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More products to be VAT-free in new law

The government is expected to keep larger number of goods and services out of the purview of value-added tax in the new law that is scheduled to take effect from July 1, said revenue officials yesterday. VAT on more than 1,500 products and services may be waived under the VAT and Supplementary Duty Act 2012, […]

Private investment continues to remain obstinately stuck in the slow lane, putting a damper on the country’s growth aspirations. In fiscal 2016-17, private investment to gross domestic product ratio is expected to be 23.01 percent — only 0.02 percentage points higher than the previous year, according to provisional data from the Bangladesh Bureau of Statistics. […]

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Seven directors including the vice-chairman of the embattled board of directors of Islami Bank Bangladesh Limited on Saturday warned that many of the directors of the bank would `resign willingly’ if any of them was forced to resign. IBBL vice-chairman Syed Ahsanul Alam, who has been in conflict with chairman Aarastoo Khan for the last […]

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Bangladesh has been willing to send skilled health professionals like nurse and midwife to the US The third council meeting of Trade and Investment Cooperation Framework Agreement (Ticfa) has indicated that Bangladesh will not regain the much-desired GSP facility to the US market anytime soon as the issue has been skipped in the meeting. The […]

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The Bangladesh Bank fails to rein in the surge of default bank loans as the total amount of default loans rose to Tk 734.09 billion at the end of March this year. The amount of default loans constitutes 10.53 per cent of the total loans in the country’s banking sector. According to the central bank, […]

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Two economists have faulted Planning Minister AHM Mustafa Kamal for moving into quarterly inflation data away from the global practice of monthly figures. One of them has gone as far as warning that it will ‘create public distrust’. The average rate shows that consumer prices edged down to 5.28 percent in the third quarter (January-March) […]

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Telenor, the parent company of market leader mobile operator Grameenphone, is shutting down its online classifieds marketplace ekhanei.com in Bangladesh from tomorrow. The group, one of the world’s major mobile operators, took the decision due to inability to develop the company into a sustainable and profitable business, reads a press note on its website published […]

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Prime minister Sheikh Hasina receives a bouquet of flowers from finance minister AMA Muhith and planning minister AHM Mustafa Kamal on the occasion of achieving record 7.24 per cent GDP growth, as per a BBS provisional estimate, by Bangladesh in the financial year of 2016-17 at a National Economic Council meeting in Dhaka on Sunday. […]

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The Sammilito Ganatantrik Parishad, led by former BGMEA president Shafiul Islam Mohiuddin, has won the Association Group elections at the FBCCI after a victory in Chamber Group. As many as 1,668 of the 1,898 members of the top trade body cast their ballots to elect 18 directors from the Association Group at the Bangabandhu International […]

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Bangladeshi expatriates will not have pay any amount in order to send remittances to the country, Finance Minister AMA Muhith said Saturday. “The government is taking measures so that expatriates can send their remittances without any charge,” the minister said at a pre-budget discussion with the Economic Reporters’ Forum at his ministry office at the […]

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Govt likely to amend new VAT law amid demands from businesses The government is likely to set a flat 12 percent VAT rate by amending the new VAT law in the face of demands from various quarters, according to finance ministry officials. Businesses have been reasoning that the proposal of a uniform 15 percent VAT […]

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Family control over private banks to widen Cabinet approves bill to allow four family members on bank board of directors for nine consecutive years Mustafizur Rahman and AKM Zamir Uddin The cabinet on Monday approved a draft bill seeking amendment to the Bank Companies Act 1991 to allow four from a family to be bank […]

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