Simplification of tax administration and proper infrastructure development are needed to attract more foreign direct investment (FDI) in Bangladesh, analysts said in a roundtable today.

Ace Cricketer Shakib Al Hasan’s e-commerce platform Monarch Mart will now sell products of leading Bangladeshi retail chain Shwapno.

The Bangladesh Telecom Regulatory Commission (BTRC) fined state-run Teletalk Tk 5 crore, Robi Axiata Tk 2 crore, Grameenphone Tk 50 lakh and Banglalink Tk 15 lakh.

The stock market index fell today although the proposed budget for 2022-23 fiscal year recommended cutting corporate tax by 2.5 percentage points for listed companies except bank, insurance, telecom, tobacco and non-banks.

Most shares on the Dhaka Stock Exchange (DSE) fell today despite a cut in the corporate tax rate for listed companies.

Shares opened the week lower as most of the scrips on the Dhaka Stock Exchange (DSE) fell today, despite a cut in the corporate tax rate for listed companies.

Till the end of May our inbound remittance totaled $19.19 billion, $3.6 billion dollar less than that last year. With the current downward trend, in an optimistic estimate, we can eye a near $21 billion by the end of the financial year which would be 15 per cent less on a year-on-year basis. But based on this figure alone will it be justified to arrive at a decision that the magic of remittance have waned, we have run out of means to fill the increasing trade gaps, and are quickly embracing a bleak financial future? Before siding with a yes or a no let us revisit the trend of remittance flow. 

The government has proposed a 2.5 percentage point cut in corporate tax rates for the listed companies in the national budget unveiled for the next fiscal year in a bid to develop the stock market and attract investments.

The National Board of Revenue (NBR) has extended for another year a value added tax (VAT) reduction for local liquefied petroleum gas (LPG) cylinder manufacturers, who believe it would help keep fuel prices low against rising demand.

The national budget for fiscal year 2022-23 predicted a gross domestic product (GDP) growth of 7.5 per cent, which is unrealistic and not objective, AB Mirza Azizul Islam, former adviser to the caretaker government, said yesterday.

The government should reconsider the proposals on increasing source tax on interest income of all companies, raising taxes on mobile phones, laptops and broadband internet services and giving amnesty to laundered money, Unnayan Shamannay Chair-Professor Atiur Rahman said yesterday.

France-based pharmaceutical manufacturer Servier has launched a medication in Bangladesh that treats high blood pressure.

Eastern Bank has launched a co-brand credit card with Dhaka Stock Exchange (DSE) and Visa exclusively for the stock market employees and its trading right entitlement certificate (TREC) holder companies.

The proposed budget does not reflect the ICT sector’s demands although they are aimed at accelerating the development of the industry, said the Bangladesh Association of Software and Information Services (BASIS) yesterday.

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has welcomed the proposed national budget for the upcoming fiscal year, saying some of the steps will help entrepreneurs.

The proposed reduction of the fine on businesses failing to pay value added tax (VAT) in the national budget for fiscal year 2022-23 will reduce operational costs, said The Institute of Chartered Accountants of Bangladesh (ICAB) yesterday. 

Achieving the huge proposed budget for fiscal year 2022-23 in the post-pandemic period is a huge challenge for the government but it is not impossible, said Md Mamunur Rashid, president of the Institute of Cost and Management Accountants of Bangladesh (ICMAB).

The former Bangladesh Bank governor also stressed the need for cutting unnecessary spending and allocating more for social safety, education and health.

The government has made a timely proposal to impose 12 per cent tax on general industries and 10 per cent on green industries, the Institute of Chartered Accountants of Bangladesh (ICAB) said today.

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) does not support the chance of whitening black money as it would discourage honest businessmen.