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Daily News Flash, 31st July, 2017
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GOVT TARGETS $ 37.5B MERCHANDISE EXPORT
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BB RESUMES SELLING US DOLLAR TO STABILISE EXCHANGE MARKET
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STOCKS STAY DOWN FOR SECOND DAY
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TOP 10 COS GRAB 28PC TURNOVER
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STOCKS SEE INVESTORS' CAUTIOUS BEHAVIOUR
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IMPORTS TO BE COSTLIER
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BTRC RECOMMENDS DRASTIC HIKE IN ISP LICENCE FEES
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IMPORTS HIT RECORD $44B IN FY17 DESPITE SLUGGISH EXPORTS
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JS PANEL FOR VAT NET EXPANSION
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GOVT TARGETS $ 37.5B MERCHANDISE EXPORT The government has fixed
the country's target of earnings from merchandise export at US
$37.5 billion (3750 crore) for the current fiscal year (FY),
2017-18. In addition, the government targets earnings worth $3.5
billion from the services sector. The targeted growth of export of
goods is fixed at 8.21 per cent for the current FY, while that from
services (including computer services) at 4.42 per cent. "The
government has taken all initiatives to increase the country's
export," said Commerce Minister Tofail Ahmed while making the
announcement of export earnings at a press conference at the
ministry conference room. The country earned $ 34,655.90 million
from goods (including computer services) and $ 3352.00 million from
services during the previous fiscal. The export target was $ 37
billion during FY 2016-17. The growth in export of goods was 1.61
per cent and that for services was 6.09 per cent (estimated) during
the last fiscal. The proposed target of export earnings from the
knitwear sector during the current fiscal is fixed at $ 15100.00
million with 9.76 per cent projected growth, while that for woven
garments at $ 15,060.00 million with 4.64 per cent growth in
sight.
DSEX -13.02 Gold (Ounce) $1,269.00 Dollar 81.70 (Buy) 82.70
(Sell) CSCX -37.21 Oil (Barrel) $49.79 Euro 93.50 (Buy)97.50
(Sell)
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Daily News Flash, 31st July, 2017
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On the other hand, the target of export earnings from home
textile sector is $ 880.00 million with 10.12 per cent projected
growth, while that of jute and jute goods $ 1055.00 million with a
9.62 per cent growth target. Leather and leather products are
expected to fetch $ 1380.00 million with 11.83 per cent growth
target, pharmaceuticals $ 100.00 million with 12.15 per cent growth
target, agriculture products $ 576.00 million with 4.13 per cent
growth target, engineering products $ 876.00 million with 27.17 per
cent growth target. Frozen and live fish are expected to fetch $
535.00 million with a growth target of 1.62 per cent, plastic
products $ 148.00 million with a growth target of 26.55 per cent,
and ceramic products $ 43.00 million with 9.86 per cent growth
target. On the other hand, the export target and expected growth
for major services for FY 2017-18 are: from government goods and
services $ 1317.00 million with 3.38 per cent growth target and
other business services $ 550.00 million with 9.71 per cent growth
target. Besides, the export target from transportation is fixed at
$ 436.00 million with 0.6 per cent growth target, telecommunication
services $ 380.00 million with -0.37 per cent target, travel $
296.55 million with 7.34 per cent growth target. Computer services
are expected to fetch $ 230.00 million with 16.44 per cent growth
target, and construction services $ 119.04 million with 1.96 per
cent growth target. The commerce minister said the country will be
able to meet $ 60 billion export target by 2021. Out of the target,
$ 50 billion will come from the ready-made garment (RMG) sector.
President of the Federation of Bangladesh Chambers of Commerce and
Industry (FBCCI) Md Shafiul Islam (Mohiuddin) said, "The export
target is challenging. But it is achievable through taking
concerted efforts by businessmen, the government and other
stakeholders." Mr Mohiuddin, also the former president of
Bangladesh Garment Manufacturers and Exporters Association (BGMEA),
said if the RMG sector gets smooth supply of gas, power and other
logistic supports, the export target from the sector will be
achieved. Chairman of Bangladesh Finished Leather and Leather Goods
Exporter Association Mohiuddin Ahmed Mahin also urged the
government to ensure all logistic supports at the Savar Tannery
Estate. Industries Secretary Md Abdullah said the government would
ensure all facilities for the country's leather sector. Commerce
Secretary Shubhashish Bose and officials of Export Promotion Bureau
(EPB), Bangladesh Bank and National Board of Revenue, among others,
were present. Source:
http://print.thefinancialexpress-bd.com/2017/07/31/179279
BB RESUMES SELLING US DOLLAR TO STABILISE EXCHANGE MARKET The
central bank has resumed after one month the sales of US dollar to
the commercial banks to provide them with foreign exchange support
and stabilise the market, officials said. As part of the move,
Bangladesh Bank (BB) sold US$ 20 million at market rate to two
commercial banks directly on Thursday to meet the growing demand
for the greenback in the exchange market. "We've sold the US dollar
to facilitate the banks for making payments against import bills of
petroleum products," a senior official at the BB told the FE.
http://print.thefinancialexpress-bd.com/2017/07/31/179279
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Daily News Flash, 31st July, 2017
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He said the central bank might continue supporting the banks
with the foreign currency subject to market requirement. "We've
provided such foreign currency support to the banks only for
settling import payment obligations against food grains and fuel
oils," he explained. Earlier on July 25, the BB sold same amount of
the US currency to a leading state-owned commercial bank for making
payment of their food grains import bills. In May last, it sold $21
million to the banks, according to the BB statistics. The BB's
latest move came against the backdrop of depreciation of the
Bangladesh Taka (BDT) against the US dollar in both the inter-bank
foreign exchange market and customers' end in the recent days. The
US dollar was quoted at Tk 80.65-Tk 80.66 in the inter-bank foreign
exchange market on the day against Tk 80.64 on July 26, according
to the market operators. On the other hand, the exchange rate of
the greenback for BC (bills for collection) selling rose to Tk
81.7338 Sunday from Tk 81.7326 of the previous working day. It was
Tk 81.7062 on July 26, according to the statistics of the
Bangladesh Foreign Exchange Dealers Association (BAFEDA). The
country's foreign exchange reserve stood at $32. 84 billion Sunday,
despite selling of $40 million to the commercial banks for settling
import bills in the last week, according to another BB official.
"We expect that the inflow of foreign exchange may increase in the
month following the upward trend of the inward remittance ahead of
the Eid-ul-Azha," he said. Bangladesh received $1.02 billion in
remittances between July 1 and July 28 from expatriate Bangladeshi
nationals who are working abroad. It may cross $1.10 billion by the
end of July. "But the flow of inward remittance may rise in the
month of August ahead of the Eid," the BB official said. Meanwhile,
some banks are now holding sufficient amount of the greenback as
the central bank raised substantially the net open position (NOP)
limit of the banks last year, according to market insiders. They
said the banks are now following a 'go-slow' strategy for selling
the greenback to the other banks. "The banks believe that the
exchange rate of BDT against the US dollar will depreciate further
in the near future for making import bills of different
commodities, particularly food grains," a senior treasury official
of a leading private commercial bank explained. He said the import
of food grains might increase substantially in the coming months to
meet the growing demand for the essential commodities in the
domestic market. The NOPs of all the 56 scheduled banks have been
increased by more than 45 per cent to US$ 2.19 billion from
previous $1.51 billion. It was determined on the basis of 20 per
cent of the total regulatory capital of the banks as on March 31,
2016, according to the BB officials. Source:
http://print.thefinancialexpress-bd.com/2017/07/31/179285
http://print.thefinancialexpress-bd.com/2017/07/31/179285
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Daily News Flash, 31st July, 2017
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STOCKS STAY DOWN FOR SECOND DAY Stocks ended lower for the two
consecutive sessions Sunday with falling turnover as most of the
investors maintained their cautions stance after announcement of
monetary policy statement. Dealers said the market passed another
sluggish session as a section of investors continued to book profit
while some observed the market movement carefully amid ongoing
earnings declaration session, taking the market to the red zone for
second day. "The market fell as most of the investors kept their
cautiousness amid mixed earnings declaration of some big-cap
companies," said an analyst at a leading brokerage firm. AT Capital
Partners, an asset management company, said, "The market fell into
negative trajectory embarking on negative earnings declaration of
large-cap stocks". Lafarge Surma Cement's consolidated earnings per
share (EPS) fell to Tk (0.07) for April-June, 2017 as against Tk
0.38 for the same period a year ago. Accordingly, the multinational
cement maker's share price plunged by 5.0 per cent to close at Tk
60.80 each on Sunday at DSE. Following the previous day's mild
correction, the market opened lower and the downward trend
continued till end of the session amid modest volatility and
finally ended more than 13 points lower. DSEX, the prime index of
the Dhaka Stock Exchange (DSE), settled at 5,802, shedding 13.02
points or 0.22 per cent over the previous session. LankaBangla
Securities, a stockbroker, said, "Index started the day with a
sharp fall of almost 32 points, reaching to 5,783 level within the
first 30 minutes. From that point, index slowly moved upward and
closed red at 5,802". The two other indices also edged lower. The
DS30 index, comprising the blue-chips, fell 2.29 points or 0.10 per
cent to finish at 2,127. The DSE Shariah Index (DSES) also lost
6.84 points or 0.52 per cent to close at 1,311. "The market
witnessed another sluggish trading session as the risk-averse
investors continued their selling spree," commented International
Leasing Securities, a stockbroker, in its regular market analysis.
The stockbroker noted that selling frenzy in several large-cap
issues mostly from cement, fuel & power and telecom sectors
contributed in the plunge in indices while IT, financial
institution and bank sectors got buyers attention. "Trading
activities decreased by more than 15 per cent over last session
which indicates that investors were staying on the sidelines and
observing the market movement carefully," said the stockbroker.
Turnover on the DSE came down to Tk 6.02 billion, which was more
than 15 per cent lower than the previous day's turnover of Tk 7.12
billion. Bank sector alone contributed nearly 27 per cent of the
day's turnover, keeping its dominance in turnover chart for fourth
day in a row, with City Bank topped the chart. Non-bank Financial
institutions followed next, capturing 12 per cent turnover. A total
number of 0.098 million trades were executed in the day's trading
session with trading volume of 176.41 million securities.
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Daily News Flash, 31st July, 2017
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The total market capitalisation of the DSE also fell to Tk 3,922
billion, from all-time high of Tk 3,931 billion recorded in the
previous session. Only 6 out of all sectors registered positive
movement. Among the major large-cap sectors only non-bank financial
institutions, bank, and pharmaceuticals posted gain with 0.50 per
cent, 0.24 per cent and 0.01 per cent respectively. Losers took a
strong lead over the gainers as 329 issues traded, 191 closed
lower, 101 closed higher and 37 remained unchanged on the DSE
trading floor. The port city bourse, the Chittagong Stock Exchange
(CSE), also closed lower with its Selective Categories Index - CSCX
- losing 37 points to settle at 10,860 points. Losers beat gainers
as 152 issues closed lower, 72 closed higher and 26 remained
unchanged on the CSE. The port city bourse traded 11.88 million
shares and mutual fund units' worth Tk 363 million in turnover.
Source:
http://print.thefinancialexpress-bd.com/2017/07/31/179293
TOP 10 COS GRAB 28PC TURNOVER Top ten traded companies,
including four banks, grabbed more than 28 per cent transaction of
the premier bourse on Sunday while City Bank topped the list.
Brokers said investors continued to show their buying appetite on
banking issues as most of the banks posted positive earnings for
the second quarter (Q2) for April-June period of 2017 compared to
the same quarter in the previous year. The total transaction on the
Dhaka Stock Exchange (DSE) stood at Tk 6.02 billion on the day,
which was more than 15 per cent lower than the previous day's value
of Tk 7.12 billion. City Bank, LankaBangla Finance, IDLC Finance,
ONE Bank, Lafarge Surma Cement, Prime Bank, Mercantile Bank,
Fortune Shoes, Simtex Industries and Confidence Cement were the
most-active shares in terms of value on the DSE. Of them, share
price of five companies fell up to 3.35 per cent, four advanced up
to 2.49 per cent while one remained unchanged. According to the
statistics available with the DSE, about 8.31 million shares of
City Bank were traded, generating a turnover of Tk 321 million,
which was 5.33 per cent of the premier bourse's total turnover
value. Source:
http://print.thefinancialexpress-bd.com/2017/07/31/179295
STOCKS SEE INVESTORS' CAUTIOUS BEHAVIOUR Dhaka bourse Sunday
declined marginally as most of the major sectors witnessed
correction. On the day, the banking sector played a pivotal role in
saving the market from large fall. The sector contributed
significantly in turnover and broad index due to investors'
concentration created following better earnings of banks reported
for April-June, 2017. Subsequently, the dominance of banks was
observed in the charts of turnover leaders and top gainers. The
market started the session negatively and witnessed ups and downs
throughout the whole session on Dhaka Stock Exchange (DSE).
http://print.thefinancialexpress-bd.com/2017/07/31/179293http://print.thefinancialexpress-bd.com/2017/07/31/179295
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Daily News Flash, 31st July, 2017
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At the end of the session, the DSE broad index DSEX declined
0.22 per cent or 13.02 points to close at 5,802.04. According to
EBL Securities, the premier bourse sank further for second
consecutive session in a row due to investors' cautious behaviour.
The shariah-based index DSES lost 0.51 per cent or 6.84 points and
closed at 1,310.80, while the blue chip index DS30 closed at
2,126.81 points. "Investors spurred their selling pressure on
sector-specific stocks from cement, fuel & power and
telecommunication," said the EBL Securities. Of 329 issues traded,
101 advanced, 191 declined and 37 were unchanged on the premier
bourse. The turnover stood at above Tk 6.01 billion which was 15.61
per cent less than the turnover of the previous session. Of total
turnover, Tk 5.09 billion came from transactions of 'A' category
shares, Tk 265 million from transactions of 'B' category and Tk 154
million from transaction of 'Z' category shares. Among the gaining
sectors, bank advanced 0.2 per cent, financial institutions 0.5 per
cent and IT 0.6 per cent. Among the declining sectors, engineering
lost 0.4 per cent, fuel & power 0.6 per cent, telecommunication
0.4 per cent, textile 0.6 per cent and travel & leisure 1.3 per
cent. Investors' participation was concentrated mostly on banks
which grabbed 26.50 per cent of the market turnover followed by
financial institutions 11.60 per cent. City was the number one
turnover leader, featuring a value of Tk 321 million followed by
LankaBangla Finance Tk 212 million, IDLC Tk 209 million, One Bank
Tk 173 million and Lafarge Surma Cement Tk 156 million.
Dutch-Bangla Bank topped the gainers chart with a rise of 9.46 per
cent to close at Tk 124.90, while Pragati Life Insurance was the
worst loser after declining 12.86 per cent to close at Tk 109.
Source:
http://print.thefinancialexpress-bd.com/2017/07/31/179319
IMPORTS TO BE COSTLIER The gap between buying and selling rates
for US dollar has recently widened to Tk 1.50 from Tk 1, in a
development that has made imports costlier and can go on to create
inflationary pressure and squeeze the foreign exchange reserves.
For years, the gap has been Tk 1 a dollar as per the instruction of
the central bank, according to data from the Bangladesh Bank and
Bangladesh Foreign Exchange Dealers' Association. Basically, it's a
supply-demand conundrum, said Anis A Khan, managing director of
Mutual Trust Bank and a former chairman of BAFEDA, about the
widening gap. Exports and inward remittances, the two major sources
of foreign currency in Bangladesh, are on the wane while imports
are rising, widening the current account deficit. All these factors
have led to the increase in demand for the greenback and the rising
gap between the selling and buying prices, he said. Remittance
inflow in fiscal 2016-17, of $12.77 billion, was the lowest in six
years. And for the first time in 15 years, Bangladesh's apparel
exports failed to register even single digit growth. The apparel
export growth last fiscal year was just 0.20 percent. In contrast,
in the last 10 years growth averaged about 13 percent.
http://print.thefinancialexpress-bd.com/2017/07/31/179319
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Daily News Flash, 31st July, 2017
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On the contrary, import payments grew more than 9 percent last
fiscal year. Still, the gap should not cross Tk 1, according to
Nurul Amin, chairman of BAFEDA and managing director of Meghna
Bank. All banks though will not profit from the situation; only
those with good reserves of the greenback will, he added. Islami
Bank Bangladesh that brings in more than one-fourth of remittance
and handles a good sum of export receipts along with two foreign
commercial banks may gain from the scenario, bankers said. Banks
provide foreign exchange services to their customers, including
buying foreign currency from exporters and remitters and selling it
on to importers. These transactions can be very profitable to banks
when the gap between the buying and selling rate widens. For
example, if a bank buys $10 million from exporters at Tk 80.25 a
dollar (yesterday's rate) and sells it on at Tk 81.73, it makes a
profit of Tk 1.48 a dollar. The bank's gain will be nearly Tk 15
million (Tk 1.5 crore) from the arrangement. Last year, banks
bought dollars from exporters at Tk 78 at most and sold them at Tk
79. This means, in the last one year taka has depreciated nearly 3
percent. Amid the mismatch between demand and supply, the BB is
trying to cool down the exchange rate by injecting dollar in the
market: it yesterday sold $20 million to banks. Market forces, such
as demand and supply, determine the exchange rate, said Shafiqul
Alam, managing director of Jamuna Bank. Alam though believes no
bank is playing in the foreign exchange market as there is huge
competition to hook good clients. The heat of the exchange rate was
also felt in the kerb market, where a cash dollar sold at nearly Tk
84 yesterday. Source:
http://www.thedailystar.net/business/imports-be-costlier-1441222
BTRC RECOMMENDS DRASTIC HIKE IN ISP LICENCE FEES Bangladesh
Telecommunication Regulatory Commission initiated a move to
increase the licence acquisition fees of internet service providers
drastically following an instruction from the post and
telecommunication ministry. Internet service providers said that
increasing licence fees would benefit heavyweight investors in the
ISP business, while small area-based ISPs might fail to continue
business due to imposition of such high licence fee and annual fee.
Besides, increase of licence fees would impact negatively over the
broadband internet penetration and quality of service across the
country, they said. The BTRC initiative was taken at a special
commission meeting presided over by its chairman Shahjahan Mahmood
that has already forwarded to the ministry, a BTRC official told
New Age on Sunday. Under the move, the telecommunication regulator
has already forwarded a letter to the posts and telecommunication
ministry. As per the fresh proposal, BTRC would issue three
categories of ISP licences nationwide, urban and rural. Nationwide
ISP service providers would be allowed to operate their business
across the country, while urban ISP service providers will operate
their business within a metropolitan city, divisional headquarters
and district areas.
http://www.thedailystar.net/business/imports-be-costlier-1441222
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Daily News Flash, 31st July, 2017
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Nationwide licence providers will have to pay Tk 25 lakh as
licence acquisition fee along with Tk 5 lakh annual licence fee.
The urban service providers will have to pay Tk 15 lakh licence
acquisition fee along with Tk 3 lakh annual licence fee. Under the
existing guidelines, nationwide and urban ISPs have to pay Tk 1
lakh as licence acquisition fee and annual licence fee
respectively. The licence acquisition fee and annual licence fee
were proposed at Tk 1 lakh and Tk 25,000 respectively. Besides, the
regulator proposed that the all the three types of ISP licencees
will have to share revenue with government at 1 per cent rate and
payment to the governments social obligation fund at the rate of 1
per cent would be a must. The commission also decided to issue
registration certificate to cyber cafe instead of issuing licence,
while they will have to pay Tk 25,000 as registration fee. BTRC
gave the proposal to the ministry following a decision of the
telecommunication ministry that was taken at a meeting in February
this year, another BTRC official said. Assuring quality service of
the ISPs and keeping the number of ISP licencee companies low were
the reasons behind the ministrys instruction, he said. Besides, the
ministry also decided to scrap licences of the ISP service
providers which would fail to fulfill licensing conditions. The
ministry issued a letter to the BTRC on May 29 this year in this
regard asking the telecom regulator to propose for increasing ISP
licence acquisition fees. Asked, Internet Service Providers
Association of Bangladesh General Secretary Emdadul Hoque, however,
told New Age that the governments move to increase licence
acquisition fee and annual licence fee would impact the countrys
broadband penetration and quality of service at large. He also said
that implementation of proposals would eliminate small-scale ISPs
from the business and help the heavyweight ISPs to grab the market.
Besides, increase in licence acquisition fees and annual licence
fees would ultimately increase broadband internet price at the
consumer end, Edadul said. Source:
http://www.newagebd.net/article/20897/btrc-recommends-drastic-hike-in-isp-licence-fees
IMPORTS HIT RECORD $44B IN FY17 DESPITE SLUGGISH EXPORTS
Countrys import payments hit an all-time high in the recently
concluded fiscal year (2016-17) due to large payments for capital
machinery imports, arousing suspicion that money were laundered in
the process as the growth came against the backdrop of a dull
investment situation in the country. The settlement of letters of
credit, or actual import payments, increased by 10.47 per cent in
FY17 against the 4.22-per cent rise registered in FY16.According to
the provisional data of the Bangladesh Bank, the import payments
stood at $44.27 billion in FY17 compared with that of $40.07
billion in FY16. The central bank prepared the latest import
statement on the basis of freight on board (FoB) data, so the
amount of payments may increase when it would calculate the figure
considering information related to the cost and freight (C&F),
a BB official told New Age on Sunday. The import payments in FY16
stood at $42.92 billion in accordance with the C&F data. The
import payments stood at $38.45 billion in FY15, $37.18 billion in
FY14, $32.35 billion in FY13, $34.81 billion in FY12 and $31.95
billion in FY11, according to the statements prepared by the BB
using the FoB data.
http://www.newagebd.net/article/20897/btrc-recommends-drastic-hike-in-isp-licence-fees
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Daily News Flash, 31st July, 2017
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The import figures, however, changed when it made the statements
through using the C&F information as the payments stood at
$40.70 billion in FY15, $40.73 billion in FY14, $34.08 billion in
FY13, $35.51 billion in FY12 and $33.65 billion in FY11. The BB
official said that the import payments had increased significantly
in last fiscal year while the export earnings growth hit a 15-year
low at 1.69 per cent. Export earnings in FY17 stood at $34.83
billion with a shortfall of more than $2 billion from the
government-set target of $37 billion, according to the provisional
data of the Export Promotion Bureau. The BB data showed that import
payments for capital machinery in FY17 increased by 37.39 per cent
to $4.85 billion from $3.53 billion in FY16. Former interim
government adviser AB Mirza Azizul Islam told New Age on Sunday
that the import of capital machinery increased in recent times that
aroused suspicion that money might have been laundered by some
businesses through over-invoicing in their LCs as the overall
business situation in the country remained dull in the period. A
huge volume of capital machinery was imported in the period in line
with the commercial banks statements, but apparently there was no
investment in the countrys private sector, he said. The
businesspeople usually pay zero per cent tariff to import capital
machinery, he said, adding that they might take the opportunity to
launder capital from the country using the system. The BB, customs
department and finance ministry should investigate the matter
jointly, he said. Former BB governor Salehuddin Ahmed told New Age
that in recent times the import of capital machinery increased
significantly that aroused suspicion that money laundering might
have occurred behind such activities. He feared that some
businesspeople were laundering money through over-invoicing in
their LCs. The BB should strengthen its monitoring system to see
whether the businesspeople are importing goods in accordance with
LCs invoice, he said. According to a Bangladesh Institute of Bank
Management research report released in June, a large amount of
money is being laundered abroad from Bangladesh through export and
import business or trade financing as a section of unscrupulous
businessmen is playing four tricks for the purpose. The four tricks
being used are over- and under-invoicing, over- and under-shipment,
false description of the products and showing multiple invoicing in
the LC authorisation forms submitted in the banks by the
businessmen, the report said. In FY17, the import of industrial raw
materials also posted a growth of 3.52 per cent against the
3.15-per cent growth in FY16. Settlement of LCs for the industrial
raw materials amounted to $16.22 billion in FY17 against $15.66
billion in FY16. The BB data showed that settlement of LCs for
petroleum products in FY17 registered a 3.30-per cent growth
against a negative growth of 29.48 per cent in FY16. The import
payments for the petroleum products stood at $2.52 billion in FY17
against $2.44 billion in FY16. The BB official said the import of
petroleum products showed a lower growth due to lower petroleum
prices on the global market during the period. The BB data showed
that opening of LCs posted an 11.05-per cent growth in FY17, while
it had witnessed a 0.62-per cent growth in FY16. The data showed
that the total value of the LCs opened in FY17 was $48.12 billion,
which was $43.33 billion in FY16. Source:
http://www.newagebd.net/article/20899/imports-hit-record-44b-in-fy17-despite-sluggish-exports
http://www.newagebd.net/article/20899/imports-hit-record-44b-in-fy17-despite-sluggish-exportshttp://www.newagebd.net/article/20899/imports-hit-record-44b-in-fy17-despite-sluggish-exports
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Daily News Flash, 31st July, 2017
10
JS PANEL FOR VAT NET EXPANSION The parliamentary standing
committee on the ministry of finance has recommended taking steps
to expand the area of Value Added Tax and recover the arrears
revenue to offset the revenue deficit to be created following the
non-enforcement of VAT and Supplementary Duty Act, 2012. The
committee in its 20th meeting on Sunday also discussed
misinterpretation about the deposit of money by Bangladeshis in
Swiss banks in the media and recommended taking steps to highlight
fact about it in the media. The meeting was informed that the board
of directors of AB Bank was given strong warning through Bangladesh
Bank for irregularities in transferring money abroad by its
offshore banking unit. It also recommended taking steps to recover
the transferred money and carry out an investigation by the Central
Intelligence Unit of the National Board of Revenue and inform the
committee about it. Committee chairman Md Abdur Razzak presided
over the meeting and it was attended, among others, by Md Abdul
Wadud, Nazmul Hasan, Farhad Hossain, Mostafizur Rahman Chowdhury,
Md Shawkat Chowdhury and Akhter Jahan. Source:
http://www.newagebd.net/article/20869/js-panel-for-vat-net-expansion
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Daily News Flash, 31st July, 2017
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Daily News Flash, 31st July, 2017
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Source: http://bangla.samakal.net/2017/07/31/312691
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