Eight Sectors to enjoy Advance Tax waiver
Some eight sectors, including solar panel manufacturers and animal feed manufacturers, will enjoy exemptions from the payment of advance tax at the import stage. The advance tax is payable at the import stage and the importers are allowed to adjust or get refund of the paid taxes from the relevant VAT zones. Also, goods imported for personal consumption under the passenger baggage rules and motorized vehicles imported by parliament members under the duty-free benefits will also enjoy the same benefit. The National Board of Revenue has issued a regulatory order recently by waiving the tax for the sectors. In the current fiscal year’s budget, the value added tax wing under the NBR imposed the taxation at a rate of 5.0 per cent on most of the products to be imported. The NBR waived the taxes for those sectors as it found the importers are exempted from the payment of other taxes at the import stage. Solar panel manufacturers will get the waiver from the payment of advance taxes on the import of machinery, spare parts and raw materials. Spinning mills will enjoy the exemption in respect of import of artificial staple fiber.
Livestock Ministry seeks ban on Meat Import
The Ministry of fisheries and livestock [MoFL] has requested the government to impose restrictions on the import of frozen processed meat in order to protect the local livestock industry, according to officials. In a letter sent to the Ministry of Commerce [MoC] recently, the fisheries and livestock ministry proposed making some amendments to the import policy to discourage meat import. A letter to the commerce ministry with a request to make some amendments to the existing import policy and ban the import of processed meat with a view to boosting the local cattle farming industry, according to Additional Secretary [Livestock-2] Kazi Wasi Uddin. The country is now breeding more cattle in keeping with the annual demand. The country does not have enough modern laboratories to properly examine whether the imported meats are safe to eat. ‘Bangladesh Animal and Animal Product Quarantine Act, 2005’ requires a person to take prior permission from the department concerned for the import of processed meat, according to a high official of the Department of Livestock Services [DoLS]
BD ahead of India, Pakistan in Global Hunger Index
Bangladesh has ranked 88th out of 117 qualifying countries on the Global Hunger Index [GHI] 2019 with a score of 25.8, which is higher than India and Pakistan, reports BSS. Pakistan ranked 94 with a score of 28.5 while India ranked 102 with a score of 30.3 in terms of severity of hunger, according to the GHI report 2019, available on its website. The country with the severest problem of hunger at rank 117 of the index is the Central African Republic. The GHI calculates the levels of hunger and under nutrition worldwide. The four indicators for the index are undernourishment, child stunting, child wasting and child mortality. Concern Worldwide and WeltAccording to the report, India’s GHI indicator values have an outsized impact on the indicator values for the South Asian region. Hungerhilfe jointly publish the GHI report every year to comprehensively measure and track hunger at the global, regional, and country levels and trigger action to reduce hunger around the world.
BSC generates Highest Turnover
Ten most traded companies captured 32 per cent transactions on the prime bourse on Wednesday, with the Bangladesh Shipping Corporation [BSC] generating the highest turnover. Market insiders said investors were active on BSC shares throughout the session following its corporate declarations. The state-run company has recommended 10 per cent cash dividend for the year ended on June 30, 2019, said an official disclosure on Wednesday. According to the Dhaka Stock Exchange [DSE] data, about 4.04 million shares of BSC were traded, generating a turnover of 214 million, which was 6.59 per cent of the day’s total turnover of Tk 3.24 billion. The company’s share closed at Tk 52 each on Wednesday, losing 1.52 per cent over the previous day. The company’s paid-up capital is Tk 1.52 billion and authorised capital is Tk 10 billion, while the total number of securities is 152.53 million.
ACC, BFIU team up to fight Money Laundering
The Anti-Corruption Commission [ACC] will work closely with the Bangladesh Financial Intelligence Unit [BFIU] to check money laundering and bring back the money siphoned off abroad. The two organizations signed a memorandum of understanding [MoU] in this regard at the ACC headquarters in the city on Wednesday, according to an ACC press release. As per the MoU, they will exchange information to combat money laundering. The conviction rate in money laundering cases, conducted by the ACC, is 100 per cent though the number of cases is quite low, according to ACC secretary Muhammad Dilwar Bakht.
Experts urge Govt Agencies to update info on Websites
Speakers at a workshop on Wednesday said global indexes, prepared by different international organizations, often do not reflect Bangladesh’s actual position mainly due to unavailability of latest data. Keeping this in view, they suggested updating websites of the government and other allied agencies with latest development-related data, so that they are properly mirrored in the indexes. However, improving business environment, ensuring good governance, and free flow of information are crucial for enhancing the country’s image abroad. The observations at a national workshop, jointly organized by the Bangladesh Bureau of Statistics [BBS] and the Access to information [A2i] programme. According to M A Mannan, patriots always want to enhance the country’s image among other nations, but the improvement of Bangladesh is not truly reflected in many indexes. Various achievements of the country are not duly presented. As a result, our position is not properly reflected in different indexes.
Bangladesh can be Source of Muslim-Friendly Tourism: State Minister
According to State Minister for Civil Aviation and Tourism M Mahbub Ali,Muslim-friendly environment across the Bangladesh can be a great source to meet the growing demand of Muslim travelers, reports BSS. Muslim-friendly tourism is the potential segment for Bangladesh to attract tourists from the Muslim countries as well as non-Muslim countries. Bangladesh Tourism Board [BTB] and Statistical, Economic and Social Research and Training Centre for Islamic Countries [SESRIC], an organ of the Organization of Islamic Cooperation [OIC] organized the seminar, styled ‘Muslim-friendly Tourism’. Noting that Bangladesh is the fourth largest Muslim populated country in the world. There are mentionable numbers of mosques, monuments, Islamic archaeological sites and shrine scattered across the country while nearly five millions of Muslims from around the globe congregate in the country during the ‘Bishwa Ijtema’. Dhaka is known as the ‘City of Mosque’. This city is full of many heritage of Islam as well as all major religion of the world. Dhaka was chosen as the ‘City of Tourism for 2019’ by the tourism ministers of the OIC member states at the closing session of the 10th Islamic Conference of Tourism Ministers [ICTM] that was held last year in Dhaka. With a market potential of more than 50 Muslim countries and no less than 1.6 billion Muslims, tremendous opportunities await those who are willing to meet the demands for Muslim-friendly tourism products and services.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||4781.62920||↓ 40.01||↓ 0.82%|
|↓ 22.82||↓ 0.08% |
|FTSE100||7,167.95 ||↓ 43.69 ||↓ 0.61%|
|Nikkei 225||22,545.74 || ↑ 338.53 ||↑ 1.52%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 52.87 ||↓ 0.49 ||↓ 0.92%|
|Crude Oil (Brent)||$ 58.96 ||↓ 0.46 ||↓ 0.77%|
|Gold Spot|| $ 1,488.57 ||↓ 1.56 ||↓ 0.10% |
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.0447|
|GBP 1||BDT 106.160|
|EUR 1||BDT 91.7535|
|INR 1||BDT 1.16342|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<