Summary: For the first time, BSEC permitted non-governmental organizations (NGOs) are out in the market to raise funds by issuing bonds. These NGOs are renowned microfinance institution-BRAC, Buro Bangladesh and Sajida Foundation. Content: The three leading NGOs in the country applied altogether for 16.5 bn by issuing bonds last month. These NGO microfinance companies are funded by donor support in the form... Read More
Summary: Bangladesh Securities Zone and Exchange Commission has urged 26 Insurance companies to get enlisted in the capital market among which 21 companies are still pending to be enlisted. Despite providing exemptions from the barriers of the security rules, there are certain conditions that the companies must comply with to be enlisted in the capital market. Content: The idea of capital market... Read More
Summary: The government is looking to increase dependency on the country's products by encouraging manufacturing. To help the entrepreneurs, the Finance Minister would announce the tax and Vat waiver in the June budget session. Content: It’s all on the probabilities. The vat exemption may be stretched for electronic goods which included cellphones, refrigerators, AC, fridges, TV and automobile industry. At the same... Read More
Summary: Bangladesh achieved an economic landmark last week when the United Nations Committee for Development Policy (CDP) recommended that the country graduate from the least-developed-country categorization that it held for the 50 years since its independence. Consequently, the Wall Street Journal (WSJ) has admired Bangladesh for the continuous economic strides it has made in recent years. It said that Bangladesh... Read More
The government has fixed Tk 7,100 as minimum monthly wages for the workers of the country's leather goods and footwear sector. The ministry of labour and employment issued a gazette notification in this regard on September 08, nearly a year after the wage board was formed to review the same in September last year. The government has for the first... Read More
[source: The Business Standard] The government is going to allow firms outside of the Export Processing Zone (EPZ) to pay their foreign employees in dollars. This has been a long-standing demand of companies and would make the revenue board better able to tax the foreigners. The approval will enable the export oriented non-EPZ companies to pay the foreign employees via... Read More
Facebook, the world's largest social media platform with around 2.4 billion users, has assured the government that it will comply with Bangladesh's tax and value added tax (VAT) laws while operating in the country. A team of officials representing Facebook pledged to conduct monthly meetings with the Bangladesh Telecommunication Regulatory Commission (BTRC) and other vested quarters to ensure transparency in... Read More
The central bank is likely to extend the ongoing moratorium on the payment of loan instalments by another three months to December as borrowers are still struggling to make a comeback from the coronavirus pandemic. The moratorium on bank loan payments was introduced in the middle of March after the pandemic arrived on the shores of the country and hammered... Read More
The National Board of Revenue has taken a move to finalise the draft of the new Income Tax Act-2020 by this month to expedite introduction of the new law. Officials said that the major objectives of the new law were to incorporate the international best practices, make the law understandable to taxpayers, simplify the procedures and narrow the scope of... Read More
Publicly listed Singer Bangladesh Ltd will merge with its non-listed subsidiary company, International Appliances Ltd, in order to curb costs by reducing corporate taxes. An official of Singer Bangladesh told The Business Standard that the merger will help reduce corporate taxes as non-listed companies must pay a 32.5 percent corporate tax, whereas listed ones only have to pay 25 percent. Publicly... Read More
