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
Summary : All the multinational enterprises across the globe in developing countries like Bangladesh are encouraged to offer the best possible conditions of work including working time. As our country depends on the export-oriented ready-made garments heavily for their export value and foreign currencies, the government has allowed additional two-hours overtime for six months during the pandemic situation. Although... Read More
Summary: The construction of the Korean EPZ Hi-Tech Park in Anwara Upazila of Chattogram began on 21st April, with the primary investment of $200m by Youngone corporation. In the coronavirus pandemic situation, the innovative ceremony was virtually attended by Zunaid Ahmed Palak, State Minister for ICT, and LEE Jang-Keun, ambassador of the Republic of Korea to Bangladesh, with the physical presence of... Read More
Summary Bangladesh government has allowed taking the facility of subcontractors like the Ready-Made Garments ("RMG") industry because some large industries are burdensome with a large number of export orders while the medium and small companies can not wield their resources. This facility along with the guidelines of 2019 can bring asymmetrical progress in the growth of economical development of Bangladesh.... Read More
Bangladesh Bank allowed shipping agents to charge a higher commission in the import of goods. However, the commission in the cases of export shipments is kept unchanged. The new commission will take effect from the 1st of April this year. The foreign exchange Policy Department of the central bank issued a circular to bring a number of changes in the... Read More
