Summary: Parliament passed some much-debated provisions regarding the Finance Bill 2022, to grant legal cover to a new national budget which should have been more welfare-oriented in the crisis time than growth-centric. Content: In the new fiscal measures the amnesty for whitening offshore movable assets and a cap of Tk 3.6 million as the allowable limit for cash transactions for corporate taxpayers. Whereas,... Read More
Summary: In order for signing FTAs (free trade agreements) so as to perpetuate duty-free market access to Bangladeshi products, the government is giving consideration to seven countries and two blocs as prospective partners. Content: On Sunday, the commerce ministry broadcasted a time-based action scheme on favorable market access and trade agreement with the intent to come across the obstacles of least... Read More
Summary: The government plans to put third parties under the Registrar of Joint Stock Companies and Firms (RJSC) Monitoring third-party participation in the registration process will help to prevent excessive fees from being charged and lower the cost of doing business, officials say. Officials stated the MoC recently abandoned its plan to adjust the Office of Chief Controller of Imports... Read More
Summary: Bangladesh's top court has ruled that the Arbitration Act does not apply in cases where the arbitration is held in a foreign country. Accom Travels and Tours Ltd sued Oman Air for Tk 780 million after its agreements with the airline were canceled by the airline. Further proceedings in the matter are now delayed until the parties' disagreement is... Read More
SUMMARY: The commerce ministry will be ameliorating the companies act this year in an effort to make it absolute and time-befitting. Tapan Kanti Ghosh, senior secretary to the commerce ministry, expressed that the former companies act had a deficiency in it as it prevented all the stakeholders from arriving at solidarity. He added that they are anticipating that the adapted act... Read More
Summary: The International Oil Corporations involved in mineral oil and gas exploration, extraction and production under the product sharing contract with Petrobangla will now be enjoying Vat exemption under specific conditions. Content: The Bangladesh government is trying to facilitate International trade and Foreign Investment in Bangladesh. For this reason, International oil corporations (IOCs) operating in Bangladesh have been given VAT waivers once... Read More
Summary: Eligible Bkash customers with no actual bank account can now procure easy-terms loans with bkash app and repay with 9% annual interest under the new initiative of the City Bank. Content: BKash customers, who are eligible, can now utilise the bKash app to request for a loan ranging from Tk 500 to Tk 20,000, will receive the loan instantaneously. After that, they... Read More
Summary: Due to the incurred loss of Salek Textile Limited, the Parent Company Malek Spinning is selling its denim unit’s assets to pay off the liabilities. Content: Malek Spinning Mills Limited, a New Asia Group company, has decided to close the denim bottoms production unit of its subsidiary company, Salek Textile Limited, due to business instability since the unit's inception. As a subsidiary... Read More
Summary: The verdict of the Competition Commission not being enough to handle the issue needs further actions from the government to form a body on transport management and fixing fares. Content: The surge in charges for transportation of goods at seaports under a ‘monopoly' in lighter-vessel operations, according to a case trial, is a major cause of excessive costs that customers have... Read More
We congratulate our client, Dr. Saiful Khandaker, a financial technology (Fintech) pioneer, for launching a company on the NASDAQ Stock Exchange as the first Bangladeshi. He is the founder and CEO of Fintech Ecosystem Development Corporation, a Special Purpose Acquisition Company (SPAC) that went public on October 19, 2021. The company is listed on NASDAQ (symbol: FEXDU) and is funded by... Read More
