Sohel Parvez is the Business Editor of The Daily Star.
The tax authority, for the first time, is going to engage individuals to help new taxpayers file tax return in a bid to increase compliance and narrow the gap between registered taxpayers and regular return filers.
Owners of more than one car are likely to face an environmental protection surcharge from the upcoming fiscal year as the government plans to discourage the use of vehicles in a bid to contain carbon emissions and air pollution.
The number of people who filed tax returns in fiscal year 2022-23 has crossed 30 lakh for the first time.
The fiscal policy for the ongoing fiscal year has shied away from prioritising macroeconomic stability although several key indicators have come under serious stress owing to internal and external factors, said a noted economist.
Fiscal policy goals set for the current fiscal year have remained elusive as private investment has stagnated, the economic growth has fallen, and inflation has shot up, said a noted economist.
Bangladesh’s public expenditure is not growing in keeping pace with the steadily expanding economy as it struggles to raise adequate revenues, thus failing to ensure full implementation of development programmes and provide expected services to its citizens.
Holders of black money in Bangladesh are unlikely to get the opportunity to legalise their undeclared wealth without facing any questions about the sources of their income in the next fiscal year, officials said.
The government may increase the threshold of surcharge-free net wealth from the coming fiscal year 2023-24 beginning from July – a plan that is likely to reduce the pressure of tax on the upper middle-income people.
The tax collection growth fell further in April, making it tougher for the National Board of Revenue (NBR) to attain its goal of raising Tk 370,000 crore in the current fiscal year.
Domestic air travel had rebounded last year and the number of passengers reached close to that of 2019 as business and economic activities were revived following the pandemic-induced economic slowdown.
The heat wave sweeping over large parts of the country is hampering growth and flowering of vegetables, reducing supplies and leading to consumers being forced to dole out more in their purchases.
Exports and remittances, two major sources of foreign currencies for Bangladesh, plunged in April, a bad omen for the economy as it deals with multiple challenges, including a dollar crisis, an elevated level of import costs and falling reserves.
Riding on the reputation it has earned over the decades, Pubali Bank Ltd, one of the oldest banks in Bangladesh, is investing to build a robust digital infrastructure with a view to providing all financial services at the fingertips of customers and their doorsteps.
Bangladesh’s exports to Asian markets are growing steadily thanks to increasing demand from several major markets but the country needs to sign trade pacts and diversify products in a continent where the consumer class is fast expanding.
IFIC Bank Ltd, one of the oldest banks in Bangladesh, is expanding its physical presence fast across the country in its bid to bring one in every four families under its network, said its top executive.
Bangladesh’s import of capital machinery has continued its falling trend as banks have remained cautious in financing purchases amid the dollar crisis while entrepreneurs showed reluctance to expand owing to slowing domestic and export sales.
International air traffic to and from Bangladesh hit the highest at least in four years in 2022, riding on pent-up demand for travel by migrant workers, non-resident Bangladeshis and the upper-middle-class segment.
An increasing number of female bankers are gradually securing top positions at banks thanks to their skills, competence and dedication, according to a Bangladesh Bank report released yesterday.
For the first time in his 30 years of farming, Samaresh Mondal is growing dry-season rice, locally named Boro, along with 50 of his peers in a synchronised manner in their locality of Satibunia under Botiaghata upazila of Khulna.
Wheat imports by the private sector have continued to remain low in Bangladesh than the last fiscal year as businesses are facing persisting difficulties in opening letters of credits owing to the dollar shortage at banks.
Shrimp exports are gradually recovering from a downturn earlier this year mainly due to increased demand and prices for freshwater prawn and partly for brackish water shrimp locally known as black tiger, two exporters said.
While passing through Nijhury Baraid Bazar, Bhaluka, around 100 kilometres north of Dhaka, anyone would spot the factory building on the side of the road.
Farmers have planted hybrid rice on the highest amount of land in the current Boro season, the source of the biggest crop output, to profit from higher production and prices of the staple grain in the market.
Many banks in Bangladesh struggled to ensure expected profit in the last couple of years owing to the business slowdown, but The City Bank Ltd managed remarkable returns on the back of corporate governance and diversified products.
Non-bank financial institutions in Bangladesh lost 48,637 deposit accounts in the three months to December as savers moved away from NBFIs owing to the imposition of the cap on the deposit rate and the erosion of confidence in the wake of allegations of irregularities at some banks.
However, households are shifting to palm oil from soybean for high prices
Shwapno, the largest retail chain in Bangladesh, plans to raise the number of its stores by 10 times to 3,000 in the next three to five years to meet the growing demand for comfortable shopping among urbanites and become a profitable entity by increasing sales volume.
Foreign banks operating in Bangladesh registered an 8.57 per cent growth in deposits in the October-December quarter of 2022, the highest since 2018, as many savers shifted their funds from local banks amid a confidence crisis.
The observation comes from Ali Reza Iftekhar, managing director and chief executive officer of Eastern Bank Ltd.
Although the number of mobile financial service (MFS) accounts has grown in Bangladesh, the ratio of accounts held by women is falling, which, analysts say, is not desirable as increased participation of female is necessary for digital financial inclusion and gender equality.
The use of jute sacks to package 19 commodities remains a far cry 13 years past the enactment of the Mandatory Jute Packaging Act 2010.
Bangladesh’s export earnings stood at $4.63 billion in February, the lowest in four months, although overall receipts rose 7.81 per cent year-on-year led by apparel, leather and leather goods shipments, official figures showed yesterday.
Chowdhury believes this has been the story behind success in the recent years for LafargeHolcim Bangladesh
More than a decade has passed since the rollout of mobile financial service (MFS) in Bangladesh, but its use has largely been limited to fund transfers though it can become a major vehicle to turn the country into a cashless economy eliminating its over-dependence on fiat currencies.
Deposit flow to Islamic banks in Bangladesh registered a fall in the fourth quarter of 2022, the first such decline in eight years, in a sign of erosion of confidence among savers owing to loan irregularities.
The government has eased the rule of compulsory fumigation test for import of American cotton, particularly from the United States, clearing the ways for smooth import of the raw material of textile mills, the backward linkage industry for country’s main export earning garments.
Nearly a year ago when President Vladimir Putin launched a full-scale invasion of Ukraine, many had thought that the war would end soon
Russia and Ukraine have become major sources of wheat for Bangladesh after India’s ban of its shipment, thanks to a United Nations and Turkey brokered grain deal that allowed moving the cereal from Ukraine over the Black Sea.
Crop protection chemical sellers in Bangladesh are facing difficulty in opening letters of credit amid banks’ lack of interest owing to the crunch of the US dollar.
A shipping ministry rule issued last week stipulating that only Bangladesh Shipping Corporation (BSC) will be able to carry goods imported by the government has created frustration among private oceangoing ship operators.
Potato acreage has declined to a seven-year low this season as many farmers switched to other crops, particularly mustard, as the production cost of the oilseed is lower than the tuber while its prices are more attractive.
Tax collection growth slowed drastically in the first half of the current fiscal year due to falling customs tariff and direct taxes amid declining imports and reduced profits of firms, limiting the government’s scope to spend on development activities.
Earnings from jute exports from Bangladesh slumped for the second consecutive year in July-January, raising concerns for the promising industry, one of the few sectors for which raw materials are locally available.
Raising fund by issuing bonds is a very good option for the non-bank financial sector and banks as medium and long-term debts will reduce overall costs, said a top executive of LankaBangla Finance.
The US Department of Agriculture (USDA) has revised upward its forecast regarding Bangladesh’s rice production in the marketing year (MY) 2022-23 beginning from last May.
Meghna Group of Industries (MGI) and TK Group, two major commodity processors in Bangladesh, are set to enter into the milling and marketing of rice, a move that may intensify competition but drive small operators out of the market.
At the beginning of 2022, businesses were upbeat and many of them thought that the worst stemming from the losses induced by the coronavirus pandemic was finally over. That was short-lived.
Farmers, buoyed by soaring prices of flour in the domestic market because of the decline in imports, have brought more areas under wheat cultivation this season in a welcoming development.
The tax authority, for the first time, is going to engage individuals to help new taxpayers file tax return in a bid to increase compliance and narrow the gap between registered taxpayers and regular return filers.
Owners of more than one car are likely to face an environmental protection surcharge from the upcoming fiscal year as the government plans to discourage the use of vehicles in a bid to contain carbon emissions and air pollution.
The number of people who filed tax returns in fiscal year 2022-23 has crossed 30 lakh for the first time.
The fiscal policy for the ongoing fiscal year has shied away from prioritising macroeconomic stability although several key indicators have come under serious stress owing to internal and external factors, said a noted economist.
Fiscal policy goals set for the current fiscal year have remained elusive as private investment has stagnated, the economic growth has fallen, and inflation has shot up, said a noted economist.
Bangladesh’s public expenditure is not growing in keeping pace with the steadily expanding economy as it struggles to raise adequate revenues, thus failing to ensure full implementation of development programmes and provide expected services to its citizens.
Holders of black money in Bangladesh are unlikely to get the opportunity to legalise their undeclared wealth without facing any questions about the sources of their income in the next fiscal year, officials said.
The government may increase the threshold of surcharge-free net wealth from the coming fiscal year 2023-24 beginning from July – a plan that is likely to reduce the pressure of tax on the upper middle-income people.
The tax collection growth fell further in April, making it tougher for the National Board of Revenue (NBR) to attain its goal of raising Tk 370,000 crore in the current fiscal year.
Domestic air travel had rebounded last year and the number of passengers reached close to that of 2019 as business and economic activities were revived following the pandemic-induced economic slowdown.