Summary The Bangladesh Bank has made things easy for industrial imports by letting importers use a letter of agreement instead of a traditional letter of credit (LC). This directive intends to facilitate imports into designated economic zones, such as Export Processing Zones and Economic Zones. From the time being importers are allowed to secure short-term foreign loans to mitigate their... Read More
Summary: The current interim government of Bangladesh kick-started to join the Regional Comprehensive Economic Partnership (RCEP). The government is increasing its efforts to seek membership of RCEP despite the previous government's failure. An assessment by the Bangladesh Trade and Tariff Commission (BTTC) states that joining the RCEP block might boost Bangladesh's export rate to its member nations. Context: An agreement for... Read More
Summary: In the upcoming fiscal year, import duties on around 300 items might be combined in anticipation of Bangladesh becoming a middle-income nation, which requires tariff rationalization. Revenue Board officials have stated that the budget for the 2024–25 fiscal year will waive regulatory duties (RD) on 91 imports and supplementary duty (SD) on approximately 191 imports. Ten products may be... Read More
Summary: Trade between Bangladesh and the South Asian Association for Regional Cooperation (SAARC) members is decreasing, both in terms of imports and exports. A Bangladesh Bank report released on 2nd June 2024 states that the SAARC members' total export revenue dropped by nearly 1%, from USD 1.93 billion in FY22 to USD 1.91 billion in FY23. Exports to India and... Read More
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 are aware of the situation say that the rates for supplying raw materials will... Read More
For 53 years, Bangladesh's trade has been navigated by the compass of a dated Customs Act. However, 2023 ushered in a paradigm shift with the enactment of the new Customs Act-2023, promising smoother sailing for businesses and a revitalized trade landscape. Let's delve into the legal depths of this transformative law, charting its course through transparency, accountability, and efficiency. Floating... Read More
Bangladesh has set an ambitious goal of generating more than 4,100 megawatts of electricity from renewable energy sources by 2030 as the county looks to cut greenhouse gas emissions significantly. Bangladesh's renewable energy sector is experiencing a surge, driven by both environmental concerns and the rising cost of traditional fossil fuels. Solar and wind power are leading the charge, with... Read More
Summary The specialized unit for large taxpayers of the National Board of Revenue has recently advocated for alternative dispute resolution (ADR) as a means of resolving tax-related disputes for large corporations in the country. The unit has emphasized that opting for ADR can lead to a mutually beneficial outcome for all parties involved. By resorting to this mechanism, large corporations... Read More
Summary The government granted tax concessions of approximately Tk1 lakh crore on raw material imports under the bond facility in FY2022-23, resulting in a reduction worth $1.45 billion in the first quarter of the present financial year. During the first three months of the current fiscal year, the misuse of bond facilities, which offer import duty concessions for raw materials... Read More
Summary: The government is offering tax rebates on deposits for the Universal Pension Scheme to encourage investment. Content: An official from the National Pension Authority has confirmed that they have sent a letter to the National Board of Revenue (NBR) asking for appropriate action to be taken. It has been suggested that the board will issue an order relating to this matter... Read More
