Search results for: Economy

World Bank approves $200m to help Dhaka support urban poor, migrants

-- 2021-03-17 13:09:28

The World Bank has approved 200 million US dollars to help Bangladesh provide support and services to the low-income urban youth impacted by Covid-19 and the involuntary returnee migrant workers in or...

Two trade bodies seek cut in corporate tax rates

FE REPORT 2021-03-15 08:39:21

Plastic goods manufacturers and exporters on Sunday demanded the withdrawal of import duty, VAT, and supplementary duty on import of capital machinery and spare parts for the sector. They also urged...

Restaurant owners call for taxing all other eateries

FE REPORT 2021-03-15 08:29:01

Local restaurant owners on Sunday proposed the government to bring all eateries, including street foods vendors, under the tax net by slashing the VAT rate to 5.0 per cent. Currently, 40 per cent of...

Slow Gulf economic recovery to have long-lasting impact on banks

REUTERS 2021-03-14 14:11:54

Economic recovery from the coronavirus crisis in the oil-rich Gulf region will be slow, weighing on the region’s banking sector, S&P Global Ratings said. Gulf countries fell into a sharp re...

South Korea offers $700m credit to Bangladesh

MIR MOSTAFIZUR RAHAMAN 2021-03-14 09:51:15

South Korea has decided to extend US$700 million in concessional loans to Bangladesh under the Economic Development Cooperation Fund (EDCF). In this connection, the Korean Exim Bank has sent a letter...

Transport authority proposes tax on electric vehicles from next fiscal

DOULOT AKTER MALA 2021-03-14 09:26:20

The government is likely to bring electric vehicles (EVs) under the tax net in the budget for next fiscal year (FY) due to its growing popularities. Currently, the Bangladesh Road Transport Authority...

Economists suggest opening up post-graduation trade policies to get better deals

FE Report 2021-03-14 09:08:27

Economists at a webinar on Saturday stressed the need for opening up of the country's trade policies for getting preferential facilities in post-graduation period. With the existing protectionist pol...

Nine public sector banks hold 27pc assets, deposits in banking sector

UNB 2021-03-13 20:00:07

Nine public sector banks including three specialised banks still hold about 27 per cent of deposits and assets in the banking sector while 50 private commercial banks (PCB) including foreign ones hold...

African economies likely to grow 3.4pc this year, AfDB says

-- 2021-03-13 13:39:12

African economies are expected to grow by an average of 3.4 per cent this year, the African Development Bank said, as the continent recovers from its worst contraction in half a century. The 54 econo...

Bangladesh government moves on loans for left-out smaller firms

Ismail Hossain 2021-03-13 08:59:31

The government has started a move to include the small and medium enterprises, which have been left out of the benefit of the government's Covid-19 stimulus for the CMSME sector, in a database to help...

UK economy shrank by less than feared in January

REUTERS 2021-03-12 14:30:07

Britain’s economy shrank by less than feared in January as the country went back into a coronavirus lockdown, official data showed, but trade with the European Union was hit hard at the start of...

Bangladesh aims to raise productivity rate to face global competition

TALHA BIN HABIB 2021-03-12 13:09:10

The government has prepared a master plan to increase the country's productivity rate in a bid to face the competitive global market, an official said. Under the move, the Ministry of Industries (MoI...

Axe falls on Bangladesh budget following revenue slump

DOULOT AKTER MALA 2021-03-12 11:19:33

The government has downsized the national budget by 5.28 per cent to Tk 5.38 trillion for the current fiscal year, compelled by a significant shortfall in tax collection as the fallout of COVID-19. T...

ECB signals faster money-printing

Reuters 2021-03-12 10:27:04

The European Central Bank said on Thursday it would accelerate money-printing to keep a lid on euro zone borrowing costs, signalling to sceptical markets that it is determined to lay the foundation fo...

Half of Bangladesh's internal migrants jobless: SANEM survey

FE REPORT 2021-03-11 09:02:52

About 49 per cent of the pandemic-hit internal migrants returned to their roots last year for massive job cuts, non-payment of wages and decreased salary. According to a SANEM survey, 14 per cent of...

Banking law deters taxmen from accessing depositors' data

FE REPORT 2021-03-11 08:24:50

The Banking Secrecy Act is preventing taxmen from obtaining depositors' data by establishing connectivity with the lenders, the head of the revenue board said. Speaking at a pre-budget discussion on...

Singapore's GDP expected to grow 5.8pc in 2021

-- 2021-03-10 14:03:30

The Monetary Authority of Singapore (MAS) has said in a report that economists and analysts polled in the Survey of Professional Forecasters expect Singapore's gross domestic product (GDP) to grow 5.8...

World Bank approves $120m to help Bangladesh improve food security

-- 2021-03-10 13:29:37

The World Bank has approved 120 million US dollars to help Bangladesh improve food security by enhancing climate resilience and productivity of irrigated agriculture and fisheries. The Climate-Smart...

Bangladesh's trade deficit widens

FE Report 2021-03-10 08:22:28

The country's trade deficit has widened by 1.50 per cent or US$145 million in the first seven months of the current fiscal year (FY) because of rising import payment pressure on the economy, officials...

MCCI alleges higher ‘effective’ tax rates hurt businesses

FE Report 2021-03-10 08:17:06

The Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka, on Tuesday alleged withholding taxes were denying the corporate taxpayers the benefits of the cut in their tax rate, made effective in...

Streamlined transport connectivity with India may raise Bangladesh’s national income by 17pc, World Bank says

-- 2021-03-09 17:21:29

Smooth transport connectivity between India and Bangladesh has the potential to increase national income by as much as 17 per cent in Bangladesh and 8.0 per cent in India, says a World Bank repor...

NBR cautions field-level VAT officials about data tempering

DOULOT AKTER MALA 2021-03-09 09:04:54

The National Board of Revenue (NBR) has now decided to initiate legal proceedings against field-level VAT officials if they are found involved in tampering with the data of Electronic Fiscal Device...

Bangladesh-India trade talks turn barren

SYFUL ISLAM 2021-03-09 08:17:40

Bangladesh's proposals have received a lukewarm response from the Indian side at the bilateral meeting on trade issues held in Dhaka on Monday. Dhaka could not derive any concrete result from the m...

Women entrepreneurs get more than target from stimulus package for smaller units

Munima Sultana 2021-03-08 08:25:23

The women entrepreneurs received 5.7 per cent of the Tk 200 billion stimulus package for CSMEs until February 25 last, according to Bangladesh Bank (BB) data. The banks and financial institutions dis...

E-payment of fees, charges made mandatory

FE Report 2021-03-08 08:18:18

The National Board of Revenue (NBR) has decided to make mandatory the e-payment of its fees and charges. The decision will be implemented in phases, starting from the first day of the next financial...

Bangladesh seeks China fund to address rural-urban digital divide

MIR MOSTAFIZUR RAHAMAN 2021-03-07 08:47:50

Bangladesh has sought Chinese investment for a Tk 30-billion project that aims at reducing the 'digital divide'. Finance ministry has recently written to the Chinese government in this regard. The p...

NBR to cross-check wealth statements for detecting tax evasion

DOULOT AKTER MALA 2021-03-07 08:17:34

Wealth statements, furnished by taxpayers in their income tax and VAT returns, will be cross-checked from now on to detect possible tax evasion, according to a recent decision of the National Board of...

Dhaka eyes extended WB support in two years

FHM HUMAYAN KABIR 2021-03-06 08:17:08

Bangladesh may get extended support from the World Bank as it has planned to front-load $82-billion IDA-19 aid package in two years from the current three-year cycle. In a recent IDA borrowers' repre...

Bangladesh is becoming South Asia’s economic bull case: WSJ

-- 2021-03-05 17:29:38

Bangladesh has won plaudits from The Wall Street Journal for the economic strides it has made in recent years in the wake of its graduation from the UN's least-developed-country categorisation. The S...

E-commerce in Bangladesh mostly untaxed still: NBR chief

FE REPORT 2021-03-05 10:57:47

Despite rapid expansion of the e-commerce industry in the country, there hasn't been any effective mechanism to trace and collect revenue from the sector. "It is very difficult to bring the industry...