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Inflation soars amid political instability

Country’s inflation leaped to 6. 14 percent in February due to soaring food costs amid political instability the country has suffered since January, official figures showed Wednesday. According to data released by Bangladesh Bureau of Statistics (BBS), the inflation rate went up from January’s 6.04 percent to 6. 14 percent in February. inflationThe data showed that the country’s food prices grew 6.11 percent in February from 6.07 percent in January. A senior BBS official said food inflation soared last month due to “political instabil...

Single VAT rate from July: Muhith

Finance minister Abul Mal Abdul MuhithThe government is finally going to introduce a single rate of value added tax (VAT) from July 2016 replacing the existing multiple rates. Finance minister AMA Muhith said at a meeting to motivate the taxpayers at Diploma Engineers Institute in Dhaka on Wednesday. MuhithMultilateral agencies, particularly International Monetary Fund (IMF), have been pressing the government to keep a uniformed VAT rate – at 15 percent – despite the opposition from the businessmen who are demanding multiple rates. “Though b...

IMF Bangladesh forecast low

The Bangladesh economy will grow by about 6 percent, less than previously forecast, in the year to end-June if political violence persists, the International Monetary Fund said on Tuesday. IMFMore than 120 people have died since protests surged on Jan. 5, the first anniversary of contested national elections. Transport blockades and strikes, led by the main opposition party, the Bangladesh Nationalist Party, and aimed at toppling the government, have disrupted business in the impoverished South Asian nation of 160 million people. “The economy may gro...

NBR requests fin min to consider education cess

The National Board of Revenue has recommended that the finance ministry should consider imposition of three per cent special tax (cess) on income tax for spending in education sector in the upcoming budget for next fiscal year in line with the recently announced budget of India. The revenue board also recommended for increasing the tax-free limit of individual income and making mandatory transaction for buying and selling assets through banking channel, said finance ministry officials. nbr 222The NBR on Tuesday sent an observation report on n...

Industry report on mobile financial services released

The GSMA Mobile Money for the Unbanked (MMU) programme releases its 2014 State of the Industry Report on mobile financial services on Tuesday. Published annually, the report provides industry practitioners with insights into the important developments taking place in mobile money, mobile insurance, mobile savings and mobile credit. mobile moneyThe mobile financial services sector continued to expand in 2014, boosted by the creation of more enabling regulatory frameworks in several markets. With 255 mobile money services in operation a...

Beijing for spl committee to coordinate projects

China has suggested Bangladesh to set up a special high-level committee under the Prime Minister’s Office (PMO) for better coordination and facilitation of the various Chinese proposed projects in Bangladesh to support the country’s development needs, reports UNB. BD_CHINA“…some very important projects for our further cooperation are being negotiated positively at the moment,” said a letter sent to the PMO of Bangladesh by the Chinese embassy in Dhaka last month, of which a copy has been obtained by UNB. The projects are railway projects i...
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