Joel Ahmed

The oncology manufacturing facility of Eskayef Pharmaceuticals Ltd. , one of the finest medicine manufacturing companies in Bangladesh, has obtained the approval of European Union Goods Manufacturing Practice (EU GMP) for maintaining its standard in production of oncology drugs. This approval has huge global influence and is regarded as a ‘passport’ to enter the global market. The oncology unit of SKF Pharmaceuticals is situated at Rupganj, Narayanganj. Both the injection and oral medicines of SKF have the EU GMP approval. This suggests SKF could maintain the European standard in commercial production and standard maintenance of oncology medicines. National Institute of Cancer Research & Hospital - NICRH Director, Professor Qazi Mushtaq Hussain said, " It is indeed a matter of honor for Bangladesh as a local company has won this acknowledgement for manufacturing cancer drugs. This will dispel all the doubts, if there is any, about our quality of medicines and treatment. This is comforting for the people and medical treatment." SKF authorities said SKF Oncology is the first in Bangladesh to use isolator technology to ensure safety of the medicine at its every step of production. The company imports quality raw materials from the European countries. The state-of-the-art oncology manufacturing facility of SKF Pharmaceuticals was opened in 2018 with the technical help of Europe-based Telstar Life Science Solutions, t. SKF Oncology is currently manufacturing medicines of various types of cancer including breast cancer, blood cancer, lung cancer, colorectal cancer, bladder cancer, renal cancer, hepatocellular cancer and head-neck cancer.

https://www.tbsnews.net/bangladesh/bangladesh-sign-mou-portugal-direct-shipping-links-429826 TBS Report 30 May, 2022, 07:00 pm Last modified: 30 May, 2022, 07:08 pm Bangladesh to sign MoU with Portugal on direct shipping links Bangladesh and Portugal are working to establish direct shipping links between the two countries to create new prospects for fast, cost-effective and reliable shipping for the Bangladeshi exporters while sending regular consignments to Europe by sea. State Minister for Foreign Affairs Shahriar Alam appreciated the progress towards signing a Memorandum of Understanding (MoU) in this regard during his current visit to the European country. Assuring Bangladesh's full support, he also expressed satisfaction over the progress towards formation of a working group for the timely implementation of the MoU. Shahriar Alam discussed the development after receiving the Leixoes Port Authority delegation, led by the President of its Board of Directors Eng Nuno Araújo at the Bangladesh Embassy in Portugal. He apprised the delegation of Bangladesh's existing port infrastructure and its further development opportunities to meet the regional and international requirements. The representatives of the Leixoes Port Authority explored technical issues related to establishing direct links between the ports and discussed the feasibility of the said freight route. Later that day, the State Minister met a business delegation from the "Business Association of the Lisbon Region" led by its Executive President Rui Jorge Rego. He underscored the need for enhanced interaction between both business communities to tap the full potential of future trade and investment. He suggested establishing a Joint Business Council to further the cooperation. Highlighting the investment friendly policies and incentives of the government, the State Minister invited the Portuguese Investors to make full use of the offered opportunity and invest in Bangladesh. The business delegation commended the steady and continuing economic growth of Bangladesh and anticipated full support from the government for enhancing economic relations between the countries. A video featuring Bangladesh's economic progress and potential was screened for the delegation also. The State Minister also interacted with the members of the expatriate community in Portugal the day before. Bangladesh Ambassador to Lisbon and other officials were present at both meetings.

https://www.tbsnews.net/economy/citizens-platform-monthly-tk1000-allowance-unemployed-youths-420674 TBS Report 16 May, 2022, 01:05 pm Last modified: 16 May, 2022, 10:24 pm Monthly Tk1,000 allowance sought for unemployed, poor Tax-free income threshold at individual level suggested to be at Tk3.5 lakh Highlights: Increased allocations to address pandemic fallouts Introduction of credit card for students Cross-check of market prices of fertiliser and seeds Support for social-media-based female entrepreneurs Introduction of health cards for the workers The Citizen's Platform for SDGs, Bangladesh has urged the government to provide Tk1,000 as social safety allowance to unemployed youths and poor people to help them survive amid the rising inflationary pressure and recover from Covid-induced fallouts. "The current per head allowance of Tk400-500 to the poor people is not helping them much and the amount is not rational in comparison with the increased per capita income," said Debapriya Bhattacharya, convener of the platform, while addressing a press conference at the CIRDAP Auditorium in the capital on Monday. Debapriya recommended the introduction of an unemployment allowance of Tk1,000 per head monthly and called for bringing at least 10% (around 6.69 lakh) of the country's unemployed youths under the safety net initiative. While presenting a study report on the current economic situation, upcoming budget and perspective of the "left behind" communities, he said the government will have to allocate some Tk5,863 crore more for FY2022-23 to ensure the minimum Tk1,000 allowance for the financially insolvent. "Bangladesh's economy is yet to go back to its pre-pandemic level while the Russia-Ukraine War, supply chain dislocation, and rising commodity prices among other factors have made the situation worse," he said, adding that Bangladesh never saw so much economic pressure since 2007-08. Professor Mustafizur Rahman, a core group member of the Platform, presided over the function, in which Farah Kabir, country director of ActionAid Bangladesh, and Tony Michael Gomes, director of World Vision, were present, among others. "The government is formulating the budget at a time when the country is suffering from an unprecedented pressure of commodity price hikes even before the recovery of the pandemic. So, ensuring relief for the poor through checking commodity prices and restructuring the subsidy system should be a top priority now," Mustafizur Rahman said. He further added that economic progress is always considered on the basis of average achievement, where important issues like distribution, fairness and inequality remain neglected. Debapriya said, "Our savings are declining." Even in the pandemic-hit year of 2020, the savings was 31.42% of the GDP, which dropped to 30.79% the next year. This year it has further dropped to 25.45%, which means people are struggling to save money due to financial hardship, he added. He suggested that the tax-free income threshold at the individual level should be set at Tk3.5 lakh in the upcoming budget, while women and other disadvantaged groups may be given further leeway. Describing the rising inflation as a new challenge for the economy, he said the government was talking about 6.22% inflation, but this was not at all consistent with reality. In such a situation, he suggested the government revisit bank interest rates. "If the interest rates are not changed keeping pace with inflation rates and exchange rate of currency, the order of the economy will be hampered." The government believes if the interest rates remain low, the flow of investment will increase. "But lowering interest rates failed to increase investment in the last few years." "Although GDP growth is substantial now, we could not go back to the pre-pandemic level in terms of investment," he pointed out. On employment status, Debapriya said large industries grew 13% in the current fiscal year, whereas small and medium industries grew only 11%. "Although small industries generate higher employment, their growth is comparatively lower." In the upcoming budget, he suggested, necessary initiatives should be taken to increase employment through increased investment. The economist also recommended increasing allocations for human resource development sectors such as education, health and social security, as well as speeding up implementation.

The first ever penfill manufacturing plant in Bangladesh! The state-of-the-art Novo Nordisk Penfill Insulin Manufacturing site was inaugurated last week at Gazipur Tongi. Transcom owned - Eskayef Pharmaceuticals Ltd set up the plant in its Tongi Production site with the technical collaboration from Novo Nordisk. The facility is expected to go into production by 2023 which will ensure an uninterrupted supply of human & modern insulin for diabetic patients in Bangladesh.

https://www.tbsnews.net/economy/budget/one-year-too-short-benefit-tax-waivers-429446 TBS Report 30 May, 2022, 01:00 pm Last modified: 30 May, 2022, 02:23 pm One year is too short to benefit from tax waivers The government has provided tax holiday and VAT exemption facilities to several manufacturing subsectors in the current fiscal year to facilitate the growth of local industries. Tax rates have been reduced in many sectors to help industries recover from Covid-induced losses. Bangladesh Chamber of Industries (BCI) President Anwar-ul-Alam Chowdhury sheds light on the effectiveness of these facilities as he speaks to TBS Senior Reporter Abbas Uddin Noyon. In the budget for the current fiscal year, the government has reduced the corporate tax by 250 basis points to 22.5% for listed companies and 30% for unlisted ones. This is good for our business. But, corporate tax rates are even lower in our competitive countries. Therefore, we recommend that the government bring this tax rate down further. Another major government initiative in the current budget is to give impetus to the "Made in Bangladesh" campaign. As part of this, a 20-year tax exemption support has been announced for the automobile industry on the condition that a company must have an investment of at least Tk100 crore in the sector in order to become eligible for the tax benefit. Besides, industries that manufacture various types of home appliances including washing machines, blenders, microwave ovens, electric sewing machines, induction cookers, and kitchen hoods have been provided with a tax exemption facility for 10 years. In order to create local entrepreneurs, a 10-year tax exemption facility has been announced for agro-based industries, the light engineering industry, and the IT hardware sector. Also, a 10-year tax holiday has been announced on the construction of specialised hospitals outside Dhaka. Undoubtedly, these are good initiatives. But, it will take some time to get the desired benefit out of them. The Covid situation improved not so long ago. But, prices of all kinds of raw materials and capital machinery have started to rise on the international market even before the industrial sector could dispel the clouds of the pandemic. Freight charges have risen 8-10 times over the last two years owing to rising oil prices. A crisis has also arisen over the procurement of raw materials from the global market. In this situation, it is very difficult to get new investments. Encouragingly, some investors started pouring their money into these industries, which have received special facilities from the National Board of Revenue (NBR), before the outbreak of the novel coronavirus. Many have already taken allotments of land in economic zones, although we do not have any specific data about how much money has been invested or has been planned to be invested. In the current budget, the NBR has announced a 5% waiver on corporate tax for organisations having 5% or at least 100 of their total employees recruited from the third gender community or people with disabilities. But, few companies could avail of this facility. This is because if a company has a total of 2,000 employees, it must have at least 100 of them from the third gender, and it is very difficult to find such a huge number of third gender people in our country. The NBR, therefore, should relax this condition. The government has continued the VAT exemption facility for the electronics sector including manufacturers of mobile phones, refrigerators, and ACs this year as well. This has already yielded positive outcomes in some areas. Once the domestic market of refrigerators, televisions, and ACs was totally import-dependent, but local industries have flourished in recent years and now import dependencies have come down to great extent. The government has also kept providing VAT exemptions alongside tax breaks to facilitate the expansion of the local mobile phone industry. As a result, about 70% of the local demand for smartphones and 50% for feature phones are now met by local companies, according to industry insiders. In addition to VAT exemptions, taxes have also been reduced for the local shipbuilding industry, which has resulted in an increase in the number of new seafaring vessels. A special fund has been set up in the budget to finance young entrepreneurs. But, because of a lack of proper policy, it was not possible to utilise this fund. I am proposing to formulate a policy framework for the disbursement of the special fund. I am also proposing to make the tax system transparent, fast, modern, up-to-date and fully digital in order to motivate everyone to pay taxes. The applicable rates of VAT range between 5% and 15% on various expenses as applicable under the existing law. These rates need to be brought down to 3% to 10%. The gross profit of a company is determined depending on the sector it is in, which is not logical. Again, if a company's gross profit drops or it incurs a loss, they are not taken into consideration. The tax authorities do not show any compassion even if the sales are lower than that of the previous year. It takes a certain amount of time for a company to turn profitable after its registration. But the losses the company incurs during this time are not taken into account. I, therefore, propose to consider the issue of the initial costs (pre-establishment cost). Above all, I think the new budget needs to provide more facilities to local industries considering the rising inflation.

https://www.tbsnews.net/economy/budget/govt-mulls-doubling-source-tax-exports-429418 Reyad Hossain 29 May, 2022, 11:40 pm Last modified: 29 May, 2022, 11:40 pm Govt mulls doubling source tax on exports Bad news for exporters! While export growth is projected to slow in the months ahead amid a gloomy global financial outlook, the government mulls raising the source tax on export earnings to 1% from 0.5% in the forthcoming national budget, sources said. Doubling the tax rate, especially at a time when countries across the world are grappling with rising inflation with another spell of economic slowdown looming large on the horizon, could have serious repercussions for the export-oriented industries, fear people concerned. Economists feel the National Board of Revenue (NBR) may want to raise the source tax on exports considering it the best possible option to increase its revenue collection. They, however, observe that if the rate of source tax is equal for all, non-RMG sectors will lag behind in the effective rate of protection since the RMG sector enjoys some special benefits from the government. This issue needs to be taken into consideration, they say. The government imposed the source tax on exports for the first time in 2005. Initially, the rate was 0.25%. Later, it was raised at different times and was set at 1% in fiscal 2014-15. More than 80% of Bangladesh's export income comes from the readymade garment sector alone. Accordingly, entrepreneurs in this sector become the most vocal against attempts to hike the source tax on exports. The government too kept the source tax at a low level as part of its assistance to the RMG sector considering its contribution to the country's economy and various challenges the sector faced in the past. As a result, other export-oriented sectors also came under the ambit of the facility. Over the past decade or so, almost every time the source tax was hiked, exporters were able to persuade the government to bring it down again. Nevertheless, even if the source tax is equal for all export-oriented sectors, non-RMG sectors have to pay taxes at a rate almost 2.5 times as high as that applicable for the RMG sector. For the last two years, the government has been levying 0.5% source tax on export earnings considering the pandemic situation. The Bangladesh Garment Manufacturers and Exporters Association (BGMEA had earlier demanded reductions to the source tax rate, but this time they have not made any such demand. Instead, they have recommended that the existing rate be kept unchanged for the next five years as part of a stable tax policy. BGMEA President Faruque Hassan made the demand at a recent discussion with policymakers. Speaking about the probable negative impact of a hike in source tax on exports, Md Fazlul Hoque, managing director of Plummy Fashions Ltd and former president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), told The Business Standard that export from the sector is projected to decline in the coming months because of inflation in major export destinations, including Europe and America. "In such a situation, raising the tax rate would only add to our woes." "Looking at the RMG sector's export growth, it may seem that our income has increased. In fact, this growth is mainly attributable to an increase in other costs including rising prices of raw materials. "Even if we get some extra money, we do not get it at the rate at which the expenditure has increased." He also said they cannot get back the money deducted as source tax even if they incur losses – they have to pay tax even if there is no income. "Even then, we wanted that the existing tax rate is kept unchanged for the next five years in the interest of getting new investment." Debapriya Bhattacharya, distinguished fellow at the Centre for Policy Dialogue, thinks that the NBR out of its revenue mobilisation compulsion chooses to raise income tax at source as it is the most efficient tax collection tool. He, however, said, "We hear about problems which transpire during the final tax adjustment of the amount deducted at source. This process should be made more transparent based on documentation and has to be specific to the performance of the taxed entity.' He pointed out that the source tax rate should be applied to all exporters equally, and that no discrimination should be made between RMG and non-RMG exporters. The noted economist and public policy analyst also suggested that if the export-oriented sectors, including the RMG, feel that they need additional policy support to retain their competitiveness, they should approach other relevant agencies including the Ministry of Commerce, not necessarily the NBR. Debapriya maintained that the proposed increase in advance income tax on export revenue may be an opening gambit for the NBR. This rate may get negotiated downward – keeping it above the current rate – through discussions. According to the latest data released by the Export Promotion Bureau (EPB), Bangladesh's export income stood at over $43 billion in the first 10 months of the current fiscal 2021-22, with a year-on-year growth of 35%. Exporters and the EPB expect that the figure will cross the $50 billion mark by the end of the year. From that count, the source tax collection from the export sector could be around $250 million or around Tk2,200 crore ($1 = Tk86). The Ministry of Finance has projected a 20% year-on-year growth in exports in the upcoming fiscal 2022-23. If this projection becomes true, the country's export income would stand at $60 billion next year. In that case, if the source tax is collected at the rate of 1%, total revenue collection from this sector could be around $600 million or Tk5,100 crore. In FY21, Bangladesh's total export income was $38 38.75 billion, while $193.7 million billion or Tk1,666 crore was collected in advance income tax on export revenue. The rate of income tax is not the same for all exporters, but the source tax is levied at the same rate on all sectors in the current financial year. According to the existing Income Tax Ordinance, the corporate tax rate on the export income in the RMG sector presently stands at 12%, while the rate is 10% for green factories and 30% for non-RMG sectors. Exporters have to pay 0.5% advance tax on proceeds of their exports, but they have the scope for adjusting it as their final income tax while submitting the tax returns. After speaking to the income tax department and exporters, TBS, however, has learned that almost all exporters show their income in proportion to the amount deducted as tax at the source. As a result, even if they have extra income, they do not pay tax for that, and even if they incur a loss, they do not get back the already deducted amount. Exporters said they think it is not possible for everyone to get refunded by complying with the conditions set by the tax authorities.

https://www.tbsnews.net/economy/more-fdi-logistics-sector-sought-429374 TBS Report 29 May, 2022, 10:10 pm Last modified: 29 May, 2022, 10:13 pm More FDI in logistics sector sought Bangladesh needs huge investment in the logistics sector to ensure sustainable development in line with its economic growth, experts said at an event on Sunday. Highlighting the role of logistics to ensure smooth supply chain and export diversification, speakers at the daylong discussion programme on "Foreign Direct Investment (FDI) in Logistics" at the Westin Dhaka in the capital, urged developed countries to invest in Bangladesh. Addressing the programme as the chief guest Commerce Minister Tipu Munshi said Bangladesh had become a big market with a lot of skilled manpower. "Bangladesh is a big market for about 170 million people and 45% of them have good purchasing power. Neighbouring India and China are also two big markets. There are all kinds of investment opportunities here," he said. The minister said the government is providing special facilities for investment and it was possible to produce goods at a low cost in Bangladesh and easily export those to other countries. During the panel discussion at the programme he programmes organised by the Nordic Chamber of Commerce and Industry in Bangladesh (NCCI) in association with the Nordic Embassies-Norwegian Embassy, The Royal Danish Embassy, Embassy of Sweden and Delegation of the European Union to Bangladesh, Payra port authority Chairman Rear Admiral Mohammad Sohail said the port needed investment to make it more service-oriented. Ziaur Rahman, regional country manager of H&M, said, that time was the biggest factor in the logistics sector. "The connection of the port with other channels needs to be maintained properly. All the special economic zones should be connected through railroad," he added. At the discussion, Kamal Ahammed, head of finance and operations of Marks & Spencer, said Bangladesh was on the right path in achieving digital logistics. "We are in Bangladesh for 24 years, and directly for 16 years. In this time, there has been a remarkable change in digitisation, UD, and circular economy," he added. With the digitalisation in logistic systems, lead time can be reduced by 10-15 days. NCCI President Tahrin Aman said the LDC graduation will bring about a new set of economic challenges and the support of Nordic countries will be instrumental in continuing on the upward trend. "Logistics is one of the tools that play an important role in the change and improvement of economic indicators. It provides significant macro contributions to the national economy by creating employment, national income and foreign investment influx," he said. He also added that the NCCI had organised this event recognising the bold effort of the government to invest in ports and terminals with modern facilities and technologies. According to the keynote presentation of Angshuman Mitra Mustafi, country manager of Maersk, Bangladesh's logistics sector will be a market of approximately $90 billion by 2025. At the event, speakers also said integrating 100 special economic zones and multiple port gateways by 2030 will help boost FDI and scale up the use of the inland waterways and railways. Following the inauguration, four panel discussions titled "Capital", "Digitisation in Trade", "Processes" and "Policies and Roadmap Ahead' were also held. NCCI President Tahrin Aman and Chief Executive Officer (CEO) of the HSBC Md Mahbub Ur Rahman, among others, attended the programme. Danish Ambassador Winnie Estrup Petersen, Norwegian Ambassador Espen Rikter-Svendsen, and Swedish Ambassador Alex Berg von Linde also attended the function. The programme was sponsored by HSBC, Maersk, DSV and H&M Group.

https://www.tbsnews.net/economy/post-offices-should-be-utilised-e-commerce-delivery-points-tipu-munshi-429386 TBS Report 29 May, 2022, 10:35 pm Last modified: 29 May, 2022, 10:37 pm Post offices should be utilised as e-commerce delivery points: Tipu Munshi Posts and Telecommunications Minister Mustafa Jabbar said they are installing e-commerce booths at all the post offices Commerce Minister Tipu Munshi has said post offices should be utilised as e-commerce product delivery points so that entrepreneurs in the promising sector can have a rapid boom and the post offices across the country can revive. "The post offices remain almost inoperative as people no longer write letters. We should utilise the offices in a new way – delivering e-commerce products," he said while addressing the inaugural programme of a digital fair by the "Digital Commerce Village" project at a convention centre in the capital on Sunday. The commerce ministry and the E-Commerce Association of Bangladesh (e-CAB) are jointly implementing the project. "The government is working to reach local products to different countries through digital platforms. I believe the Digital Commerce Village will contribute to the effort. People in rural areas will benefit from it," Tipu Munshi said. Participating at the event, Posts and Telecommunications Minister Mustafa Jabbar said the demand for post offices will increase keeping pace with the growing digital commerce. "The Postal Department has 40,000 staffers and they will be utilised properly. We are now modernising the department and installing e-commerce booths at all the post offices." The 'Digital Commerce Village project has been working to boost local products. "We have already trained up 200 loom producers in Manikganj on digital commerce," said Md Abdul Wahed Tomal, general secretary of the e-CAB. A website – www.digitalpolli.com – was already launched under the project, he added. Commerce Secretary Tapan Kanti Ghosh, among others, was present at the event.

https://www.prothomalo.com/bangladesh/crime/উত্তরার-মসজিদে-ইমামতি-করেছেন-পলাতক-জঙ্গি উত্তরার মসজিদে ইমামতি করেছেন পলাতক জঙ্গি নিজস্ব প্রতিবেদক ঢাকা প্রকাশ: ২৯ মে ২০২২, ১৯: ০৭ জঙ্গি সংগঠন আনসার আল ইসলামের সদস্য তরিকুল ইসলামকে রোববার দুপুরে নারায়ণগঞ্জের সিদ্ধিরগঞ্জ থেকে গ্রেপ্তার করেছে পুলিশ ছবি: সংগৃহীত নিষিদ্ধ ঘোষিত জঙ্গি সংগঠন আনসার আল ইসলামের সদস্য তরিকুল ইসলামকে গ্রেপ্তার করেছে পুলিশের অ্যান্টি–টেররিজম ইউনিট (এটিইউ)। সন্ত্রাসবিরোধী আইনের মামলায় ছয় বছর আগে একবার গ্রেপ্তার হয়েছিলেন তিনি। পরে জামিনে বেরিয়ে আত্মগোপনে চলে যান তরিকুল। আজ রোববার দুপুরে নারায়ণগঞ্জের সিদ্ধিরগঞ্জ এলাকা থেকে তাঁকে গ্রেপ্তার করা হয় বলে কর্মকর্তারা জানিয়েছেন। এটিইউ বলছে, তরিকুল আনসার আল ইসলামের সক্রিয় সদস্য থাকা অবস্থায় ২০১৬ সালে গ্রেপ্তার হন। পরে জামিনে বেরিয়ে দীর্ঘদিন রাজধানীর বিভিন্ন এলাকায় আত্মগোপনে ছিলেন তিনি। এ সময় পরিচয় লুকিয়ে তিনি উত্তরার একটি মসজিদে ইমামতি ও নারায়ণগঞ্জের সিদ্ধিরগঞ্জের একটি মহিলা মাদ্রাসায় শিক্ষকতা করেছেন। অ্যান্টি–টেররিজম ইউনিটের পুলিশ সুপার মোহাম্মদ আসলাম খান প্রথম আলোকে বলেন, গোপন সংবাদের ভিত্তিতে অভিযান চালিয়ে তাঁকে গ্রেপ্তার করা হয়েছে। তাঁর বিরুদ্ধে রাজধানীর ডেমরা থানায় সন্ত্রাসবিরোধী আইনের মামলা আছে।

https://thefinancialexpress.com.bd/national/seven-bangladeshi-make-the-forbes-30-under-30-list-1653557751 Seven Bangladeshi make the ‘Forbes 30 under 30’ list FE ONLINE REPORT | Published: May 26, 2022 15:35:51 | Updated: May 27, 2022 08:36:47 Seven Bangladeshi youths have been named in the ‘Forbes 30 under 30’ Asia list of 2022. They have made their way into the prestigious list for their outstanding contributions to mainly three sectors - Enterprise Technology, Social Impact and Industry and Manufacturing and Energy. Over 4,000 nominees–a record number for the Asia list–from 22 countries and territories applied for the honourary recognition. The second list of 300 and the final list were prepared by Forbes’ reporters and judges including renowned venture capitalists and business leaders in the Asia Pacific region. Seven Bangladeshis on the list: Shuvo Rahman, founder, Alice Labs (Category: Industry, Manufacturing & Energy) Shah Rafayat Chowdhury and Mohammad Taqi Yasir, cofounders, Footsteps Bangladesh (Category: Social Impact) Reyasat Chowdhury and Jawwad Jahangir, cofounders, Shuttle (Category: Social Impact) Zafir Shafiee Chowdhury and Mir Shahrukh Islam, cofounders, Bondstein Technologies (Category: Industry, Manufacturing & Energy) Like every year, since its inception in 2011, the ‘30 under 30’ list has featured some of the most talented faces from diverse fields of work. While innovation, forward-thinking vision, determination and positive mindset make the list comprehensive, startup leads all the way with 90 out of the final 300 coming from South-East Asia, the startup hub of the Asia Pacific region. [email protected]

https://www.dhakatribune.com/business/2022/05/29/agritech-startup-ifarmer-raises-21-million Agritech startup iFarmer raises $2.1 million Largest agritech funding in Bangladesh led by IDLC Ventures and joined by Millville Opportunities May 29, 2022 3:51 PM iFarmer, a full-stack agriculture platform providing agri-based services to farmers, has recently raised $2.1 million (more than Tk18 crore) in a new financing round, maintaining its accelerated growth. IDLC Venture Capital Fund, the VC arm of IDLC Finance, one of the largest non-banking financial institutions in Bangladesh, led the financing round, reads a press release. Millville Opportunities, a hedge fund firm based in New York, participated in the round. Startup Bangladesh Limited, the flagship venture capital fund of the ICT Ministry under the Bangladesh Government, also participated in the financing round. Bangladesh has about 16.5 million farmers, and almost 80% are smallholders. The biggest challenges for farmers in Bangladesh are securing finance and good quality agricultural inputs such as seeds, pesticides, fertilizers, etc, and then finding buyers to sell their produce. iFarmer, which started its operations in 2019, is the largest agri-tech company in the country, offering solutions to these problems at scale. iFarmer facilitates retail and institutional funders to finance the farmers and enables access to high-quality agri-inputs through a partnership with companies and retailers. This, in turn, creates better market access for the farmers by aggregating products from the farmers and selling those to institutional buyers, retailers and the wholesale markets. "We are currently operating in 19 districts in Bangladesh - serving close to 63,000+ farmers, up from about 6,000 farmers in 2020", says Co-Founder and Chief Executive Officer of iFarmer Fahad Ifaz. iFarmer works with nearly 2,900 agri-input retailers to supply agriculture inputs, enabling the farmers to buy quality agro-inputs at an affordable price from nearby retailers. iFarmer currently supplies 8000+ tons of agri produce directly procured from the farmers and then sells to institutional buyers, wholesale markets, and retailers. iFarmer has grown on every front, including the revenue, which increased by 7.7 times in 2022. The revenue is driven by the supply of agri produce to the market, sales of agri-inputs to the retailers, and commission from financing. "When we started supplying farm produce in June 2020, our monthly volume was around 50+ tons. Now it's almost 8000+ tons. Every day, we aggregate produce from farmers and supply it to the market," said Co-Founder and COO of iFarmer Jamil M Akbar. CEO of iFarmer Fahad Ifaz has worked for almost 10 years for agricultural and rural development across South Asia with organizations like the World Bank, CARE, and Swisscontact. Meanwhile, Jamil Akbar has a background in technology and project management for large scale IT companies serving global clients. With a team of 120 members, iFarmer has more than 63,000 farmers, and more than 2,900 agricultural retailers and is operating in 19 districts. "The IDLC Venture Capital Fund I aim to finance promising new businesses which are solving fundamental problems for Bangladesh. We are excited that iFarmer is unlocking the true potential of the agriculture sector through technology at scale. It is using innovation to enable farmers all across Bangladesh, and we believe they are solving the most crucial problems in the industry's supply chain", said Mustafizur Khan, Partner, IDLC VC 1. Managing Partner of Millville Opportunities Alejandro Montealegre said: "iFarmer has proven that it can significantly improve the lives of farmers while bringing efficiency to the agri supply chain. We are excited to back iFarmer as they are working to transform the agriculture sector that is critical to the economy of Bangladesh." The startup plans to deploy the fresh capital to expand to more districts in Bangladesh, expand its supply chain infrastructure to supply agri inputs, and also aggregate farm produce. iFarmer has also been conducting pilots on agriculture insurance and developing sensor and remote sensing-based advisory services such as soil analysis, fertilizer recommendation, and weather advisory.

https://www.dha kapost.com/economy/117785 বাজেট ২০২২-২০২৩ টিআইএনের দিন শেষ, রিটার্ন না দিলে মিলবে না সেবা এফ এম আবদুর রহমান মাসুম ২৪ মে ২০২২, ১০:৩৯ এএম দেশের সামর্থ্যবান মানুষকে করের জালে আনতে বেশ কিছু সেবা গ্রহণে কর শনাক্ত নম্বর (টিআইএন) থাকা বাধ্যতামূলক করা হয়। বর্তমানে প্রায় ৪০ ধরনের সেবা নিতে হলে টিআইএন থাকা বাধ্যতামূলক। ২০১৪ সালে যখন ১৩ ডিজিটের ইলেকট্রনিক ট্যাক্স আইডেন্টিফিকেশন নাম্বার (ই-টিআইএন) চালু করা হয় তখন ২৫ ধরনের সেবায় ই-টিআইএন সার্টিফিকেট বাধ্যতামূলক করা হয়েছিল। যার মধ্যে ছিল- বাড়ি, ফ্ল্যাট, গাড়ি, জমি ক্রয়, ব্যবসা নিবন্ধন সনদ (ট্রেড লাইন্সেস), আমদানি, রপ্তানিসহ ২৫টি সেবা। সময়ের সঙ্গে সঙ্গে ধীরে ধীরে নতুন নতুন সেবা যুক্ত হতে থাকে। প্রতিবছরই বাজেটে টিআইএন বাধ্যতামূলক করার তালিকায় নতুন নতুন খাত যুক্ত করা হয়। সর্বশেষ ২০২১-২০২২ অর্থবছরের বাজেটেও বেশ কিছু সরকারি সেবা বা কাজের ক্ষেত্রে টিআইএন বাধ্যতামূলক করা হয়। তবে আগামী ২০২২-২০২৩ অর্থবছর থেকে শুধুমাত্র টিআইএন সার্টিফিকেট দিয়ে ওইসব সেবা নেওয়া যাবে না। প্রস্তাবিত বাজেটে টিআইএন এর স্থলে আয়কর রিটার্ন জমা দেওয়ার রশিদ (প্রাপ্তি স্বীকার বা জমা স্লিপ) বা ট্যাক্স সার্টিফিকেট বাধ্যতামূলক করা হচ্ছে। অর্থাৎ প্রায় ৪০ ধরনের সেবা পেতে হলে রিটার্ন জমা না দেওয়ার বিকল্প থাকবে না করদাতাদের। এর প্রধান লক্ষ্য বর্তমানে নিবন্ধিত প্রায় ৮০ লাখ টিআইএনধারীকে করনেটের আওতায় আনা। করের আওতা বৃদ্ধি করতে ও প্রত্যক্ষ কর আদায়ে আরও গতি আনতে এমন প্রস্তাব দেওয়া হয়েছে। যা অর্থমন্ত্রণালয়সহ নীতি নির্ধারক পর্যায়ে অনুমোদন দেওয়া হয়েছে বলে জানা গেছে। এনবিআরের ঊর্ধ্বতন এক কর্মকর্তা বিষয়টি নিশ্চিত করেছেন। যদিও এনবিআরের এমন উদ্যোগ হঠাৎ করে আসেনি। টিআইএনধারীদের সংখ্যা ক্রমাগত বাড়লেও করদাতাদের মধ্যে রিটার্ন জমা দেওয়ার প্রবণতা তেমন বাড়েনি কিংবা এনবিআরও করদাতাদের বাধ্য করার মতো কঠিন কোনো পদক্ষেপে যায়নি। বর্তমানে প্রায় ৮০ লাখ ব্যক্তি টিআইএন নিবন্ধন নিলেও আয়কর রিটার্ন জমা দেন মাত্র সাড়ে ২৬ লাখ করদাতা। এ বিষয়ে আয়কর বিভাগের এক কর্মকর্তা ঢাকা পোস্টকে বলেন, প্রস্তাবিত বাজেট প্রণয়নের শুরুতে এনবিআর থেকে দেশের সব কর অঞ্চলগুলো নিয়ে বিভিন্ন পর্যায়ে বৈঠক করা হয়েছে। তাদের কাছ থেকে সুপারিশ চাওয়া হয়, কীভাবে আয়কর রিটার্ন দাখিলের পরিমাণ বাড়ানো যায়। প্রায় সব কর অঞ্চল থেকে সুপারিশে বলা হয় আইন অনুসারে রিটার্ন দেওয়া বাধ্যতামূলক হলেও লোকবল সংকট ও করভীতির কারণে প্রকৃতপক্ষে তা বাস্তবায়ন করা যাচ্ছে না। তাই সবচেয়ে সহজ ও প্রকৃষ্ট পদ্ধতি হবে যদি টিআইএনের পরিবর্তে আয়কর রিটার্ন দাখিলের প্রাপ্তি স্বীকারকে বাধ্যতামূলক করা হয়। তাহলে করদাতারা বাধ্য প্রয়োজনীয় সব সেবা পেতে ঠিকই রিটার্ন জমা দেবেন। এর ফলে আয়কর রিটার্ন দাখিল অন্ততপক্ষে দ্বিগুণ হয়ে যাবে। সরকারি যেসব সেবা বা কাজের ক্ষেত্রে টিআইএন বাধ্যতামূলক সার্বিকভাবে প্রায় ৪০ ধরনের কাজে টিআইএন প্রয়োজন হয়। যার মধ্যে রয়েছে- গ্রাহক পর্যায়ে বিদ্যুৎ-সংযোগ নিতে টিআইএন বাধ্যতামূলক, মোবাইল ফোন রিচার্জ ব্যবসা; মোবাইল ব্যাংকিং; পরিবেশক এজেন্সি; বিভিন্ন ধরনের পরামর্শক, ক্যাটারিং, ইভেন্ট ম্যানেজমেন্ট, জনবল সরবরাহ, সিকিউরিটি সার্ভিস। এমনকি আমদানি-রপ্তানির বিল অব এন্ট্রি জমা দিতে হলেও টিআইএন প্রয়োজন। বিশেষ পেশাজীবী ও ব্যবসায়ীর ক্ষেত্রে যেমন- ঋণপত্র স্থাপন; রপ্তানি নিবন্ধন সনদ নেওয়া; সিটি করপোরেশন ও পৌরসভা কর্তৃপক্ষের কাছ ট্রেড লাইসেন্স নেওয়া বা পুনর্নিবন্ধন; দরপত্র জমা; অভিজাত ক্লাবের সদস্যপদ গ্রহণ; বিমা জরিপ প্রতিষ্ঠান; জমি, ভবন ও ফ্ল্যাট নিবন্ধন; মোটরসাইকেল-বাস-ট্রাকের মালিকানা পরিবর্তন ও ফিটনেস নবায়ন; চিকিৎসক, প্রকৌশলী, হিসাববিদসহ বিভিন্ন ধরনের পেশাজীবী সংগঠনের সদস্য; কোম্পানির পরিচালক ও স্পন্সর শেয়ারহোল্ডার; বিবাহ নিবন্ধনকারী বা কাজি; ড্রাগ লাইসেন্সধারী ইত্যাদি। জাতীয় সংসদ, সিটি করপোরেশন, উপজেলা ও পৌরসভা নির্বাচনে প্রার্থী হতে হলেও টিআইআন বাধ্যতামূলক। এছাড়া রয়েছে বাণিজ্যিক ভবনের নকশা অনুমোদনে; বাণিজ্য সংগঠনের সদস্য; ব্যাংক ও আর্থিক প্রতিষ্ঠান থেকে পাঁচ লাখ টাকার বেশি ঋণ নিলে; ক্রেডিট কার্ড থাকলে; বাণিজ্যিক গ্যাস ও বিদ্যুৎ-সংযোগ চাইলে টিআইএন থাকতে হবে। আবার ছেলেমেয়েদের ইংরেজি মাধ্যমে পড়াতে চাইলে অভিভাবকের টিআইএন প্রয়োজন। সরকারি ও স্বায়ত্তশাসিত প্রতিষ্ঠানের কর্মকর্তার মূল বেতন ১৬ হাজার টাকার বেশি হলেই টিআইএন লাগে। এমনকি এমপিওভুক্ত শিক্ষকদের মধ্যে যাদের বেতন ১৬ হাজার টাকার বেশি, তাদেরও কর শনাক্তকরণ সনদ বাধ্যতামূলক। বেসরকারি প্রতিষ্ঠানের নির্বাহী পর্যায়ের কর্মকর্তাদের ক্ষেত্রেও টিআইএন বাধ্যতামূলক। চলতি অর্থবছরে যোগ করা হয় দুই লাখ টাকার বেশি সঞ্চয়পত্র ক্রয় কিংবা গ্রামে বা শহরে বাড়ির নকশা অনুমোদনে টিআইএন বাধ্যতামূলক। এছাড়া সমবায় সমিতির রেজিস্ট্রেশন নিতেও টিআইএন বাধ্যতামূলক করা হয়। এর আগে করের আওতা বৃদ্ধি ও আয়কর ফাঁকি বন্ধ করতে মোটরযান ও নৌ-যান, সব ধরনের ট্রেড লাইসেন্স এবং ঠিকাদার তালিকাভুক্তি কিংবা নবায়নে আয়কর রিটার্ন বাধ্যতামূলক করতে সেতু ও যোগাযোগ মন্ত্রণালয়, নৌ-পরিবহন এবং বিদ্যুৎ ও জ্বালানি মন্ত্রণালয়সহ ১০টি মন্ত্রণালয়ের সচিবকে চিঠি দিয়েছিল এনবিআর। এনবিআর চেয়ারম্যান ২০২১ সালের ৩১ মার্চ এনবিআর থেকে সংশ্লিষ্ট মন্ত্রণালয়ের সচিব বরাবর চিঠিগুলো দেন বলে জানা গেছে। এছাড়া করের আওতা বাড়াতে বিদ্যুৎ, গ্যাস ও সিটি করপোরেশনের ডাটাবেজ সংগ্রহ করে রিটার্ন না দেওয়া ব্যক্তিদের খোঁজার উদ্যোগও নেয় প্রতিষ্ঠানটি। রিটার্ন জমা না দিলে আয়কর আইনে যেমন শাস্তি প্রতি বছর আয়কর রিটার্ন জমা দেওয়ার সর্বশেষ সময় ৩০ নভেম্বর। ওই দিনকে আয়কর দিবসও বলা হয়। এ সময়ের মধ্যে করদাতাদের আয়কর রিটার্ন জমা দিতে হয়। কেউ এ সময়ের মধ্যে রিটার্ন জমা দিতে না পারলে লিখিত আবেদন করে সময় নেওয়া যায়। এক্ষেত্রে নির্ধারিত করের সঙ্গে প্রতি মাসে আরও ২ শতাংশ সুদ দিতে হয়। কিন্তু সময়ের আবেদন না করে কেউ রিটার্ন না নিলে সুদের পাশাপাশি আইন লঙ্ঘনের দায়ে তাকে জরিমানা দিতে হয়। ১ ডিসেম্বর থেকে এ জরিমানার তারিখ গণনা শুরু হয়। এ বিষয়ে আয়কর অধ্যাদেশের ১২৪ ধারায় বলা আছে, করদাতা যদি কোনো কারণ ছাড়াই নির্দিষ্ট সময়ে রিটার্ন দাখিল না করেন, আবার এজন্য অনুমোদনও না নেন, সে জন্য তার পূর্ববর্তী বছর প্রদেয় করের ১০ শতাংশ বা ১ হাজার টাকার মধ্যে যেটি বড় অংক ওই পরিমাণ অর্থ জরিমানা হবে। সেই সঙ্গে যতদিন দেরি হবে, প্রতিদিনের জন্য ৫০ টাকা হারে বাড়তি মাশুলও গুনতে হবে। ৭৩-এ ধারায় বলা আছে, ৩০ নভেম্বরের পর কর কর্মকর্তাদের অনুমতি নিয়ে দেরিতে রিটার্ন জমা দিলেও ২ শতাংশ বিলম্ব সুদ দিতে হবে। আরএম/জেডএস

https://www.tbsnews.net/economy/direct-shipping-now-netherlands-428834 Shahadat Hossain Chowdhury 28 May, 2022, 10:40 pm Last modified: 28 May, 2022, 10:41 pm Direct shipping now to Netherlands Direct container shipping to the Netherlands to begin this week slashing freight time and cost The container ship Spica J will leave Chattogram for Rotterdam port in the Netherlands this week, introducing a new direct freight route between Bangladesh and the northwestern European country. This will be the fourth direct shipping service from Chattogram since February this year, with businessmen saying that direct shipments will open up new horizons for external trade amid a global supply chain shock. Reliance Shipping and Logistics, the local shipping agent of the latest freight route, said three vessels will be carrying goods. After reaching the Netherlands from Chattogram, the vessels will sail for Barcelona, Spain. "Spica J is now at the outer anchorage of Chattogram port. It will leave Bangladesh on 31 May or 1 June with 500 TEUs [twenty-foot equivalent units] of exporting goods," Mohammad Rashed, chairman of the shipping agent, told The Business Standard. Currently, container ships from Chattogram go to transshipment ports such as Malaysia's Tanjung Pelepas or Klang, Singapore, Colombo or China before heading towards the European countries. The export consignments reach the destination via base ports such as Rotterdam, Antwerp and Hamburg in Europe. The entire journey takes around 40 days, while the freight cost for each container hovers around $12,000. But direct shipping to the Netherlands will slash the time to 20 days, while freight cost will also be reduced by 20%-30%. Syed Mohammad Arif, chairman of the Bangladesh Shipping Agents' Association, said direct shipping with Europe is very positive for the country's economy. "Increased freight traffic will prompt competition among shipping companies, leading to a reduced freight charge. Businessmen have already started reaping the benefits of direct shipping on three routes." On 7 February this year, the first direct shipping from Chattogram port commenced, introducing the Chattogram-Italy route. The service was launched by the Italian freight forwarder RifLine. The company has so far imported and exported goods six times by four ships, with each trip taking 18-20 days. Abul Kalam Azad, director of RifLine, said the container ship Cape Flores will reach Chattogram port on 8 June. On its next voyage, the vessel will carry goods to Turkey as well as Italy. On 20 May, the London-based freight forwarder Allseas Global Logistics launched the Chattogram-Rotterdam-Liverpool route. Through the service, ships carrying export goods from Chattogram will first go to Rotterdam port in the Netherlands via the Suez Canal. After the unloading, the ships will go to the port of Liverpool in the United Kingdom. Vessels on the route will also carry imported goods to Chattogram. Captain Syed Sohel Hasnat, chief executive officer of Phoenix Shipping Limited, a local representative of Allseas Global Logistics, said the direct freight service can deliver goods to the UK within 23 days. It takes about 35-40 days to reach the UK via transshipment ports in Singapore or Colombo. On 24 May, the Chattogram-China-Hong Kong direct container cargo route was introduced by the Switzerland-based Mediterranean Shipping Company. Four vessels are operating on the route as two more ships are to join the fleet soon. Rear Admiral M Shahjahan, chairman of the Chattogram Port Authority, said several other countries have also expressed interest in signing direct shipping contracts. These include Portugal, Slovenia and some Middle Eastern nations. Direct container shipping in the three routes will begin soon. Rakibul Alam Chowdhury, vice-president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said direct freights with European countries have created huge potential for external trade. "This is a great achievement for Bangladesh, and the authorities must ensure that this service is not disrupted." Chattogram port accounts for 92% of Bangladesh's external trade. It also handles 98% of the country's container shipments.

https://www.thedailystar.net/bangla/সংবাদ/বাংলাদেশ/২-জুন-থেকে-রাজধানীতে-আন্তর্জাতিক-পর্যটন-মেলা-শুরু-353226 ২ জুন থেকে রাজধানীতে আন্তর্জাতিক পর্যটন মেলা শুরু স্টার অনলাইন রিপোর্ট শনিবার, মে ২৮, ২০২২ ০৮:৫১ অপরাহ্ন করোনা মহামারিতে বিপর্যস্ত পর্যটন খাতের পুনরুদ্ধারে দেশের শীর্ষস্থানীয় ভ্রমণ ও পর্যটন বিষয়ক প্রকাশনা বাংলাদেশ মনিটর ১৭তম আন্তর্জাতিক পর্যটন মেলার আয়োজন করছে। আগামী ২ জুন রাজধানীর প্যান প্যাসিফিক সোনারগাঁ হোটেলে ট্রিপ লাভার ঢাকা ট্রাভেল মার্ট-২০২২ শীর্ষক ৩ দিনব্যাপী মেলাটি শুরু হচ্ছে। বাংলাদেশ মনিটরের সম্পাদক কাজী ওয়াহিদুল আলম আজ শনিবার প্যান প্যাসিফিক সোনারগাঁ হোটেলে আয়োজিত এক সংবাদ সম্মেলনে এ তথ্য জানান। ওয়াহিদুল আলম জানান, এবারের মেলায় প্রায় ৫০টি দেশি-বিদেশি প্রতিষ্ঠান অংশগ্রহণ করছে। যার মধ্যে আছে- জাতীয় পর্যটন সংস্থা, এয়ারলাইন, ট্যুর অপারেটর, হোটেল, রিসোর্ট, ট্রাভেল এজেন্সি, অনলাইন ট্রাভেল এজেন্সি, স্বাস্থ্যসেবা প্রদানকারী এবং অন্যান্য প্রতিষ্ঠান। ৩ দিনব্যাপী পর্যটন মেলা প্রতিদিন সকাল ১০টা থেকে রাত ৮টা পর্যন্ত চালু থাকবে। এবারের মেলার প্রবেশ মূল্য নির্ধারণ করা হয়েছে জনপ্রতি ৪০ টাকা। ঢাকা ট্রাভেল মার্ট চলাকালীন ৪ জুন বিকেল সাড়ে ৩টায় সোনারগাঁ হোটেলে 'আঞ্চলিক এভিয়েশন হাব হিসেবে বাংলাদেশের সম্ভাবনা' শীর্ষক একটি সেমিনার অনুষ্ঠিত হবে। সেখানে বেসামরিক বিমান চলাচল কর্তৃপক্ষের চেয়ারম্যান এয়ার ভাইস মার্শাল এম. মফিদুর রহমান মূল প্রবন্ধ উপস্থাপন করবেন। আলোচক হিসেবে অংশগ্রহণ করবেন- ফ্লাই ঢাকার ব্যবস্থাপনা পরিচালক ব্যারিস্টার আনিসুল ইসলাম মোহাম্মদ, বিমান বাংলাদেশ এয়ারলাইন্সের ব্যবস্থাপনা পরিচালক ও প্রধান নির্বাহী আবু সালেহ মোস্তাফা কামাল, ইউএস-বাংলা এয়ারলাইন্সের ব্যবস্থাপনা পরিচালক মো. আবদুল্লাহ আল মামুন, নভোএয়ারের ব্যবস্থাপনা পরিচালক মফিজুর রহমান, এয়ার এস্ট্রার ব্যবস্থাপনা পরিচালক ইমরান আসিফ এবং ইউনাইটেড এয়ারওয়েজ বিডি লিমিটেডের ব্যবস্থাপনা পরিচালক নজরুল ইসলাম। ঢাকা ট্রাভেল মার্ট ২০২২ এর টাইটেল স্পন্সর শীর্ষস্থানীয় অনলাইন ট্রাভেল এজেন্সি ট্রিপ লাভার, কো-স্পন্সর ইউএস-বাংলা এয়ারলাইন্স। পার্টনার হিসেবে আয়োজনে সহযোগিতা করছে বিমান বাংলাদেশ এয়ারলাইন্স, বাংলাদেশ ট্যুরিজম বোর্ড এবং বাংলাদেশ পর্যটন কর্পোরেশন।

https://www.tbsnews.net/economy/finance-projects-export-fall-remittance-rise-428838 Abul Kashem & Reyad Hossain 28 May, 2022, 10:55 pm Last modified: 28 May, 2022, 11:23 pm Finance projects export fall, remittance rise Finance Division officials expect a 16% growth in remittance inflows, which has registered a negative growth throughout the current fiscal year, The finance ministry has projected that export growth will drop to 20% in FY23 because surging inflation in Bangladesh's major trade destinations, such as the United States and European Union, is likely to rein in the hot streak that the country's export sector has been experiencing following the release of the pent-up demand once global economies reopened. The falling exports will also cause imports of raw materials to come down to 12% from 30% estimated in the revised budget of the ongoing fiscal year, as predicted by officials at the Finance Division. Besides, the government's various measures to discourage imports amid rising commodity prices in the international market and dollar crisis in the country will further dampen import growth. However, Finance Division officials expect a 16% growth in remittance inflows, which has registered a negative growth throughout the current fiscal year, riding on exports of more than 5.5 lakh workers to different countries in post-Covid times. According to finance ministry officials, exports in July-April of the current fiscal year exceeded the $43 billion mark with more than 35% year-on-year growth. A dent on buoyant exports? In the remaining two months, May-June of FY22, the buoyant exports might face a blow because of a record rise in inflation in the US, the EU and United Kingdom, the main buyers of Bangladeshi products, under knock-on effects arising out of the Russia-Ukraine crisis. In 25 days of the current month, the major export earner apparel sector raked in around $2.2 billion, which was $800 million lower than in April, according to an updated data from the National Board of Revenue's customs department. As the apparel export trend in this current month except the Eid holidays suggest, the receipts might tick up a bit in May as opposed to the amount received in the same month a year ago, but the robust export growth, 36% on average experienced in the last eight months, will no longer be there, Shahidullah Azim, vice-president at Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told The Business Standard. In September-April, RMG export earnings stood at $3.5-$4 billion per month. Md Fazlul Hoque, managing director at Plummy Fashions Ltd, one of the top listed green certified RMG factories in Bangladesh, told TBS, "I think that the export growth we have witnessed in the last few months will not continue in June as a flow of work orders has already slowed down. Inflation is soaring globally and recession is likely on the way too." In such a situation, consumers globally have slightly cut down on expenses on clothing to meet extra costs for food and fuel, he noted. "If inflation continues to rise across Europe and America, our apparel exports might fall," he said. In FY21, Bangladesh's exports amounted to $38.75 billion. According to the revised budget target, exports will reach about $50 billion by the end of the current fiscal year. Export earnings in the next fiscal year will stand at $60 billion if it grows at a 20% rate. The 2018-21 export policy had targeted a $60 billion in exports but fell short of it by 25% owing to the pandemic onslaughts. The then BGMEA leaders said the target was achievable as $50 billion would come from the exports of readymade garments alone. In the new export policy order, the commerce ministry has set a target to earn $80 billion in exports by 2024. Economists and exporters say Bangladesh's exports rebounded strongly on the back of a rapid rise in aggregate demand in the western world with the normalisation of Covid-19 and the shifting of some work orders from China and Vietnam to Bangladesh. But the global economy started facing serious supply blows since the beginning of the Russia-Ukraine war on 24 February, and there is no sign of overcoming the situation anytime soon, they also say, adding that prices of imported goods continue to soar because of supply chain disruptions, stoking inflation worldwide. According to a recent BBC report, US inflation hit the highest level not seen in nearly 40 years. Besides, many European countries have been caught in the highest inflation in a decade. Citing US fashion brand Target Corp, a Bloomberg report said the brand saw a sudden slowdown at the beginning of March as Americans were grappling with rising food and fuel prices. "While retailers have seen weaker demand for clothing, this has been led by reduced interest in casual apparel," according to the report. Some international media are also talking about the fear of global recession. Dr MA Razzaq, chairman at Research and Policy Integration for Development, told TBS that central banks in Europe and the US raised interest rates to control inflation. As a result, our exports might decrease owing to a fall in consumer spending in those countries. And, the export growth rate may not be the same as in the previous months, he noted. But many more apparel orders may shift to Bangladesh from China as the latter cannot ship goods on time for various reasons, including lockdown there, he also said. "So, we cannot reach any conclusion right now," MA Razzaq said. Govt hopes big on remittances In the current fiscal year's budget, the government had expected a bigger growth in remittance inflows as it experienced more than 36% growth amid the pandemic in FY21. Remittances had registered a negative growth in nine months of the fiscal year, except for April ahead of Eid-ul-Fitr. The finance ministry set a 1% growth target in the revised budget of the current fiscal year in the hope of getting additional remittances from expatriates before Eid-ul-Azha next July. The remittance inflows will stand at $25 billion at the end of this fiscal year as per the revised budget's target. The remittance received in the first 10 months of FY22 amounted to $17.3 billion. Around $8 billion in remittances will be needed in the remaining two months to meet the target. According to estimates for FY23, remittances will stand at $29 billion. In FY21, Bangladesh received remittances amounting to $24.77 billion. Import payments projected to reach $88 billion in FY23 In July-April of the current fiscal year, Bangladesh's import payment stood at $73.43 billion with a 41% year-on-year increase. In FY21, the country imported goods worth $60.68 billion. The finance ministry had projected 11% growth in imports in the current fiscal year's budget. At the end of the fiscal year, imports were supposed to reach $67.35 billion. But with two months left of the fiscal year, $6 billion more than the entire year's estimate has already been spent on imports. The country is having to spend additional money on imports of food items, fuel and fertilisers owing to surging prices in the international market. That is why import expenses surpassed the estimated budget in the 10 months. The finance ministry estimated a 30% growth in imports in the revised budget of FY22. As per this calculation, imports will amount to nearly $79 billion at the end of the current fiscal year. The imports will reach $88 billion in the next fiscal year if the estimated 12% growth is achieved. In this way, if export-import growth is achieved as per the budget projections made by the government for the next fiscal year, Bangladesh's trade deficit will stand at $28 billion. Deficit in balance of payment to hit $11.74 billion Finance ministry officials think that the deficit in the balance of payment in the next fiscal year will be huge – 1.56% of GDP, despite projections of high remittance inflows and falls in both exports and imports. In the revised budget for the current fiscal year, the government has set the balance of payments at 2.56% of GDP. In the current fiscal year's budget, the current account deficit was estimated at 0.06% of GDP. The revised budget for the current fiscal year puts the GDP size at $458.5 billion and the balance of payments deficit at $11.74 billion. The GDP size for the next fiscal year has been estimated at $512.4 billion, with a $8 billion deficit in the balance of payments that year. According to the revised budget for the current fiscal year, the foreign exchange reserves will stand at $42 billion in June, which will increase to $43.50 billion in June next year.

https://www.thedailysta r.net/chattogram/news/cu-launches-seven-biotech-research-labs-3031366 CU launches seven biotech research labs Staff Correspondent Wed May 25, 2022 12:00 AM Last update on: Wed May 25, 2022 03:55 AM Chittagong University (CU) inaugurated seven international-standard biotechnology research labs at the Department of Genetic Engineering and Biotechnology on May 23. CU is the first and only university in Bangladesh to launch such labs, which have specialised equipment, on university premises. Six labs will be facilitated by the university's Biotechnology Research and Innovation Center, and one will be supported by Child Health Research Foundation (CHRF) in Dhaka, and Find Diagnostics of Switzerland. That one lab, named "Next Generation Sequencing, Research and Innovation Lab Chittagong", is the first international, joint laboratory for genome research in the country. The labs were inaugurated by Dr Shireen Akhter, vice chancellor of Chittagong University. Researcher Dr Senjuti Saha, director of CHRF and advisor to the World Health Organization, was present as guest of honour. Prof Benu Kumar Dey, pro-vice chancellor of CU; Prof Touhid Hossain, dean of the biology faculty; Dr Golam Mostafa, director of Laboratory of Science and Industry, and Dr Nasiruddin, director of Bangladesh Institute of Tropical and Infectious Diseases, were also present at the inauguration event. Senjuti said, "The reason for setting up labs at Chittagong University is that students have a lot of desire to do research here... Now, the researchers don't have to go elsewhere with their samples." Associate professor of the department Adnan Mannan said, "In these labs, we can research cancer as well as infectious and genetic diseases... This is a huge milestone."

https://www.tbsnews.net/economy/banking/govt-borrows-51-target-thru-savings-certificate-sales-9-months-428518 Sakhawat Prince 28 May, 2022, 01:15 pm Last modified: 28 May, 2022, 03:56 pm Govt borrows 51% of target thru’ savings certificate sales in 9 months Highlights: Govt borrowed Tk16,504 crore in July-March The annual target amounts to Tk32,000 crore Borrowing from sales of savings instruments dropped for slow ADP spending Interest rate reduction also has had impact on sales Interest rates on all kinds of savings certificates cut by 1-2% The government borrowed only 51% of its target through sales of national savings certificates in the first nine months of FY22, because of higher interest rates and slow spending on projects under the annual development programme. Till March this fiscal year, it accumulated Tk16,504 crore from selling savings tools against its annual borrowing target of Tk32,000 crore for deficit financing. According to sources, the government's net debt in the form of savings tools amounted to Tk3,628 crore in August of the current fiscal year. In just a month, this net debt went down to Tk2,825 crore in September. The downward trend continued through the next two months, massively causing the net debt to drop to Tk766 crore in October, Tk701 crore in November. In December, the government repaid Tk436 crore without borrowing. However, in the new year, the whole picture has changed. The government borrowed Tk2,586 crore in January, Tk2,522 crore in February and Tk1,814 crore in March. Fahmida Khatun, executive director at the Centre for Policy Dialogue, told The Business Standard, "The government has reduced sales of savings certificates as interests on such instruments are higher than on bank loans." "The money borrowed through sales of savings tools is spent on development projects that see slow implementation in the current fiscal year. That is why the net borrowing is low," she added, The government has set ADP spending target at Tk217,000 crore in FY22, but in the first nine months, ADP spending stood at Tk98,934 crore or only 45.56% of target. On condition of anonymity, an official of the National Savings Directorate said, "The cut in interest rates of savings certificates has had some effect on sales in the last few months. Even though sales and net debt increased in the first three months of 2022, this is still less than in the previous year." Earlier, the government cut interest rates on all kinds of savings certificates by 1-2%. According to sources, in the first nine months of FY22, total investment in savings certificates amounted to Tk81,326 crore. The government spent Tk64,822 crore to pay off principal and interest during this time. In FY21, the government's net debt in savings certificates was Tk41,959.54 crore, while the government's borrowing target in the original budget of that fiscal year was Tk20,000 crore.

https://www.thedailystar.net/business/news/japanese-company-yanmar-wants-produce-combined-harvester-bangladesh-3030871 Japan's Yanmar wants to produce combined harvester in Bangladesh Star Business Report Tue May 24, 2022 06:40 PM Last update on: Tue May 24, 2022 07:20 PM Agriculture Minister Muhammad Abdur Razzaque held a meeting with the delegations of ACI Motors and Japanese company Yanmar at the secretariat in Dhaka on Tuesday. Photo: Collected Japanese agricultural machinery manufacturer Yanmar has expressed interest to set up a factory in Bangladesh to manufacture combine harvesters for reaping paddy. Yanmar is willing to set up the plant in a joint venture with the country's ACI Motors. A delegation led by Sogo Det, international business head of Yanmar, came up with the proposal in a tripartite meeting with a team of ACI Motors and Agriculture Minister Muhammad Abdur Razzaque at the secretariat today. Yanmar and ACI have decided to set up the plant as the combined harvesters of Yanmar have high demand in Bangladesh, the ministry said in a statement. Sogo Det said they have an initial plan to go into production locally from early 2024. In the meeting, Razzaque said the shortage of agricultural workers is intensifying day by day in the country. "Labours are not available during the harvesting period. Besides, the production cost in traditional methods is much higher and time-consuming too," he said. Therefore, the government is working on mechanisation of agriculture on a priority basis and machinery is being supplied to farmers at 50 per cent subsidy across the country and 70 per cent subsidy in haor-coastal areas, the minister said. Welcoming the initiative of Yanmar, Razzaque said, "We are emphasising manufacturing and assembling agriculture machinery locally. So, we will give all-out support to Yanmar in setting up factory in Bangladesh." Yanmar, a Japanese diesel engine, heavy machinery and agricultural machinery manufacturer, was founded in March 1912 in Osaka and manufactured gasoline-powered engines the same year. The company launched the world's first practical small diesel engine, the HB model, in 1933.

https://thefinancialexpress.com.bd/views/opinions/the-seesaw-of-forex-trade-1653722424 The seesaw of forex trade Sheikh Mohammad Danial | Published: May 28, 2022 13:20:24 | Updated: May 28, 2022 13:22:30 A seesaw allows a short-term perpetual motion of equal distribution of highs and lows for both ends. If we take a closer look at how taka’s rate influences trade, the seesaw has been more in favour of the buyers of foreign exchange (forex) compared to its sellers in recent times. Of late, it has become apparent that the seesaw of the forex trade in Bangladesh has a more powerful third party, which dominates the scale and advantages of it. In theory, the Bangladesh taka or BDT is a free-floated currency. In reality, however, it is a managed floating or pegged floating regime. The real effective exchange rate (REER) is the weighted average of a country's currency in relation to an index or basket of other major currencies. The weights are determined by comparing the relative trade balance of a country's currency against that of each country in the index. The real effective exchange rate of taka in 2021 averaged 110 BDT to 1.0 USD, whereas bank rates were between 84-86 BDT to 1.0 USD. This means, those who were spending and buying USD were enjoying a benefit of 25-26 BDT per USD. The flip side of this equation is that dollar earners of Bangladesh were being stiffed by that very huge margin. The seesaw of currency was tilted towards those who would spend and buy dollars compared to those who would earn and sell the forex. The main spenders and buyers of the greenback are importers, who include even the government, as well as Bangladeshi international medical and leisure tourists. The main earners of forex in the country are exporters and remitters, who also include government departments such as peacekeeping forces. Until the year 2021, it seemed that exporters and remitters were getting a raw deal as they were being given a forex rate that indirectly taxed them 25-26 BDT per USD only to indirectly subsidise importers and global tourists from Bangladesh. However, the system seems to have become unmanageable in recent times as banks are overcharging importers to settle their import bills at a substantially higher rate than the one set by the regulator, Bangladesh Bank, without having to pay a higher rate to exporters and remitters. If 2021 saw the seesaw to have become lopsided in favour of importers, the current 2022 has seen the forex seesaw being dismantled and converted into what seems to be a slide towards banks and other financial institutions. If our currency was truly free-floated, many feel it could trigger inflation that might be heavy on the poorer segment of society, for whom the government can always subsidise directly. That would be more effective than subsidising the entirety of all imports, as we must subsidise food, transport, education and shelter for the less-advantageous instead of subsidising cowhead milk, Mercedes SUVs and other luxury imports. We must not be a nation that privileges the rich at the cost of hard-working remitters and exporters. If not anything else, we should build a fairer economic society where the forex seesaw can be a balanced equaliser.

https://www.tbsnews.net/economy/industry/plucking-poultry-new-tax-regime-sector-cards-428282 Jasim Uddin 27 May, 2022, 10:50 pm Last modified: 27 May, 2022, 10:54 pm Plucking the poultry: New tax regime for the sector on cards Poultry farm owners with earnings of next Tk10 lakh, will be taxed at 5%, while on annual incomes of over Tk20 lakh, a 10% tax is payable The poultry industry, which is already in the red with the double whammy of pandemic-induced losses and subsequent hikes in production costs, is going to take another hit as its tax-free income limit is going to be halved to Tk10 lakh from the next fiscal year. Poultry farm owners with earnings of next Tk10 lakh, will be taxed at 5%, while on annual incomes of over Tk20 lakh, a 10% tax is payable. For the income of over Tk30 lakh, they will have to pay a 15% tax from the existing 10%, said finance ministry officials. The government plans to bring fish and poultry hatcheries, as well as fish and poultry farming under a single tax slab from next fiscal year. A similar tax structure for fish and poultry hatcheries and fish farming is now in force. The move comes as the National Board of Revenue looks to plug tax evasion scopes and boost tax collection, said finance ministry officials. At a time when the corporate sector is being offered tax exemptions, waivers and other policy support, poultry and fish farming entrepreneurs are going to have an added tax burden in FY23, putting a spoke in the wheel of their businesses that are struggling to dispel pandemic blues amid soaring feed and other input prices, say industry insiders. "Poultry farmers are now running at a loss. Production cost of chicken per kilogram has shot up to Tk122 per kg, but they are having to sell it at Tk120 per kg. In this situation, the government's move to levy more taxes on them is very frustrating," Nazrul Islam, general secretary at Feed Industries Association Bangladesh, told The Business Standard. "How can the government impose more tax when their survival is at risk?" "Prices of feed making raw materials have gone up by 65%, but we could not pass more than 29% of it on to poultry farmers who are already squeezed by pandemic onslaughts," he noted. Rakibur Rahman Tutul, managing director at Nahar Agro, said the new tax slab will make their survival more difficult, putting roadblocks on the industry's growth. Many poultry farmers have already been pushed out of business as they could not sustain losses because of high production costs, he noted. The imposition of regulatory duty on imports of soybean used as a feed making raw material, deeming it as a luxury item, will further exacerbate their woes, said Rakibur. The entrepreneur also alleged that even if they count losses after making profits a year ago, tax officials are reluctant to accept it. "All in the agro-based industry are at risk of suffering losses anytime no matter what their previous account records are. But we cannot make tax officials accept it," he added. Nazrul Islam pointed out that the 5% regulatory duty on soybean imports will lead to a Tk5 rise in chicken production per kg. A Tk40,000 crore sector Over the last four decades, the poultry industry has developed into a Tk40,000 crore sector, which was meeting more than 40% of the meat demand in the country. Before the Covid-19 hit, the sector's growth was 12-15%. But, it has suffered a negative growth owing to the pandemic, industry people said. The rising feed costs have now derailed their efforts to recover from pandemic shocks, they noted. No good news for individual taxpayers The tax-free income threshold for individuals will remain unchanged at Tk3 lakh per annum in the next fiscal year even though soaring inflation continues to hurt their wallets. The last time the tax-exempted limit increased was in FY21 from Tk2.5 lakh.Next unread topic The NBR is also going to target rural taxpayers by raising the minimum tax to Tk5,000 from Tk3,000.

https://www.tbsnews.net/bangladesh/industrialisation-transforming-rural-economy-trishal-427930 Industrialisation transforming rural economy in Trishal Five-six big factories have already been set up in Trishal, and work is underway on several more Hossain Shahid 27 May, 2022, 02:00 pm Last modified: 27 May, 2022, 02:16 pm Nasrin Akhter, a resident of Dhanikhola union in Trishal, Mymensingh, never went to school as her day labourer father could not bear her educational expenses. She grew up with her two younger brothers in extreme poverty. But, she has now become the saviour of the family thanks to Consumer Knitex Ltd, a garments industry established in Trishal's Raghamara area, where she joined as a worker two years ago. She earns about Tk15,000 including overtime per month which helps her alleviate poverty in the family. She got married to one of her co-workers a year ago. "I got the job with the help of one of my friends. Around 3,000 people work in the factory. Most of them have come from the same background as me. Now, I have got some economic freedom as my husband also earns. Although I have got married, I help my father and brothers," Nasrin told The Business Standard. Factories like Consumer Knitex have transformed the mostly agriculture-based economy of Trishal by creating employment opportunities for thousands of people. In the past few years, several factories have been set up in the area including some big investments. Women are also being employed in these factories equally besides men. Md Tanzil Hasan, associate professor of economics at Jatiya Kobi Kazi Nazrul Islam University, and executive director of the Economic Development Research Organisation (EDRO), said, "Industrilisation has become a major force in eradicating poverty and unemployment in Trishal. As people's income increases, it propels the wheel of the economy. Increasing money transactions have improved the standard of living in the rural areas." The trend of migrating to the capital in search of jobs is also on the decline as people now prefer staying in the area having employment opportunities, he added. Large investments, huge job opportunities Akij Ceramics Limited set up a factory at Mokshapur union of Trishal several years ago. It produces tiles, sanitary products, particle boards, and BOPP for food packaging. Md Mamun Akhtar, admin manager (HR) of Akij Ceramics, said, "Our factory has employed around 4,000 people. Around 40% of them are young men and women. We provide increment, provident fund, medical facilities and health and life insurance services for our workers. We have another factory nearby. Our total investment here is around Tk3,000 crore." Dabiruddin Spinning Mill Ltd has invested around Tk2,000 crore in a factory in the Amirabari area. Around 3,000 people are employed in the factory and 70% of them are from the local areas. Md Selim Al Reza, assistant manager (HR admin) of Dabiruddin Spinning Mill Ltd, said, "We produce 120 tonnes of yarn every day which is being used in different garments factories of the country." "We provide all the services as per the rules to the workers. We have bus services for the workers who come from far away. The lifestyle of the workers from the village areas has changed a lot due to industrialisation," he added. Md Bulbul Ahmed, deputy inspector general of the Department of Inspection for Factories and Establishments in Mymensingh, said, "There are five to six big industrial establishments in Trishal including Akij, Bhuiyan Paper Mill, Dabiruddin Spinning Mill, Rose Garments etc. More industrial establishments are being set up in this area." "We oversee the interests of the workers such as the working environment, and different other facilities. We have disposed of 54 complaints in the last one year. We also arrange meetings and awareness campaigns to make workers conscious about their rights. We visit factories very frequently," he said. Self employment The large factories, besides generating huge jobs, have also played a role in creating opportunities for self employment. Aminul Islam runs a shop of fancy goods in front of the Dresden Textiles Limited beside the Dhaka-Mymensingh Highway in Amirabari union. He said, "A small market has been created around the factory gate. The land owner has built several shops here and rented them out. I have invested around Tk4 lakh in this shop that I have rented. Now, I feed my family from the income of this shop." Along with opportunities come problems Rapid industrialisation has, however, also brought some problems in Trishal, especially in the environmental front. Shibbir Ahmed Liton, general secretary of Paribesh Rokkha and Unnayan Andolon, Mymensingh, said, "We have seen that industrialisation has caused extreme damage to the environment. The River Banar is already facing extreme pollution. We want planned industrialisation. For this, the authorities concerned need to take the matter seriously." Rising crime rate has also been a problem in Trishal which has become a serious threat to the people living in the area. According to local people, one of the major crimes is happening during the land acquisition process before setting up industrial establishments. The companies generally approach the brokers without buying land directly from the farmers. As a result, a powerful circle has been created in the area who acquires land from the farmers at a very low price by threatening them with muscle power. These criminals also kill people if they resist their illegal pursuits. In 2016, Matin Master, a freedom fighter from Khagatipara in Trishal, was murdered in land acquisition related disputes. Another person named Rafiqul Islam was also killed in 2019 for the same reason. In April this year, a man named Abul Kalam Azad from the Jamtali village was killed while trying to save his nephew from the land grabbers. Main Uddin, officer-in-charge of Trishal police station, said, "The police have identified the culprits in all the murders related to land acquisition and filed complaints in the court. Criminals are also being arrested. We are working to prevent such incidents in the future."

https://thefinancialexpress.com.bd/economy/bangladesh/serbia-keen-to-invest-in-food-storage-industry-in-bangladesh-1653575704 Serbia keen to invest in food storage industry in Bangladesh Published: May 26, 2022 20:35:04 Serbian Foreign Affairs Minister Nikola Selakovic has expressed his country’s interest in investing in the food storage industry of Bangladesh. The visiting minister expressed his interest during a courtesy call on FBCCI senior vice-president Mostofa Azad Chowdhury Babu on Thursday. Selakovic said his country's storage companies are one of the best in the world and Bangladesh can also benefit from Serbia's investment in this sector, reports UNB. “Serbia has free trade agreements with Europe, the Eurasian Economic Union and Turkey. Bangladesh may benefit by establishing joint ventures and export at zero duty to those free trade countries,” he said. He also expressed interest in signing two agreements on double taxation and investment protection and promotion with the government of Bangladesh to increase bilateral trade. Serbia is also keen to take skilled and semi-skilled manpower from Bangladesh for construction and agriculture sectors, the minister said. At the same time, the minister urged Bangladeshi students to go to Serbia to study agricultural engineering as the country provides world best facilities of its kind. In response, Mostofa Azad Chowdhury said that 30 percent of agricultural products are wasted in Bangladesh every year due to lack of packaging, transportation and storage. The two sides also agreed to sign a memorandum of understanding between the Serbian Chamber of Commerce and Industry and the FBCCI soon. The meeting also discussed import of sunflower seeds, contract cultivation of wheat in Serbia, and establishment of the Serbian Embassy in Dhaka. Serbia's assistant minister for bilateral relations Vladimir Maric, Foreign Minister's Adviser Ivan Jaksic, FBCCI Vice-President Habib Ullah Dawn, Director Amzad Hossain, Shomi Kaiser, Dr. Nadia Binte Amin, Abul Kasem Khan and Secretary General Mohammad Mahfuzul Hoque, were, among others, present in the meeting.

https://today.thefinancialexpress.com.bd/first-page/corporate-e-return-comes-to-ease-taxing-businesses-1653502338 Corporate e-return comes to ease taxing businesses To be integrated with DVS on financials Doulot Akter Mala | May 26, 2022 00:00:00 Tasked with pooling higher funds for financing steadily increasing national budget, the revenue authority now moves to automate the corporate tax-return filing for the ease of business taxpayers. Officials say that effective from fiscal year 2023-24, the 'corporate e-return' system is meant for reducing time and cost of tax-return submission that will bring in more potential taxpayers. The income tax wing of the National Board of Revenue (NBR) formed a study team Wednesday to do the spadework for introducing the 'corporate e-return'. It will be put to practice after framing design of the system, business process and possible steps to launch the system. A senior tax official says the system will be integrated with the Document Verification System (DVS) on financial report so that taxmen can access it all in a gamut. The NBR formed the nine-member study team comprising senior income-tax officials to recommend modalities of corporate e-return. Currently, some 30,000 corporate taxpayers submit tax returns to the tax offices out of 167,000 holders of corporate Taxpayer Identification Number. The tax official says the study team will start consultation with the corporate taxpayers on e-return for them. Currently, corporate taxpayers need to submit 26 types of documents manually to the tax department. Submission of corporate tax return involves both cost and time, which is a major reason Bangladesh lagging behind on paying-tax indicator in global rankings. The income tax official says software will be developed by tax officials for companies like e-return software for individual taxpayers. "Following impressive response from the individual taxpayers on e-return, the NBR moved ahead for corporate tax-return automation," the official says. In the current FY, the NBR introduced online tax-return- submission system for individual taxpayers. Tax officials say gradually both individual and corporate tax returns would be paperless to reduce hassles facing the taxpayers. "Our target is to minimize physical visit of taxpayers to the tax offices through automation," he adds. Time for corporate tax return for this year expires on June 15, 2022 as the NBR extended the timeframe to facilitate taxpayers to submit DVS-verified audited financial statements. [email protected]

https://www.tbsnews.net/bangladesh/petrobangla-owes-ctg-customs-tk3000cr-lng-import-duties-427586 Shahadat Hossain Chowdhury 26 May, 2022, 10:10 pm Last modified: 26 May, 2022, 10:15 pm Petrobangla owes Ctg customs Tk3,000cr in LNG import duties Chattogram customs says it will take legal action if Petrobangla does not pay their dues soon Highlights: Growth in revenue collection at Chattogram Custom House could have been 7% higher by May 2022 if Petrobangla paid its dues on time Chattogram customs sent 10 letters to Petrobangla between 28 February and 18 May this year to collect the dues If Petrobangla does not pay its dues before the end of the current fiscal, the revenue growth will be lower compared to last year Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) has not been paying Chattogram Custom House Tk3,017 crore in duties accrued over the past eight months for importing LNG, which has had a negative impact on customs revenue collection. In a letter sent to Petrobangla on 18 May, Chattogram customs said they would take legal action if Petrobangla does not pay its dues as soon as possible. Sources said Petrobangla owes the Chattogram Custom House Tk3,017 crore in import duties against 23 bills of entry and 30 import general manifests (IGM) submitted from September 2021 to April 2022. Petrobangla imports LNG from Qatar and Oman, according to Rupantarita Prakritik Gas Co Ltd, the clearing and forwarding agent in charge of unloading LNG imported by Petrobangla. Collecting tax on LNG imports at the Chattogram Custom House started in 2018. Since then, the company has imported LNG by about 250 ships – each carrying around 1.45 lakh cubic meters of gas – and paid customs duty for only 190 of those shipments. Chattogram Custom House Commissioner Mohammad Fakhrul Alam told The Business Standard that Petrobangla's tax arrears have had a negative impact on their revenue collection. If Petrobangla paid its Tk3,017 crore of dues, revenue collection would have stood at Tk54,255 crore till 24 May and revenue collection growth would have reached 26.54% compared to the previous year. Due to Petrobangla's arrears, 7% growth was lost, he said. In FY21, Chattogram Custom House achieved its highest revenue collection growth – 23.23% – in the last 25 years. If Petrobangla does not pay its dues before the end of the current fiscal year, growth will be slower compared to last year, according to sources. Chattogram customs sent 10 letters to Petrobangla between 28 February and 18 May this year to collect on the dues increasing every month, which are expected to increase further by the end of this fiscal. LNG imported by Petrobangla is directly supplied to the national grid through a pipeline from the FSRU (Floating Structure Regasification Unit) at the Moheshkhali LNG terminal. Usually imported goods are unloaded after they arrive at the port and the importer submits the bill of entry and pays duty on it. But in the case of LNG, customs clearance is done after unloading it from the ship. In the letter sent to Petrobangla on 18 May, the customs authorities said unloading goods without submitting a bill of entry and paying taxes due on that, is a criminal offense under customs law and there is provision for imposing fines on unpaid dues, for violating rules and regulations.

https://thefinancialexpress.com.bd/trade/dcci-president-rizwan-rahman-urges-indian-investors-to-invest-in-ezs-1653556709 DCCI President Rizwan Rahman urges Indian investors to invest in EZs A 47-member business delegation is visiting India to explore business potentials FE ONLINE REPORT | Published: May 26, 2022 15:18:30 | Updated: May 26, 2022 16:08:32 Dhaka Chamber of Commerce and Industries (DCCI) President Rizwan Rahman urged Indian investors to invest in the economic zones (EZs) in Bangladesh. Rizwan Rahman made the call as a 47-member business delegation, led by him, is now visiting Kolkata, India to explore new business potentials. Meanwhile, during the first day of this visit, the delegation had an industry interactive meet with the Calcutta Chamber of Commerce on Wednesday in Kolkata. During the meeting, President of Calcutta Chamber of Commerce Ms Shailja Mehta said India is the biggest trade partner of Bangladesh in South Asia, according to a press release issued on Thursday. Toward achieving advantageous trade figures, both the nations need to diversify trade with active industry participation. She said that better market access, improved physical connectivity and transit and energy trade between India and Bangladesh are important instruments for unlocking bilateral trade potential. She also termed tourism as one of the important areas where there is huge potential to tap into. Mr Rizwan Rahman, who is also the leader of the Business delegation, said that the bilateral trade between Bangladesh and India hovers within USD 9.87 billion having a potential of USD 16.4 billion forecast by the World Bank. He also invited Indian entrepreneurs to invest in the EZs in Bangladesh that are already completed for operation. Pharmaceuticals, footwear, energy, food processing, light engineering, ICT are some of the areas where Indian investors can tap the opportunities. Moreover, the initiative of signing a comprehensive economic partnership agreement (CEPA) between India and Bangladesh will usher in a win-win situation for both end businesses, he added. Later he also sought a joint collaboration on different non-tariff issues which hindered our business scopes. Deputy High Commissioner of Bangladesh in Kolkata Andalib Elias was also present on the occasion and he said that there is a trade deficit between the bilateral trades but it is decreasing day by day. During the last five to six years, the bilateral trade has multiplied about 2.5 times, he added. He termed trade facilitation a big issue and the High Commission is working with the government and private sector here in Kolkata to enhance it more. Later, an interactive B2B match-making was organised where members of Dhaka Chamber’s business delegation and Calcutta Chamber of Commerce took part.