Mohammad Suman

The government has moved away from its decision to raise the highest income tax rate to 30 percent and end tax holidays for investors in economic zones and hi-tech parks.

So strong was the clout of former National Board of Revenue member Matiur Rahman that he could not be transferred unless he wanted to be transferred.

Chattogram Customs House confiscated 62,000 suspected substandard refrigerant gas-filled cylinders at the port.

As per the new rules, Noah can no longer be imported as an ambulance from the current fiscal year as its passenger cabin does not meet the length requirement, according to an NBR official.

For air conditioner and refrigerator manufacturing industries, the government plans to extend the existing facility to June 2026, according to the finance ministry.

A significant share of Bangladesh’s illegal cigarette market is controlled by two companies where Chattogram City Corporation (CCC) Councillor Abdus Sabur Liton and his brother have the majority stakes, an investigation by The Daily Star has found.

Power generation companies, including rental ones, may see an end to a zero-duty benefit on their import of machinery, equipment and spare parts from next fiscal year as the government moves towards generating more revenue curtailing the practice of handing out tax exemptions.

Investors in the economic zones and hi-tech parks in Bangladesh may see an end to the zero-duty benefit on imports of capital machinery, components and construction materials next fiscal year.

Mobile phone calls and metro rail commutes among other daily activities may cost more in the next fiscal year as the government looks to increase taxes to boost its revenue collections.

The National Board of Revenue seeks to impose 25 percent import duty on cars for lawmakers, reversing a practice of tax exemptions that amounted to Tk 5,147 crore over the last 15 years.

State-run Power Grid Company of Bangladesh Ltd (PGCBL) imported 68 kilograms of tower bolts, nuts and washers from India for a whopping $2,39,695 or Tk 2.63 crore, which is 1,619 times the contract value.

Bangladesh’s first and only sandpaper plant is struggling to expand its footprint owing to unhealthy competition from importers, who are allegedly under-invoicing prices of the abrasive paper.

The National Board of Revenue has suspended all imports and exports by Abdul Monem Group and all its subsidiaries, including Abdul Monem Sugar Refinery, over misuse of bond facilities and non-payment of applicable duty and fines worth Tk 674.35 crore.

It also instructs banks to freeze the Group's bank accounts

Five companies are enjoying an oligopoly in the sugar market, which was worth more than Tk 9,000 crore in fiscal year 2022-23, as they have expanded their refining capacities to meet increasing demand.

Data from the National Board of Revenue (NBR) shows that nearly 25.7 lakh tonnes of soybean and palm oil were imported in 2023, with the four companies accounting for 80 percent of the total amount.

Earlier, there was a provision for the service providers to be appointed by a committee appointed by the board, said Rahman. Now the company which can provide this service at a low cost will be given the job, he explained.

The National Board of Revenue (NBR) has issued a gazette notification stipulating that imports have to be declared well in advance of the previous deadline for notifying of their arrival, all to reduce false declarations and enable quick releases.

On January 9, 2024, a small shipment weighing 344.5 kilograms arrived at Chattogram port. The shipment worth $250,863 (Tk 2.75 crore) contained 19 pieces of small tools such as hammer, metal pipe cutter and silicon guns imported for state-owned Coal Power Generation Company Bangladesh Limited (CPGCBL), which is constructing Matarbari power plant in Cox’s Bazar.

Consumers were not spared even during the fasting month of Ramadan, a time to show self-restraint, even though there have been a lot of promises and drives on the part of the government. Therefore, while devotees perform their religious duty, the escalated prices of essentials have continued to give them hard times.