14Sep
02Jun
Plan to restructure source tax rates to aid manufacturers, traders
Summary To give manufacturers and retailers some breathing room, the government is expected to lower the rates of tax deduction at source on the supply of raw materials to manufacturers and completed goods to shops in the upcoming fiscal year. Officials from the finance ministry who...
01Jun
Stocks regulator moves for strictly monitoring AGMs, EGMs
Summary: The Bangladesh Securities and Exchange Commission (BSEC), which oversees the stock market, has taken the lead in establishing a pool of impartial service providers to oversee and closely monitor general meetings, including extraordinary general meetings (EGMs) and annual general meetings (AGMs). The BSEC now requests...
01Jun
China filed a Complaint at the World Trade Organization over the U.S.’s Inflation Reduction Act, saying it was discriminatory and distorted fair competition.
Summary: China complained against the U.S. Inflation Reduction Act to the World Trade Organization, claiming it was unfair and obstructed fair competition. President Biden signed the Inflation Reduction Act into law in August 2022. As a result, starting in 2024, American consumers who purchase automobiles with...
01Jun
Exim-Padma Bank merger to take at least 18 months
Summary: The planned merger of Padma Bank and Exim Bank is expected to take 18 months to 2.5 years, according to central bank authorities. The banks must submit a formal application to the Bangladesh Bank, supporting documentation, and a copy of the merger plan. The merger...
05Mar
BSEC grants extension to 13 companies for ensuring regulatory compliance of 30% shareholder requirement
Summary: The Bangladesh Securities and Exchange Commission (BSEC) directed listed firms to ensure 30% shareholding by sponsors and directors. Non-compliant firms, including Active Fine Chemicals and Central Pharmaceuticals, face scrutiny. The commission appointed independent directors to six firms and granted a year for 13 others to...
05Mar
BB states that weak banks are likely to experience mergers and acquisitions.
Summary: It has been 52 years since a bank in Bangladesh has closed and the assurance is that none will close soon. However, weaker banks that are facing problems may consider mergers and acquisitions (M&A) to strengthen their capital base, as per the Bangladesh Bank. The...
05Mar
Extension granted until 2029 to enjoy duty-free as WTO member amidst challenges
Summary: At the 13th WTO Ministerial Conference in Abu Dhabi, Bangladesh successfully negotiated a three-year extension of duty-free market access following its graduation to a developing nation in 2026. Supported by 166 WTO members, this extension ensures continued access to LDC-specific technical assistance and capacity-building programs....
05Mar
Tightening of the Appointment & Dismissal rules of bank’s MDs
Summary The new regulations mandate banking managing directors or CEOs to have 20 years of experience, aged 45-65, with a three-year tenure, requiring Bangladesh Bank approval for appointments. To ensure governance and depositor protection, candidates are interviewed by central banks and then assessed by a committee....
05Mar