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bangladesh

5pc VAT on e-commerce

Finance Minister AMA Muhith on Thursday suggested to impose VAT on e-commerce business as the platform rising popularity day by day. During his budget speech in the Parliament for fiscal 2018-19, Minister Muhith proposed to impose 5 per cent VAT on all e-commerce, muhith-3including those using Facebook for sales, reports UNB. However, he did not specify how the VAT to be imposed, but what he spoke of is a definition of ‘Virtual Business’ which will serve to the purpose of bringing e-commerce under VAT. “The use of inter...

Tk 4,64,573cr budget for FY19 setting 7.8pc growth target

Finance Minister Abul Maal Abdul Muhith today rolled out a Tk 4,64,573 crore national budget for fiscal year 2018-19 setting the GDP growth target at 7.8 percent and outlining a set of plans-strategies to build a prosperous, happy and peaceful country. “Our main objective of budget preparation is to alleviate poverty, reduce inequalities and bring basic and qualitative changes in people’s living standard. Regional parity, human resources development, infrastructure development as well as assuring quality of expenditure are focused in allocation of resources,” said the finance minister while placing the proposed budget

Accord, Alliance will not be extended: Commerce Minister

Commerce Minister Tofail Ahmed today said the government will not extend the staying period of Accord and Alliance after their tenures are expired. Staying period of Accord, a platform of mainly European retailers, ends today (May 31) while Tofael_ahmed_tenure of Alliance, another platform of North American brands, will come to an end in July 2018, reports BSS. “We’ll not extend their staying period in Bangladesh. After the end of their tenures, they will get six months to wrap up their operations,” said Tofail ...

7 mega projects to get Tk 29,675cr in FY19

Seven large projects are likely to get Taka 29,675 crore in the upcoming budget for financial year 2018-19 (FY19) for accelerating the implementation process of these ‘fast-track’ projects, reports BSS. “The government will allocate for the mega projects as per their demand. We want to implement the mega projects within the scheduled time for the benefits of the economy,” Finance Secretary Mohammad Muslim Chowdhury told BSS. The mega projects are Padma Multipurpose Bridge, Padma Bridge Rail link, Dohazari-Cox’s Mega Projects

New instructions for existing bank credit

Bangladesh Bank (BB) on Wednesday issued new instructions for banks to avoid the increasing trend of lending rate. “Banks can’t increase the rate of interest if the rate is fixed. In case of flexible, variable or bbfloating interest rate, banks can increase the rate once in a year,” said a BB circular issued Wednesday. For increasing the interest rate, the circular said, banks will have to issue notice to the borrowers at least three months ago. In case of term loans, banks can increase the lending rate by 0.50 percent each time. But,...

Bangladesh joins jute fair in Tokyo

A pavilion of Bangladesh was inaugurated today at Interior Life-style Fair at the Big Site of Tokyo in Japan to showcase Bangladeshi jute products. jute goodsChairman to the Parliamentary Standing Committee on Textiles and Jute Saber Hossain Chowdhury, Bangladesh Ambassador to Japan Rabab Fatima and Export Promotion Bureau Vice Chairman Bijoy Bhattachariya inaugurated the pavilion, reports BSS. A total of 10 jute business organizations are taking part in the fair where they are showcasing different items of jute produ...
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