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Bangladesh

Bangladesh to forfeit Tk10,000cr for rise in turnover ceilings: NBR

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DHAKA: The Bangladeshi government will lose up to Tk10,000 crore for raising the VAT-free turnover limit and the highest threshold for turnover tax for businesses, according to an estimate of the National Board of Revenue. The increase in threshold and withdrawal of restriction of items to avail the benefit of turnover tax will cause the loss, said Jahangir Hossain, member ... Read More »

FDI flow still slow despite policy support

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DHAKA: Bangladesh is not getting foreign direct investment at an expected level although the government has taken different initiatives to give easy access to such funds, analysts said yesterday. They spoke at a dialogue on foreign direct investment and development of Bangladesh, at the monthly luncheon meeting of American Chamber of Commerce in Bangladesh (AmCham), at the Westin Dhaka hotel. ... Read More »

Passenger at Dhaka airport caught with 1.3 kg gold in wig

DHAKA AIRPORT

DHAKA: Customs officials have seized 1.3 kilograms of gold concealed in a passenger’s wig at the Dhaka airport. The passenger, 45-year-old Md Aminul Haque, arrived at 10:30pm on Tuesday aboard a Malindo Air flight from Malaysia, said customs Assistant Commissioner HM Ahsan Kabir. Haque had attempted to pass through the Green Channel when he was stopped by a customs team. ... Read More »

Bangladesh to hold talks to fix prices for H2 oil product term imports

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DHAKA: Bangladesh Petroleum Corp (BPC) will hold talks with 10 companies to fix final prices for its long-term oil product imports for delivery in the second half of 2017, two BPC officials said on Tuesday. The state-owned company is seeking to buy 1.65 million tonnes of gasoil, 245,000 tonnes of jet fuel and 200,000 tonnes of fuel oil in 2017 ... Read More »

Bepza eyes $4.5b investment from Mirsarai economic zone

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DHAKA: Bangladesh Export Processing Zones Authority (Bepza) will set up an economic zone at Mirsarai of Chittagong with an eye to attracting $4.5 billion in investment. Bepza and Bangladesh Economic Zones Authority (Beza) signed a memorandum of understanding on the planned zone at the Prime Minister’s Office in Dhaka on May 18. About 350 industrial units will be set up ... Read More »

Customs asks Bangladesh Bank to auction seized gold regularly, ease import

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DHAKA: The Customs Intelligence and Investigation Directorate has written to Bangladesh Bank, asking it to regularly auction gold seized in drives and ease the process of importing the precious metal. CIID Director General Moinul Khan told press that copies of the letter were sent to the the central bank governor, internal resources secretary, National Board of Revenue chairman, and Bangladesh ... Read More »

China to become biggest investor in Bangladesh with Chevron acquisition

China's Zhenhua Oil signs deal to buy Chevron's Bangladesh gas fields

DHAKA: China is poised to become the biggest source of foreign direct investment (FDI) in Bangladesh with an imminent acquisition of US company Chevron’s local assets. Chinese envoy in Dhaka Ma Mingqiang made this observation Wednesday, adding that China’s overflowing funds are also already pouring into Bangladesh via different other offshore sources. According to the figures of the Chinese ministry ... Read More »

Bangladesh Customs raids 5 Apan Jewellers showrooms, Raintree hotel

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DHAKA: Bangladeshi customs detectives have conducted raids on five Apan Jewellers locations and Raintree hotel and have sealed one of the showrooms. The Apan Jewellers operation is part of an effort to find any ‘illegal wealth’ hidden by the owner and suspicious activity surrounding the purchase of gems and jewellery by the business, said Customs Intelligence and Investigation Directorate (CIID) ... Read More »

Bangladesh Customs seizes gold bars worth Tk6.5m at airport

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DHAKA: Customs Intelligence and Investigation Directorate (CIID) officials recovered 12 gold bars worth Tk6.5 million from the rectum of a man in Chittagong’s Shah Amanat International Airport on Tuesday morning. The detainee was identified as Muhammad Belal, 37, hailing from Fatickchari upazila, said CIID officials. CIID Assistant Director (AD) Pranay Chakma told the Dhaka Tribune: “Belal landed in Chittagong in ... Read More »

3 foresters among 12 suspended for smuggling timber from Sundarbans

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DHAKA: The Forest Department has suspended 12 people, including 3 foresters, over allegations of smuggling Sundari timber from the Sundarbans East Zone. The allegations include felling and smuggling of Sundari timber under the guise of Golpata, a type of palm tree foraged with permission from the FD, from Swarankhola range and smuggling of about 1,000 cubic foot Sundari timber from ... Read More »

Bangladesh to achieve 6.8% growth in FY17: UN report

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DHAKA: The United Nations (UN) Economic and Social Commission for Asia and the Pacific (ESCAP) has projected 6.8 percent GDP growth for the current financial year 2016-17 (FY17), underpinned by the expected rise in farm income, a rebound workers’ income and multi-year low inflation rates. “Near-term economic growth is projected to remain high at 6.5-6.8 percent in 2017 and 2018,” ... Read More »

Bangladesh Petroleum seeks up to 1.06mt oil products

Bangladesh Petroleum Corporation to import 2200 tons diesel from India

DHAKA: Bangladesh Petroleum Corp is seeking up to 1.06 million tonnes (mt) of gasoil, jet fuel and high sulphur fuel oil, a tender document showed on Friday. The state-owned company is seeking 680,000 to 860,000 tonnes of 500ppm sulphur gasoil, 100,000 tonnes of jet fuel and 80,000 to 100,000 tonnes of 180-cst high sulphur fuel oil. The tender closes on ... Read More »

Bangladesh loses USD 6-9b to illicit financial outflows

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DHAKA: As per the latest Global Financial Integrity report, Bangladesh has lost between USD 6 to 9 billion to illicit financial outflows in 2014. This is roughly enough to build three Padma bridges. The loss of USD 75 billion between 2005 and 2014 would cover the entire fiscal budget for Bangladesh twice. It is extremely disheartening to witness these events ... Read More »

Bangladesh NBR chief questions accuracy of GFI report on money laundering

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DHAKA: National Board of Revenue Chairman Muhammad Nojibur Rahman raised questions about the accuracy of Global Financial Integrity’s (GFI) report on illicit financial outflows from Bangladesh. The Washington-based research and advisory organisation on Monday released the report, which said that unrecorded capital flow from Bangladesh stood at $61.63bn between 2005 and 2014, riding mostly on misinvoicing. Replying to a question ... Read More »

Bangladesh Customs seizes two Mercedes cars in Chittagong

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CHITTAGONG: Customs intelligence officers in Chittagong have confiscated two Mercedes cars from a workshop. Assistant Director Muhammad Tarek Mahmud said the cars– an SUV and a sedan– were seized late on Wednesday at the port city’s Muradnagar. The vehicles were brought to Bangladesh using the ‘Carnet de Passage’ facility that allows tourists to enter one country from another with their ... Read More »

Bangladesh loses Tk730b for capital flight in 2014

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DHAKA: About Tk728.72 billion ($9.11b) were siphoned off from Bangladesh in a single year of 2014. This was revealed by a Washington-based research and advisory organisation, Global Financial Integrity (GFI). The study styled ‘Illicit Financial Flows to and from Developing Countries: 2005-2014’ that was conducted on 149 nations was released on Monday. Lion’s share of Bangladesh’s lost money was taken ... Read More »

Customs impounds luxury car with fake number plate

Bonhams  Press Preview Of Collector's Motorcycle, Motor Cars and Automobilia At Grand Palais

DHAKA: Customs intelligence officials seized a luxury Mercedes, worth around Tk20 million, from Dhaka’s Mohakhali DOHS area this afternoon. The Mercedes-Benz was parked on Road 19 in the DOHS, said Ferdousi Mahbub, assistant director of Customs Intelligence and Investigation Directorate. The car, said to have been brought under carnet facility, has fake number plate. Carnet de passage is a permission ... Read More »

Bangladeshi Customs seizes 7kg gold at Dhaka airport

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DHAKA: Bangladeshi Customs officials in Dhaka’s Shahjalal International Airport have recovered seven kilograms of gold from a flight from India. The haul was attached beneath a seat of a US-Bangla Airlines aircraft, which arrived in Dhaka from Kolkata Monday afternoon, Dhaka Customs House Assistant Commissioner Shahidul Islam said. He told press that 60 gold bars, each weighing 116 grams, were ... Read More »

Bangladesh Customs nabs two gold smugglers at airport

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DHAKA: Customs officials arrested two women along with 40 gold bars, weighing 4.625 kilogram, from Hazrat Shahjalal International Airport on Saturday morning. Tipped off, customs officials challenged Jasmine Akhter and Pervin Akhter at the customs hall around 8:40am, said Moinul Khan, Director General of Customs Intelligence and Investigation Directorate (CIID). Jasmine Akhter and Pervin came from Muscat to Chittagong, and ... Read More »

ADB, City Bank sign $5m loan agreement to support Bangladeshi exim

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DHAKA: The Asian Development Bank (ADB) and City Bank yesterday signed a $5 million loan agreement to support exports and imports (exim) financing for Bangladeshi businesses. The Trade Finance Programme (TFP) of the ADB will provide trade loans under the deal to City Bank to on-lend to local firms, the Manila-based lender said in a statement. “We are pleased to ... Read More »