) claimed the amount on account of SIM-replacement tax due for a period between July 2012 and June 2015.bank. The mobile-phone companies–Grameenphone, Robi Axiata, Banglalink and Airtel–have been given three months to pay off the overdue VAT or value-added tax. Meanwhile, legal battles are going on over the first-phase demand for the SIM-replacement tax worth BDT 20.48 billion for the period from July 2007 to December 2011.

Source:
http://today.thefinancialexpress.com.bd/last-page/final-notices-on-four-mobile-firms-over-unpaid-vat-1511200190
http://www.newagebd.net/article/28785/nbr-issues-final-demand-notices-to-4-telcos-to-pay-BDT-883cr

Subscribers’ complaints against GP, Robi pile up at DNCRP

Subscribers’ allegations of ‘cheating’ against mobile companies, especially Grameenphone and Robi, have piled up at the Directorate of National Consumer Rights Protection, said officials of the directorate on Monday. Since June this year, the consumer rights watchdog received about 600 allegations, mostly related to ‘cheating’ through ‘false’ advertisements of internet package offers against GP and Robi, they said. The directorate received 3,089 complaints in total from consumers of different sectors and services. The information came from the DNCRP director general Md Shafiqul Islam Laskar at the 16th meeting of national consumer rights protection council on Monday. ‘A court order obtained by one of the mobile operators against DNCRP dealing with such allegations is preventing us from investigating into the complaints,’ Shafiq told the council meeting presided over by commerce minister Tofail Ahmed. ‘We will fight it in the court,’ said Tofail Ahmed. According to the minister, about 130 million people of the country are mobile phone users and 60 million of them subscribe to internet services. The allegations made against the companies are largely related to clients receiving far less data than advertised in the mobile operators’ internet packages.

Source: http://www.newagebd.net/article/28786/subscribers-complaints-against-gp-robi-pile-up-at-dncrp

Summit Power International strengthens board

Summit Power International (SPI) announced the appointment of three new Non-Executive Independent Directors to strengthen the strategic leadership and corporate governance of SPI, said a statement. The three Independent Directors who joined SPI Board are Abdullah Tarmugi, Lim Hwee Hua, and Tang Kin Fei. Abdullah Tarmugi will chair the Nominating Committee and the Remuneration Committee. Lim Hwee Hua will chair the Audit Committee. Tang Kin Fei will chair the Strategy and Investment Committee. With the addition of these new Directors, the Board of SPI has eight Directors, three of whom are independent.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/summit-power-international-strengthens-board-1511195379

Bangladeshi firms slow in innovation

Bangladesh’s firms and institutions are lagging behind their counterparts in India, Vietnam and Sri Lanka when it comes to invention and protection of intellectual property owing to inadequate research, investment and awareness. The Department of Patents, Designs & Trademarks (DPDT) granted patents for 106 inventions in 2016 out of 344 applications submitted by local and foreign firms. Of the approved, only seven were local patents. In 2015, the state-run intellectual property rights authority approved 101 patent applications, of which 11 were local. In the same year, 1,388 products or inventions were patented in Vietnam and 6,022 in India, according to the World Intellectual Property Organisation. The number of patents was also higher in Sri Lanka.

Source: http://www.thedailystar.net/business/bangladeshi-firms-slow-innovation-1494253

Beximco purchases LPG carrier

Beximco Petroleum has recently purchased a liquefied petroleum gas (LPG) carrier, the first in Bangladesh, the company said in a statement yesterday. With a capacity of 2,700 MT, Bexpetro 1 will be flying the national flag on international waters. It will be the first Bangladeshi ship to directly procure LPG at source, reads the statement. Bexpetro 1 is expected to arrive in Bangladesh with its first shipment of LPG by the first week of December. “This marks a major milestone not only for LPG operators in Bangladesh but also for the nation at large as this paves the way for a more cost-effective and efficient LPG supply chain,” said the statement. With two more vessels of similar capacity already in the pipeline, this is a stepping stone for Beximco Petroleum’s strategic vision of becoming the country’s premier LPG operator.

Source: http://www.thedailystar.net/business/beximco-purchases-lpg-carrier-1494208

Local and Global Stock Indices

World Commodities

Major Currencies Exchange Rates Movement in Last Seven Days

*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.