Sohel Parvez

Sohel Parvez is the Business Editor of The Daily Star.

NBR to engage agents to help people file tax returns

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.

1d ago

Surcharge likely on second car

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.

1d ago

Tax return filing crosses 30 lakh for first time

The number of people who filed tax returns in fiscal year 2022-23 has crossed 30 lakh for the first time.

3d ago

Fiscal policy barely prioritises macroeconomic stability

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.

4d ago

Fiscal policy goals remain elusive

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.

5d ago

Public expenditure stays at lower level

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.

1w ago

Unquestioned amnesty to black money may not continue

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.

1w ago

Surcharge-free limit of wealth likely to rise

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.

1w ago

Tax target likely to be missed for the 11th year

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.

2w ago

Domestic airlines doubt fast recovery

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.

2w ago

Heat wave hits summer vegetables

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.

2w ago

Economic pressure deepens as export, remittance dip

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.

3w ago

Pubali Bank aims to be a lifelong partner of clients

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.

4w ago

Export to Asia growing fast

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 aims to serve one out of every four families

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.

Capital machinery imports keep falling

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.

Int’l air travels surge in Bangladesh in 2022

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.

Female bankers in top positions on the rise

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.

More farmers joining in synchronised cultivation of rice

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.

Private wheat imports slump 45%

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 recovering from downturn

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.

World’s greenest factory: making clothes, caring for nature

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.

Hybrid rice planted on record area

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.

City Bank: a phoenix in Bangladesh’s banking sector

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.

NBFIs lose over 48,500 deposit accounts in 3 months

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.

Soybean consumption to rise in Bangladesh: USDA

However, households are shifting to palm oil from soybean for high prices

Shwapno targets massive expansion

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 see spike in deposits

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.

Ensuring corporate governance, curbing NPL biggest challenges

The observation comes from Ali Reza Iftekhar, managing director and chief executive officer of Eastern Bank Ltd.

Women-owned MFS accounts falling

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.

Jute bags mandatory, in practice a different story

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.

Export brings $4.63b in Feb, lowest in four months

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.

Mohammad Iqbal Chowdhury, the first Bangladeshi CEO of LafargeHolcim Bangladesh

‘Never be complacent, take up new challenges to achieve perfection’

Chowdhury believes this has been the story behind success in the recent years for LafargeHolcim Bangladesh

MFS booming but largely confined to fund transfer

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.

Depositors withdraw Tk 11,426cr from Islamic banks in 3 months

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.

Rules eased for US cotton import

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.

Consumers feel the heat of war everywhere

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, Ukraine now major sources of wheat for Bangladesh

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.

Dollar crisis hurts pesticide imports, may hit crop output

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.

Pvt ship owners irked over BSC privilege

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 shrinks to 7-year low

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 on the decline

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.