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Wednesday , March 29 2017
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Bangladesh

Bangladesh losing Tk445.41crore due to red tape importers

Bangladesh mongla customs

DHAKA: Complex customs formalities prevent the government from obtaining Tk445.41 crore revenue from a total of 4,728 cars stuck in Mongla Port. Due to red tape importers are reluctant to obtain the release of the stranded vehicles. Sources said around 200 companies are involved in importing cars through Mongla Port. Haq’s Bay Automobiles imported the lion’s share of them. Contacted, ... Read More »

Bangladesh Customs Intelligence seizes 7kg gold at Dhaka Airport

gold-mining

DHAKA: Officials of Customs Intelligence recovered 60 gold bars weighing 7 kilograms from an aircraft of Thai Airways at Hazrat Shahjalal International Airport on Sunday afternoon. Tipped off that a consignment of gold was concealed inside the aircraft, a team of Customs Intelligence and Investigation Directorate (CIID) conducted a raid there, said Director General (DG) of Moinul Khan of CIID. ... Read More »

Bangladesh Petroleum Corporation to import 2200 tons diesel from India

Bangladesh Petroleum Corporation to import 2200 tons diesel from India

DHAKA: State-owned Bangladesh Petroleum Corporation (BPC) will now import 2,200 tons of diesel every month from India’s Numaligarh refinery through railway to meet demand of the fuel in the northern region of the country, said officials. It will take at least two years to build a cross-border pipeline for transportation of Indian diesel to Bangladesh. The BPC will take delivery ... Read More »

Bangladesh Customs summons tycoon ‘Prince Moosa’ for evading tax

Bangladesh Customs summons tycoon ‘Prince Moosa’ for evading tax

DHAKA: Bangladesh Customs Intelligence summoned Moosa Bin Shamsher for evading taxon his luxury vehicle. The alleged “prince” was asked to appear before Customs Intelligence headquarters around 3pm on April 20. On March 21, Customs Intelligence seized a Range Rover belonging to Moosa. The car was registered under a false Bhola license plate. According to Bhola BRTA reports, the car is ... Read More »

New VAT law: 425 companies get registration so far

New VAT law: 425 companies get registration so far

DHAKA: Under the new VAT Law 110 more business establishments took online VAT registration in the last one week taking the total number of online registered enterprises to 425 up to March 21. “We’ve given online VAT registration to 315 businesses under Large Taxpayer Unit (LTU) in a special arrangement before the informal beginning of VAT registration on March 15 ... Read More »

Subject to bank guarantee: Bangladesh EPZs can enjoy free import

Subject to bank guarantee: Bangladesh EPZs can enjoy free import

DHAKA: Industries established in Bangladesh’s export-processing zones (EPZs) now enjoy free import of all capital machinery and spares, subject to submission of bank guarantee. The customs wing of the National Board of Revenue (NBR) issued a statutory regulatory order (SRO), dated March 20, 2017, offering the duty-exemption for the industries located in the EPZs across the country. However, the NBR ... Read More »

Bangladesh Shipping Corporation to buy oil tanker after 26 years

Bangladesh Shipping Corporation to buy oil tanker after 26 years

CHITTAGONG: The Bangladesh Shipping Corporation (BSC) is going to procure a ship by May this year after a long gap of 26 years. The new 36,000 DWT (dead weight tonnage) chemical/crude oil tanker will join the BSC fleet by May 2017, said Managing Director of BSC Commodore Habibur Rahman Bhuiyan. The tanker is a part of a plan to procure ... Read More »

Neo-protectionism, especially by US, could hit hard Bangladesh export

Noentanglements

DHAKA: Waves of neo-protectionism, especially in the world’s biggest economy — the United States — come as a matter of grave concern for Bangladesh as economists say it may hit hard the country’s export trade. According to leading economists, the government should take the matter seriously with its policies to circumvent any unwanted situation in the economy. The protectionist rhetoric ... Read More »

Bangladesh to cut-down its revenue target by 11%

revenueupcostsdown

DHAKA: The Bangladesh government can slash the NBR revenue collection target by Tk23,000 crore or 11% this fiscal year, said official sources. The revenue collection target by the National Board of Revenue for the fiscal year 2016-17 is Tk2,03,152 crore. The new target is likely to be Tk1,83,152 crore, said a Finance Division official. The slashing of target is likely ... Read More »

Bangladesh-Thailand working together to reduce trade gap of $600m

Bangladesh - Thailand

DHAKA: Bangladeshi and Thai businesses are working together to reduce the $600 million trade gap between the two countries, said Sajjatuz Jumma, president of Bangladesh-Thai Chamber of Commerce and Industry, at a press conference for the upcoming Thailand Week 2017. The value of trade between Bangladesh and Thailand last year was close to $800 million, with imports from Thailand accounting ... Read More »

Bangladesh-Bhutan to review BBIN protocol in upcoming meeting

Bangladesh-Bhutan

DHAKA: Bangladesh-Bhutan commerce secretary-level meeting is scheduled to begin in Thimphu on Thursday, where Dhaka is set to place a couple of fresh agenda, including review of BBIN agreement and the related protocol, officials said. Besides, other new agenda that the country will put in place during the two-day meeting are – long-term visas for Bangladeshi businessmen as well as ... Read More »

Bangladesh wants Russia to simplify customs procedure, duty-free access

russia_bangladesh_flag

DHAKA: Bangladesh would request Russia to simplify their customs procedure and allow duty-free access of more products from the country to their market during an upcoming visit of a Bangladesh delegation to Moscow, officials said. They said Bangladesh has the potential to increase its exports to Russia and other Commonwealth of Independent States (CIS). But the country could not increase ... Read More »

Bangladesh frozen food exporters seek tax cut in upcoming budget

Bangladesh frozen food exporters seek tax cut in upcoming budget

DHAKA: Bangladesh frozen foods exporters want tax at source to be slashed to 0.3% from the existing 0.6% in the next fiscal year’s budget. They said the tax cut is necessary for the sector to stay competitive in the global market. The exporters said they sought the tax benefits as the production cost went up due to lack of sufficient ... Read More »

Thai trade show to start from Wednesday in Dhaka

thaitradefair

DHAKA: A four-day Thai trade show is set to begin in Dhaka from March 22 to help expand trade relations between the two countries. Commerce Minister Tofail Ahmed will inaugurate the trade show titled “Thailand Week 2017” at Sonargaon hotel, a press release said. Ministry of Commerce, Department of International Trade Promotion (DITP), Royal Thai Government and Royal Thai Embassy ... Read More »

Bangladesh needs FDI from tax havens

tax-haven

DHAKA: Bangladesh should not discourage foreign direct investment (FDI) that would come from the world’s major tax havens, speakers at a seminar recommended Saturday. It would help increase the FDI inflow into the country, they said, taking part in the discussion. Leading think tank Policy Research Institute (PRI) organised the seminar titled ‘Improving Investment Climate: Key Policy Reforms and Institutional ... Read More »

EIF to assist BD after graduating to MIC

bangladesh

DHAKA: Executive Director of Enhanced of Integrated Framework (EIF) at World Trade Organisation (WTO) Dr Ratnakar Adhikari said they will provide assistance to Bangladesh after graduating from least developed country (LDC) to a middle-income country (MIC). “EIF will create a business-friendly environment for export diversification and investment climate to attract more investments in Bangladesh during five years after graduating from ... Read More »

Bangladesh local manufacturers calls govt. to deter imports

solar panel manufacturers

DHAKA: Bangladesh local solar panel manufacturers called for policies that support growth of the sector, as well as measures to deter imports. In a statement, the Solar Module Manufacturers Association of Bangladesh (SMMAB) said people are being cheated by the import of substandard solar panels. Nine local companies with a combined investment of Tk200 crore are also facing risks in ... Read More »

Bangladesh seeks DFQF market access to U.S

Duty Free Quota Free market

DHAKA: Bangladesh called upon the United States for granting Duty Free Quota Free (DFQF) market access to US for all the Least Developed Countries (LDCs). “If the USA provides the facilities to Bangladesh, then Bangladesh will be able to export more to the USA, which would ensure more empowerment of women and containment of extremism in Bangladesh, said Bangladesh Ambassador ... Read More »

Biman Bangladesh Airlines get Airlines Service award from Singapore

Biman Airlines Bangladesh

DHAKA: Bangladesh Airlines won the prestigious ‘Airlines Service Incentive Scheme Payout-2016′ award from Changi International Airport in Singapore recently. The award is given for landing and departing the flight on time and for better service delivery to the passengers, said a Biman press release. On time departing ratio of Biman Bangladesh at Changi Airport is 99.03 percent, it said. The ... Read More »

Bangladesh-Hong Kong trade reaches $1.7b in 2016

Bangladesh-Hong Kong trade reaches $1.7b in 2016

DHAKA: The two-way trade between Bangladesh and Hong Kong reached at $1.7 billion in 2016 mostly favoring the island-city. Bangladesh imported products including telecommunication equipment and fabrics worth $1.5 billion, while its exports were US$ 0.2 billion in the last calendar year. The figures were disclosed at a press conference of Hong Kong Trade Development Council (HKTDC), a Hong Kong-based ... Read More »