Summary Due to several interrelated variables, including increase in imports, increase in international travels, moderate exports and a decline in remittances, the value of US dollar is rising high in Bangladesh which may put an inflationary pressure on Bangladesh. Content The exchange rate of dollar has suggested the current state of the economy. The US dollar rate was in a stagnant state.... Read More
With the deposit of the instrument of ratification at the UN Headquarters in New York, Kazakhstan becomes the tenth State Party to the United Nations Convention on International Settlement Agreements Resulting from Mediation, also known as the "Singapore Convention on Mediation". The ratification by Kazakhstan was effected on 23 May 2022 and the Convention will enter into force for... Read More
Summary: China deposited a declaration of extension of the territorial application of the United Nations Convention on Contracts for the International Sale of Goods (CISG) to Hong Kong, Special Administrative Region of China (“the HKSAR”) on 5 May 2022. Content: CISG applicable to Hong Kong SAR as of 1 December 2022 The territorial application will take effect on 1 December 2022 according to... Read More
Summary: Turkmenistan has acceded to both the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (also commonly known as the “New York Convention”) and the United Nations Convention on Contracts for the International Sale of Goods (the “CISG”). Content: The New York Convention With its accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, effected on 4... Read More
SUMMARY: Bangladesh to embark on the long-anticipated universal pension scheme within 6 months to 1 year which will be open to all save the public servants. The government chalks out to launch the universal pension scheme in order to maintain its pledge of providing a safe and sound life to senior figures, particularly after the age of 60 which is... Read More
We are pleased to share the news that the Council of Shenzhen Court of International Arbitration (SCIA) has engaged our esteemed Head of Chambers, Mohammed Forrukh Rahman, as an arbitrator of SCIA and included him in the SCIA Panel of Arbitrators with a term of three years from 21 February 2022 to 20 February 2025. SCIA is the first... Read More
Summary: Four private business entities have received permission from Bangladesh Bank to invest $10 million in foreign countries which will be a leading step towards worldwide marketing of local products. Content: Among the permitted companies are- Square Pharmaceuticals, Renata Pharmaceuticals Ltd, BSRM Group and Columbia Garments. Square Pharmaceuticals Limited is a subsidiary of Square Group which will invest $1 million in the Philippines.... Read More
The four pillars of Digital Bangladesh are Human Resource Development, Connecting Citizens, Digital Government, and Promotion of ICT Industry. The third pillar involves the construction of digital portals & providing e-Services etc. The fourth pillar involves providing several IT services –financial services, call centers, healthcare, etc involving the management of large amounts of data. Information Technology is now an integral part... Read More
Taxation In the current financial year, the corporate tax rate structure has not been changed except that the tax for Non-Publicly Traded Companies is reduced by 2.5 percent and fixed at 32.5%. Some new industries are brought under the umbrella of tax exemption. Pension and gratuity payments to approved funds are made eligible for exclusion/deduction from the total income of... Read More
Summary : The government approved a proposal to buy another 33.60 lakh MMBtus of LNG from the spot market on 21st of April, 2021. This is the sixth time the government would buy the fuel from the spot market. Vitol Asia Pte of Singapore will supply the fuel. Each MMBtu (Metric Million British thermal units) will cost USD8.012.The cabinet committee on purchase yesterday... Read More
