TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
Rate last updated: 02/01/2014 11:15:04 AM
Owners of private banks have put pressure on the government for amendment to the Bank Company Act 2013 within three years after it came into force in August 2013, officials said. They said Bangladesh Association of Banks on Sunday placed eight-point demands including cancellation of the mandatory provision of seeking Bangladesh Bank approval for appointment of director during a meeting with finance minister AMA Muhith at the secretariat. Led by BAB chairman Nazrul Islam Mazumder, the association also demanded that sponsor directors should be allowed to remain as directors for more than two terms or six years. The BAB raised objection to the family definition for inclusion of directors from sponsor family under the Bank Company Act 2013. BAB’s other demands include exemption of tax on provision of unclassified investment, waiver of tax in case of transfer of banks shares to legal heirs and considering Zakat and Corporate Social Responsibility expenses as allowable deduction in the income tax. The private bank owners also demanded that they should be exempted from the responsibility of contributing to the workers’ welfare fund. They said this would create huge financial burden on the bank operators.
Source:
http://www.newagebd.net/article/1774/bab-puts-pressure-for-scrapping-limit-on-bank-directors-tenure
http://www.thedailystar.net/business/muhith-hints-raising-bank-directors-tenure-1306720
http://www.dhakatribune.com/business/banks/2016/10/30/muhith-pvt-banks-directors-tenure-can-10-12-years/
The government has taken a move to revise the savings rules in the wake of complexities resulted from unauthorized investment of gratuity fund in the government savings instruments by a number of banks, financial institutions and private firms. The Internal Resources Division of the finance ministry on October 2 formed a committee which will suggest the government how it should operate the savings tools smoothly and in a realistic way and resolve the complexities already arisen after scrutinizing the existing rules, IRD officials said. They said that the committee comprising representatives from the National Savings Directorate, Finance Division, IRD, National Board of Revenue and Postal Department would give a report within a month on this regard. A committee member on Thursday told New Age that they would scrutinize the existing savings rules, government’s current policy and demand of investors, review the scope for encashment of gratuity fund already invested by different firms in savings certificates and scrutinize the future investment scope of the funds.
Bangladesh Bank is yet to find any convenient way to bring home a part, $15.25 million, of the $81 million stolen reserves now in custody of the Filipino central bank even after a local court decided in Dhaka’s favour on September 19. In the verdict 40 days ago, the Filipino central bank was also directed by the regional trial court to initiate a move to give back the money to the owner. BB insiders cited three reasons that retarded repatriation of the money—no banking network between Bangladesh and the Philippines, no branch of Dhaka’s exchange house there and high cost of remittance from Manila. “Bangladesh Bank and the Filipino central bank are in touch and finding a convenient way for repatriation of $15.25 million. Hopefully, it may be done by next month.” According to the sources, “It needs verification of currency notes and further counting and then taking to the office of a transfer-executing agency—bank or exchange house. However, all issues are in talks with Filipino central bank.”Anti-Money Laundering Council of the Philippines will mediate the transfer.
Source: http://daily-sun.com/printversion/details/179575/No-progress-in-bringing-back-15m
The National Board of Revenue (NBR) has recently turned down a plea from the Bangladesh Petroleum Corporation (BPC) on adjustment of arrear VAT against its refund claim. The BPC owes BDT 20.2 billion in arrear Value Added Tax (VAT) to NBR. It has now requested the NBR to adjust the VAT arrear against the refund claim with BDT 31.5 billion on account of duty and VAT collected during the import of furnace oil earlier. The revenue board has found no legal provision that allows it to offer the corporation the refund of the paid customs duty and VAT on furnace-oil imports for power production. “The NBR will have to issue a Statutory Regulatory Order (SRO) for the corporation to offer it the facility. But it cannot be on retrospective basis,” said a senior VAT official. There is no possibility of getting refund of the claimed amount of VAT, he added. The NBR had sent to the minister a summary explaining the situation. The finance minister shook his head in disapproval of the BPC claim. As such, the NBR stuck to its position to realise the defaulted amount of BDT 20.2 billion as VAT at local stage from the corporation within the shortest possible time, officials said.
Source: http://print.thefinancialexpress-bd.com/2016/10/31/155454
The apex trade body of the apparel sector also decided to inform the Commerce Ministry about the Accord and Alliance initiatives taken to improve safety standard in the clothing industry that conflicts with the country’s laws. The BGMEA has taken the decision at its board meeting held yesterday. In the meeting, they broadly discussed how it could maintain safety standard in the apparel industry through an internally acceptable mechanism after the expiry of Accord and Alliance inspection by the end of June 2018. “The board has formed a committee headed by Shafiul Islam Mohiuddin, a former BGMEA president, to prepare guidelines for a new platform to oversee the safety assessment following the end of Accord and Alliance inspection,” BGMEA vice-president Mahmud Hasan Khan Babu told the Dhaka tribune. The committee includes BGMEA Vice-President Mahmud Hasan Khan Babu, its Director Miran Ali, Managing Director of Mohammadi Group Rubana Huq and Asif Ibrahim, chairman of Business Initiative Leading Development, will be in the committee. It will work on how the sector can work after the end of safety assessment by the global retailers platform and whom to include in the process, said Babu.
Source:
http://www.dhakatribune.com/business/2016/10/30/body-formed-oversee-post-accord-alliance-safety-inspection-work/
http://www.newagebd.net/article/1733/bgmea-to-inform-govt-of-accord-alliance-activities-beyond-laws
By government accounts, four foreign-backed cellphone operators owe USD 500.0 million to Bangladesh in unpaid taxes. By the companies’ accounts, the figure is closer to USD 50.0 million – if it isn’t zero, reports AP. As the legal row drags into its fourth year without resolution, telecommunications analysts warn it is putting pressure on the industry that is Bangladesh’s single largest source of revenue, providing USD 1.43 billion in tax revenues in 2015. Government regulators say the companies broke the law by selling old SIM cards without properly notifying regulators, and then failed to pay taxes on those sales from July 2009 and December 2011. They also allege the companies concealed customer information to obscure the issue, according to government legal documents on the case.
Source: http://print.thefinancialexpress-bd.com/2016/10/31/155461
The Bangladesh Telecommunication Regulatory Commission on Sunday slapped a fine of BDT 300.0 million on leading mobile operator Grameenphone for violating telecom rules by providing internet services under its ‘Go Broadband’ brand. BTRC officials said GP violated its license condition by providing internet connectivity to 551 branches of state-run Sonali Bank through its own fibre transmission. A senior BTRC official said the amount of the fine (BDT 300 million) was estimated by taking account the revenue GP earned through its GO Broadband operation. ‘But the amount is only the GP’s earnings from the service and it doesn’t reflect the gravity of the GP’s misdeed,’ he said. He, however, said that even there were tremendous ‘internal’ and ‘external’ pressures for cutting the amount. Officials said GP signed an agreement with Sonali Bank in December 2014 to establish last-mile connectivity for the bank through a fibre optic. According to the BTRC rules, only the Nationwide Telecommunication Transmission Network operators are allowed to provide internet services through own fibre transmission.
Source:
http://www.newagebd.net/article/1773/gp-fined-tk-30cr-for-illegal-broadband-service
http://www.newagebd.net/article/1773/gp-fined-tk-30cr-for-illegal-broadband-service
By government accounts, four foreign-backed cellphone operators owe $500 million to Bangladesh in unpaid taxes. By the companies’ accounts, the figure is closer to $50 million – if it isn’t zero. As the legal row drags into its fourth year without resolution, telecommunications analysts warn it is putting pressure on the industry that is Bangladesh’s single largest source of revenue, providing $1.43 billion in tax revenues in 2015. Government regulators say the companies broke the law by selling old SIM cards without properly notifying regulators, and then failed to pay taxes on those sales from July 2009 and December 2011. They also allege the companies concealed customer information to obscure the issue, according to government legal documents on the case.
Source: http://www.thefinancialexpress-bd.com/2016/10/31/51333/Four-telecoms-caught-up-in-$500m-tax-row
The licence cancelation issue of mobile phone operator Citycell has now been placed before the prime minister, after the telecom regulator sent its recommendation to the telecom division for approval. Bangladesh Telecommuni-cation Regulatory Commission sought permission from the government to cancel Citycell’s licence, as the company did not clear its dues worth Tk 477.69 crore. Senior officials of the telecom division said they sent the file to the Prime Minister’s Office and will ensure that Prime Minister Sheikh Hasina, who is also in charge of the telecom ministry, gives a decision as soon as possible. “We are addressing the licence cancelation issue according to procedures, and taking the prime minister’s approval is a part of that,” said Md Faizur Rahman Chowdhury, the telecom secretary.
Source: http://www.thedailystar.net/business/telecom/citycell-licence-cancellation-awaits-pms-nod-1306810
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