Owners of local steel industries on Wednesday demanded increase of tax on the import of billet and withdrawal of tax from the import of chemicals in the upcoming national budget for fiscal 2014-15 to protect the local industries. They also…
Category: Economy
World Bank to help Bangladesh on VAT
by Mary Swire, Tax-News.com, Hong Kong The World Bank Board has approved USD60m in interest-free credit to modernize the administration of Bangladesh’s value-added tax regime and to boost the tax take. The VAT Improvement Program Project will introduce automation, including…
Boro harvest continues in northern region
Harvest of Boro paddy has been continuing in full swing in the northern region of the country with an excellent yield rate.
Muhith finds existing planning process impractical
Terming the existing planning process too impractical, Finance Minister AMA Muhith on Monday stressed the need for a new planning process to have better development outcomes. “The way projects are prepared now following PEC and Ecnec is much impractical…project proforma…
Mango output likely to suffer setback in Rajshahi, C’nawabganj
Mango production is likely to suffer a setback in Rajshahi and Chapainawabgonj districts, famous for mango production, this year as immature mangoes are falling off trees due to a drought like situation which has been prevailing in the region for…
No whitening black money in next budget: Muhith
The next budget will have no provision to legalise black money, says Finance Minister Abul Maal Abdul Muhith. “There will be no more chance for converting black money into white,” the finance minister said, while addressing the 35th meeting of…
Online VAT payment from 2015: NBR
A new online value added tax (VAT) system will be introduced with the National Board of Revenue (NBR) from mid of next year (2015) to facilitate the online payment of the duties. According to official sources, the NBR has already…
JICA plans to invest $1.2 billion in Bangladesh in next fiscal
Japan International Cooperation Agency (JICA) will invest around $ 1.20 billion in power and other priority sectors in Bangladesh during the next fiscal year. JICA chief representative Bangladesh office Mikio Hataeda stated this during a meeting with Planning Minister AHM…
Bumper output, fair price make wheat farmers happy
Super bumper output and excellent market price of wheat have made the farmers are happy in northern districts this season, officials, farmers and market sources said.
Money Laundering: ACC signs MoU with FIU
A Memorandum of Understanding (MoU) was signed on Sunday with a view to increasing scopes of cooperation between the Anti Corruption Commission (ACC) and the Bangladesh Financial Intelligence Unit (BFIU) for dealing with money laundering and other financial crimes.
Rights bodies accuse govt of favoring multinationals
Fifteen civil society organisations promoting human rights on Saturday accused the government of favoring multinational companies (MNCs) with tax rules. They also demanded stopping further extension of value added tax (VAT) net as planned for the upcoming budget as it…
US investment firm in Bangladesh opens Sunday
Tau Investment Management, a New York-based growth equity firm, which is committed to investing US$1 billion in transforming global supply chains, will make its official launch here on Sunday. Over the next three years, Tau will first target textile and…
Latif Siddique acknowledges need to update telecom policy
Telecommunications and Information Technology Minister Abdul Latif Siddique on Wednesday has said that the outdated telecom policy, which was enacted 18 years ago, will be brought in line to implement ‘Digital Bangladesh’. “We have to overcome the loopholes regarding information…
Germany seeks AL-BNP dialogue for funds
Germany needs a “positive signal” that dialogue between the Awami League and the BNP will resume for an end to political bickering as it is in the process of “negotiating” annual funds for Bangladesh. “For us it is very important…
265 luxury cars roam about ‘untaxed’
The National Board of Revenue (NBR) has found 265 luxurious cars like Mercedes, BMW and Land Rover roaming in the streets untaxed. NBR Chairman Md Ghulam Hussain revealed the information on Sunday at a pre-budget discussion between the finance minister…
Dev plans should be based on public interests: PM
Criticising the mindset of ministers and MPs in undertaking development programmes prioritising their respective areas or homes, Prime Minister Sheikh Hasina said development plans should be taken considering the highest benefit of the common people at the low cost. “Ministers,…
ADB to provide $ 250 mn for Dhaka Water Supply Project
The Asian development Bank (ADB) will provide $ 250 million to Bangladesh for ‘Dhaka Environmentally Sustainable Water Supply’ to increase supply of surface water in the capital. Economic Relations Division (ERD) secretary Md Mejbahuddin and ADB new country director Kazuhiko…
Kazuhiko Higuchi new ADB country-director
The Asian Development Bank (ADB) has appointed Japanese national Kazuhiko Higuchi as the new Country Director for its Bangladesh resident mission. Mr. Higuchi succeeds M. Teresa Kho, who moved to become the Country Director for ADB’s resident mission in New…
Foreign exchange reserves now $20 billion
Bangladesh’s foreign exchange reserves have reached yet another milestone by crossing $20 billion-mark, due mainly to buoyant remittance flow and declining import, the central bank officials say. Bangladesh Bank’s Forex Reserve and Treasury Management Department General Manager Kazi Sayedur Rahman…
WB forecasts 5.4pc GDP growth in current fiscal
Bangladesh’s GDP growth in the current fiscal year will stand at around 5.4 percent due to political turmoil it suffered, the World Bank forecast on Wednesday saying it is not bad if achieved finally. The political turmoil in the last…
Tk 6.26 cr Aus farming incentives for northern districts
Distribution of Taka 6.26 crore as special incentives among the farmers of 11 northern districts continues in full swing for enhancing Aus cultivation during this season, official sources said today.
Muhith rules out change in the final revised ADP
Finance Minister AMA Muhith on Tuesday denied a news report that the government added Tk. 3,210 crore to the Revised Annual Development Programme for current fiscal year 2013-14. He said the revised outlay in the ADP remains unchanged at TK…
ADB to provide $110m for pvt sector infrastructure projects
The Asian Development Bank (ADB) and the government of Bangladesh on Sunday signed an agreement for US$110 million in loans to support the country’s private sector infrastructure projects including in renewable energy.
Sufficient budget allocation for BADC ugred
Speakers at a seminar on Sunday urged the government to take steps for allocating sufficient fund for BADC in the next budget in a bid to ensure farmers’ rights.
Inflation soars to 7.48pc in March: BBS
The general point-to-point inflation rate slightly rose to 7.48 per cent in March from 7.44 per cent in February 2014 compared to 7.71 per cent in March 2013. The food inflation also marked a slight rise in March to 8.96…
Development is blind without participation: experts
Eminent professionals and members of the Institute of Informatics and Development (IID) at a meeting on Saturday observed that public policy without evidence and participation can make journey towards blind development. They made the observation while addressing the annual general…
Budget to be 3 times bigger under current regime: Muhith
Finance Minister AMA Muhith on Friday said the size of the national budget will be increased by three times during the present tenure compared to that during the last BNP-led alliance government. Speaking at a discussion after laying the foundation…
Kamal gains at Muhith’s expense -Tk 600bn revisedd ADP approved
The planning ministry has got what it wanted for its Revised Annual Development Programme (RADP) despite a row with the finance minister. It had sought Tk 605.82 billion for its RADP but the finance ministry was in no mood to…
US$74b needed by 2020 to bridge infrastructure gap: WB
Bangladesh will need minimum US$ 74 billion of investment to bridge infrastructure gap by 2020 to remove poverty, says a new World Bank report. The report estimates that a total of US$ 74-100 billion is needed to develop infrastructure in…
New pay scale announcement in next fiscal year: PM
Prime Minister and Leader of the House Sheikh Hasina on Wednesday told Parliament that the government would be able to announce new pay scale for government employees in the next fiscal. She said this while replying to a question from…