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Tax-to-GDP ratio is very low in Bangladesh: IMF

The International Monetary Fund (IMF) has said that further efforts are needed in Bangladesh to raise on a permanent basis the ratio of tax to gross domestic product (GDP), with particular importance placed on the introduction of a value-added tax (VAT). Bangladesh's tax-to-GDP ratio is very low, even when compared to other low-income countries, and should be raised in order to create fiscal space for increased priority spending, the IMF said. IMFThe government should focus on implementing the new VAT and strengthening revenue administration, the Fun...

BASIC chairman quits after Tk 4500cr graft allegation

Shortly after chairman of BASIC Bank Sheikh Abdul Hye Bacchu resigned from his post following allegations of financial irregularities involving Tk 4,500 crore in the state-owned bank, the finance minister today said he would face action if found guilty. Talking to reporters at his Secretariat office this morning, Minister AMA Muhith disclosed that Bacchu went to his residence and tendered his resignation letter to him yesterday. However, the ground Bacchu cited for his resignation could not be known immediately. Bangladesh Bank investigations have detected massive financial irregularities involving around Tk 4,500 crore in its three branches 2009 and 2013.

Remittance in negative growth after 13 years

The remittance inflow into the country has registered a negative growth in the just concluded 2013-14 fiscal after 13 years of its positive trend, according to data released by the central bank on Thursday. Bangladesh received nearly $14.23 billion in remittance in 2013-14, down slightly by 1.61 percent compared to over $14.46 billion a year ago, according to provisional data from the Bangladesh Bank (BB). remittanceLast time, inward remittances declined in 2000-01.Remittances from millions of citizens abroad are critical for the South ...

Bangladesh must do more to win back GSP benefit: US

Bangladesh has to do more to improve factory conditions and workers rights in order to have U.S. trade benefits restored, the U.S. Trade Representative's office said on Wednesday. President Barack Obama revoked longtime trade benefits for Bangladesh a year ago, after a garment factory collapse and a factory fire killed more than 1,200 people and gave the country a checklist of things to improve. GSPA progress review found that Bangladesh registered new unions in the garment sector, dropped criminal charges against labor activists and was cooperating with priva...

UTT imports bangladeshi microfinance expertise

LOCAL microfinance personnel affiliated to Unit Trust of Tanzania (UTT) are undergoing a week long training on how to provide services to the majority un-bankable rural folks with Bangladesh experience. Touted as a model in having microfinance institutions (MFIs) serve the majority rural farmers who have been denied banking services by commercial banks, Bangladesh has managed to use the institutions to reduce poverty from 50 per cent in 1990s to less than 25 per cent currently. Bangladesh-Microloans-group

75pc remittance eludes productive sectors

Only 25 percent of the remittance-receiving households invest in productive sectors after paying for livelihood necessities, while others do not, the statistical agency said in a survey yesterday. Remittance receivers spend 39 percent of funds on food and non-food items, according to the survey by Bangladesh Bureau of Statistics, reports The Daily Star. BBS surveyed 9,961 households between January 2013 and June 2014. remittanceThe main purpose of the survey is to identify the different uses of inward remittance, said Dilder Hossain,...
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