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Search results for: economy

Poverty rate to be brought down to a level less than US: PM

Poverty rate to be brought down to a level less than US: PM

-- 2019-06-23 17:00:35

Prime Minister Sheikh Hasina has said her government plans to bring down the poverty rate of the country to a level less than that of the USA. "At present, we have brought down the poverty rate to 21...

300 loan defaulters eat up Tk 509b in over three years

300 loan defaulters eat up Tk 509b in over three years

FE Report 2019-06-23 10:38:08

Finance Minister AHM Mustafa Kamal on Saturday disclosed in parliament a list of the country's top 300 loan defaulters, who swallowed Tk 509.42 billion worth of bank money. This figure makes up aroun...

Economists for performance-based tariff policy

Economists for performance-based tariff policy

FE Report 2019-06-23 09:41:50

Bangladesh could not achieve its desired economic growth through the existing anti-export bias promoting protectionism, economists said on Saturday. They said the country set a higher growth target o...

BIMSTEC leaders promise ‘peaceful, prosperous’ Bay region

BIMSTEC leaders promise ‘peaceful, prosperous’ Bay region

-- 2019-06-22 21:47:49

Leaders of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) have promised to make a “peaceful and prosperous” Bay of Bengal region on the 22 yea...

'Default loan in Bangladesh now over Tk 1.02 trillion'

'Default loan in Bangladesh now over Tk 1.02 trillion'

-- 2019-06-22 17:43:32

The number of total loan defaulters in the country is now 170,390 and total amount of defaulted loans is over Tk 1.02 trillion (Tk 102,315.19 crore). Finance Minister AHM Mustafa Kamal gave the infor...

Number of TIN holders exceeds four million

Number of TIN holders exceeds four million

-- 2019-06-22 16:57:41

The number of total Tax Identification Number (TIN) holders in the country is now 40,37,429 (over 4.037 million). Finance Minister AHM Mustafa Kamal gave the information on Saturday in the parliament...

Bangladesh received $15.06b remittance till May in FY19

Bangladesh received $15.06b remittance till May in FY19

-- 2019-06-22 16:50:04

Bangladeshi expatriates have remitted US$15.06 billion till May in the current fiscal 2018-19, which is $1,462 million higher than same period of the last fiscal. Finance Minister AHM Mustafa Kamal g...

Paper importers demand 80pc duty cut

Paper importers demand 80pc duty cut

-- 2019-06-22 14:20:59

Paper traders on Saturday called on the government to reduce the import duty to five per cent from 25 per cent in the budget to help the local industry flourish. They made the call at a press confere...

IBFB for establishing good governance

IBFB for establishing good governance

FE Online Desk 2019-06-22 13:47:43

  International Business Forum of Bangladesh (IBFB) said without establishing good governance and complying with the due diligence, the implementation of the new budget will not be possible....

New VAT law to help fetch an addl Tk 365b

New VAT law to help fetch an addl Tk 365b

Doulot Akter Mala 2019-06-22 10:38:10

The government projects an additional tax revenue of Tk 365.22 billion in the next fiscal year (FY), following the enforcement of the new VAT and Supplementary Duty Act-2012. The highest amount of Tk...

Matia slams tax hike on savings certificate

Matia slams tax hike on savings certificate

-- 2019-06-20 22:26:53

Former Agriculture Minister and Matia Chowdhury on Thursday strongly criticised the proposal for increasing tax at source on family savings certificate from five per cent to 10 per cent in the propose...

'2.57 million people are working in RMG sector'

'2.57 million people are working in RMG sector'

-- 2019-06-20 18:21:39

Around 2.57 million people are currently working in the country’s readymade garments (RMG) sector. State Minister for Labour and Employment Begum Monnujan Sufian gave the information while repl...

Indonesia plans more tax breaks to lift GDP growth

Indonesia plans more tax breaks to lift GDP growth

-- 2019-06-20 13:19:48

Indonesia plans to cut several different taxes to boost investment and accelerate economic growth, its finance minister said on Wednesday. Southeast Asia’s largest economy in the Q1 expanded 5....

RBA flags rate cut, market bets on July

RBA flags rate cut, market bets on July

-- 2019-06-20 13:08:05

A top RBA official has said a recent cut in interest rates would not be enough to revive economic growth, an unusually blunt declaration that led markets to narrow the odds on another easing as early...

IMF seeks clarification of 'wilful defaulters'

IMF seeks clarification of 'wilful defaulters'

Siddique Islam 2019-06-20 09:23:30

The International Monetary Fund (IMF) has expressed interest to know about the definition of wilful loan defaulters, which will be used for identifying them legally. The visiting IMF mission's intere...

Bangladesh fastest economy in Asia-Pacific: ADB

Bangladesh fastest economy in Asia-Pacific: ADB

-- 2019-06-19 21:24:58

Bangladesh has achieved the fastest growth in the Asia-Pacific economies comprised of 45 countries, according to the Asian Development Bank (ADB).  In the outgoing fiscal year of 2018-19, the AD...

Inflation up in May

Inflation up in May

FE Report 2019-06-19 11:41:20

The point-to-point inflation in the month of May last was recorded higher than that of the previous month, according to official data. It was 5.63 per cent in May compared to 5.58 per cent in April,...

BRI can speed development, needs transparency: WB

BRI can speed development, needs transparency: WB

-- 2019-06-19 11:02:21

China’s Belt and Road Initiative (BRI) could speed up economic development and reduce poverty for dozens of developing countries, the World Bank has said in a report. The global lender said thi...

New VAT act to up prices of goods: PwC

New VAT act to up prices of goods: PwC

FE Report 2019-06-19 10:18:45

The new VAT law, to be effective from next month (July), will cause price hike of commodities at consumer level, the PricewaterhouseCoopers (PwC) has said. According to the new law, the products payi...

Biggest revenue target ‘challenging’ on exemptions

Biggest revenue target ‘challenging’ on exemptions

FE Report 2019-06-19 09:21:53

Achieving the 'biggest' revenue target would be a challenging task with so many tax exemptions proposed in the budget, the revenue board chief said on Tuesday. He said a Tk 3.25-trillion revenue targ...

New VAT law: Amendments necessary to align with global best practices

New VAT law: Amendments necessary to align with global best practices

Pulak Saha, Prabir Mitra, Dibyendu Das and Shahadat Hossain 2019-06-18 21:11:50

The government has finally notified that the new VAT law (VAT and Supplementary Duty Act, 2012 and Rules 2016) will go into effect from July 01, 2019. Consequent upon this, all rules, orders, statutor...

Indonesia central bank likely to hold key rate

Indonesia central bank likely to hold key rate

-- 2019-06-18 13:39:35

Bank Indonesia (BI), the central bank of the country, is expected to keep its benchmark interest rate steady at a policy review on Thursday, a Reuters poll showed. The poll also said that the BI may...

Economist says budget brushes aside banking malaise

Economist says budget brushes aside banking malaise

FE Report 2019-06-18 09:44:26

Former finance advisor Dr A B Mirza Azizul Islam expressed on Monday his dissatisfaction over the poor attention the budget paid to address the banking sector problems. "I am extremely disappointed a...

Businesses seek upper tax-free ceiling for individuals

Businesses seek upper tax-free ceiling for individuals

Doulot Akter Mala 2019-06-18 09:30:27

The budget proposal to keep the tax-free limit for individual taxpayers unchanged has evoked mixed reactions among business people and economists. Businesses wanted the ceiling to be adjusted with in...

No liquidity crisis in banking sector: PM

No liquidity crisis in banking sector: PM

-- 2019-06-17 18:41:28

Prime Minister Sheikh Hasina on Monday told Parliament that there is no liquidity crisis in the banking sector insisting that certainly there is money in banks. “It’s said there’s n...

Parliament passes supplementary budget for FY19

Parliament passes supplementary budget for FY19

-- 2019-06-17 18:27:42

The parliament has passed the supplementary budget of over Taka 151.66 billion for the outgoing 2018-19 fiscal to meet the increased expenditures under different ministries and divisions. Finance Min...

India could benefit from US-China trade war: Study

India could benefit from US-China trade war: Study

-- 2019-06-17 15:27:26

The ongoing trade war between the US and China offers an opportunity to India for boosting exports of as many 350 products such as chemicals and granite to these countries, according to a study. The...

SoEs on track to rack up Tk 56b losses next fiscal

SoEs on track to rack up Tk 56b losses next fiscal

FE Report 2019-06-17 09:54:00

The government said state-owned enterprises (SoEs) will incur a loss of Tk 56.7 billion in the next fiscal year, accentuated by rising price of fuel in the international market. The forecast is highe...

IMF mission sounds alarm as banks' stressed assets soar

IMF mission sounds alarm as banks' stressed assets soar

Siddique Islam 2019-06-17 09:40:27

The International Monetary Fund (IMF) has expressed concern over the rising trend in stressed assets in the banking sector. The Washington-based lender recommended that the quality of assets should b...

Tax on retained earnings: Listed cos fear stunted growth

Tax on retained earnings: Listed cos fear stunted growth

Mohammad Mufazzal 2019-06-17 09:35:42

A total of 209 listed companies will have to pay an additional Tk 107.92 billion if the proposed 15 per cent tax on 'reserves and retained earnings' is implemented. Officials concerned said a large n...