Business

The country’s credit growth rate in the private sector increased slightly in April from the previous month but still remained very low as businesspeople continued with their wait-and-see policy because of ongoing political uncertainty. According to Bangladesh Bank data released on Thursday,

An eight-member delegation of Dhaka Stock Exchange left Dhaka for Kunming of China on Sunday to attend a two-day conference on establishing a ‘Pan Asia Stock Exchange’, a DSE news release said. The conference organised by BCIM [Bangladesh-China-India-Myanmar] Exchanges Forum of China-South Asia International Financial Opening Co-operation starts today.

Niaz Habib has been appointed as managing director of Dhaka Bank with effect from June 2. Prior to his new position, he worked as additional managing director of the bank, said a news release. Before joining Dhaka Bank, he worked for Premier Bank, AB Bank, United Commercial Bank, Eastern Bank and American Express Bank. Niaz started his career ... Read more

Finance Bill 2014 Auditors to face penalty for false reports The finance bill 2014 has proposed to impose penalty on any chartered accountant and cost and management accountant if he or she is found preparing false and incorrect audit report. National Board of Revenue officials said that the provision for penalty on auditors was included as ... Read more

Income Tax Under Self-Assessment System NBR not to audit if taxpayers show 20pc higher income The National Board of Revenue will not audit an income tax return submitted under the universal self assessment system if the taxpayer shows 20 per cent higher income than the previous year, officials said. On the other hand, the revenue board ... Read more

Priority INDUSTRIES Units to be set up by 2019 to get depreciation facility for machines Prioritised industries to be set up in the next five fiscal years in the country will enjoy accelerated depreciation allowance for machinery and plant from the date of their commercial production. According to the Finance Bill-2014 which the finance minister, Abul ... Read more

Reduction in corporate taxes only for non-listed cos unfair: DSE Dhaka stocks may witness a bumpy ride on Sunday (today) as the proposed budget slapped capital gain tax on investors and did not contain any stimulus for the ailing capital market, officials of the Dhaka and Chittagong stock exchanges predicted. ‘The capital gain tax is ... Read more

Proposed Budget For Fy15 Financing deficit from banks to hurt pvt sector loan: DCCI The Dhaka Chamber of Commerce and Industry on Saturday observed that the dependency on the bank borrowing to meet the deficit in the proposed budget for the next financial year 2014-2015 might reduce the credit flow to the private sector. In ... Read more

Gap Inc plans to produce apparel at factories in Myanmar, becoming the first major US apparel retailer to tap the country’s garment industry since Western sanctions were lifted two years ago, reports the World Street Journal. The San Francisco-based retailer said it has signed a sourcing deal with South Korean-owned factories in the country, producing outerwear

Dhaka stocks decreased last week after a week of gains as pre-budget tension kept investors watchful. Finance minister AMA Muhith on Thursday placed before parliament the proposed budget for the fiscal year 2014-2015. DSEX, the benchmark general index of Dhaka Stock Exchange, shed 0.77 per cent, or 33.93 points, to close at 4,396.54 points on

7.3pc GDP growth impossible unless pvt investment raised: experts Private investment hit a seven-year low at 21.40 per cent in the financial year 2013-14 due to ‘extreme economic mismanagement’ along with the recent political unrest, said experts. According to the latest Bangladesh Bureau of Statistics data, private investment as a proportion of gross domestic product decreased ... Read more

Cigarettes become costlier on increased duty proposal The prices of most of the kitchen items soared on the markets in the capital a day after the announcement of the proposed national budget for the next financial year 2014-15. The commodities including vegetables, broiler, beef and egg increased in the city’s retail market. The prices of different ... Read more

Proposed Budget For Fy15 Trade bodies observe financing, execution key challenges The country’s trade bodies observed that financing and implementation are two major challenges for the proposed budget for the fiscal year 2014-15. Metropolitan Chamber of Commerce and Industry in a statement said that as the government could not achieve revenue target for the current ... Read more

The contribution of the agriculture and forestry sector to the growth of the country’s gross domestic product declined further to 12.64 per cent in the outgoing financial year of 2013-14. According to the Bangladesh Economic Survey, contribution of agriculture and forestry to GDP growth has been declining for the last four years. The share of agriculture

Economists termed ‘unrealistic’ the 7.3-per cent GDP growth target the finance minister, AMA Muhith, on Thursday announced in the proposed budget for the fiscal year 2014-15 despite his failure to achieve growth targets set in the previous three budgets. Muhith in his speech for the proposed budget in

Tk 100 flat tax on SIM replacement proposed Finance minister Abul Maal Abdul Muhith has proposed 5 per cent increase in import duty of mobile handset and Tk 100 flat tax on SIM replacement in the 2014-15 national budget. The finance minister also proposed to reduce supplementary duty on SIM card to 15 per cent from ... Read more

Businesses stressed good governance for implementation as they welcomed the proposed budget for the next fiscal year 2014-2015 as the government announced a host of incentives for them. The finance minister, AMA Muhith, in his proposed budget virtually passed the tax burden to individual taxpayers from the businesses as he, for the first time,

Price slab, tax incidence on tobacco products up Finance minister AMA Muhith on Thursday proposed to introduce ‘environment protection surcharge’ or ‘green tax’ on ad-valorem basis on all kinds of products manufactured in the country by the industries which pollute the environment. Industrial development is needed but it cannot

Finance minister Abul Maal Abdul Muhith on Thursday proposed duty exemption on raw materials necessary for the manufacture of prefabricated buildings and all fire equipments to make the country’s garment factories compliant. He also proposed deduction of tax at source on cash incentive and duty waiver on some raw materials used in textile industry.

Muhith proposes corporate tax cut for non-listed cos Finance minister AMA Muhith on Thursday proposed to extend tax holiday to June 30, 2019 from the existing June 30, 2015 for the industrial and infrastructure sectors and to reduce corporate tax on non-listed companies to 35 per cent from 37.5 per cent. He also proposed to ... Read more