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INCOME tax fair opens in city
Tk 136.94 cr collected on 1st day

Business Report

The Income Tax Fair 2014 opened in the capital on September 16 and will continue till September 22 to familiarize people with the tax rules and encourage them to pay income tax regularly.
The fair drew large number of visitors on Wednesday and Thursday where the
organizers are showcasing the one stop service to taxpayers to feel easy in settling tax returns. The tax fair is also simultaneously taking place in the divisional headquarters and district towns.
Industries minister Tofail Ahmed inaugurated the fair at Officers Club premises at the city centre. National Board of Revenue (NBR) is organising the fair at all places. At divisional headquarters it will continue for seven days while at the district headquarters the fair will continue for four days.
NBR collected Tk 136.94 crore in income tax on Tuesday, the opening day of the weeklong tax fair across the country, which is 325 per cent higher than the opening-day figure of the previous  year.
In the last year, the opening day collection was Tk 32.25 crore in income tax and total collection had stood at Tk 475.39 crore countrywide. NBR has been holding the income fair at all places starting since 2008..
During the fair, the NBR offers people various services including online facility for submitting income tax return and registering for e-TIN certificate.
There will be separate booths for women, disable people and senior citizens.
Sonali Bank and Janata Bank have set up booths at the fair venue so that people can pay their income tax. During the fair, NBR staff will be available at the Help Desk to assist people with necessary information and services.
The fair will remain open for visitors from 10am to 6pm.
For the first time, the NBR would give e-token to people who would visit the fair for income tax related services. The e-token would help visitors get their desired services without waiting in the queue for a long time.

Comment

Business Report

The Income Tax Fair 2014 opened in the capital on September 16 and will continue till September 22 to familiarize people with the tax rules and encourage them to pay income tax regularly.
The fair drew large number of visitors on Wednesday and Thursday where the
organizers are showcasing the one stop service to taxpayers to feel easy in settling tax returns. The tax fair is also simultaneously taking place in the divisional headquarters and district towns.
Industries minister Tofail Ahmed inaugurated the fair at Officers Club premises at the city centre. National Board of Revenue (NBR) is organising the fair at all places. At divisional headquarters it will continue for seven days while at the district headquarters the fair will continue for four days.
NBR collected Tk 136.94 crore in income tax on Tuesday, the opening day of the weeklong tax fair across the country, which is 325 per cent higher than the opening-day figure of the previous  year.
In the last year, the opening day collection was Tk 32.25 crore in income tax and total collection had stood at Tk 475.39 crore countrywide. NBR has been holding the income fair at all places starting since 2008..
During the fair, the NBR offers people various services including online facility for submitting income tax return and registering for e-TIN certificate.
There will be separate booths for women, disable people and senior citizens.
Sonali Bank and Janata Bank have set up booths at the fair venue so that people can pay their income tax. During the fair, NBR staff will be available at the Help Desk to assist people with necessary information and services.
The fair will remain open for visitors from 10am to 6pm.
For the first time, the NBR would give e-token to people who would visit the fair for income tax related services. The e-token would help visitors get their desired services without waiting in the queue for a long time.


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ADB calls for reducing cost of doing business

Business Report

The quarterly economic update of the Asian Development Bank (ADB) has sounded critical on the high cost of doing business in Bangladesh and suggested that it must be improved to make the country attractive to foreign investors.
The update released early this month asked the government to take steps to bring about major progress in cutting the costs of doing business.
“Reducing costs of doing business and enhancing external competitiveness are essential to achieve high economic growth,” it said in the second quarterly publication the economic update.
ADB said strong efforts are needed to enhance access utilities such as to electricity and credit, reduce the burden of paying taxes and improve the trading environment. To increase the economy’s external competitiveness, Bangladesh must raise the overall quality of infrastructure, including roads, ports, railways, electricity, water supply and sanitation, the lender said.
It moreover said Bangladesh needs huge investment in infrastructure to create conditions for higher and more inclusive economic growth. “Better infrastructure and higher connectivity can also contribute to diversifying the economy and increasing export competitiveness.”
Higher infrastructure investment is necessary to improve labour productivity, capital efficiency and total factor productivity growth to sustain a long-term higher economic growth, ADB said.
For promoting higher private investment, skills shortages also needs to be addressed.
The Manila-based lender also stressed the need for mobilising more domestic resources by modernising the country’s tax systems and streamlining tax machinery.
At 9.6 percent, Bangladesh’s tax-GDP ratio is low compared with other countries in South Asia and also lower than the average of developing countries, it said.
The country has made some progress in reforming tax systems but further reforms are needed to simplify tax laws and collection procedures, including strengthening risk-based audit to promote voluntary tax compliance, it said.
The country needs large infrastructure investment and significant private sector participation in infrastructure development in needed through public-private partnerships. It is important given the inadequacy of resources available within the public sector, the lender agency said.
A decline in remittances, low private credit growth and weaker consumer confidence ahead of the January 2014 elections contributed to the low growth in private consumption, the update spelled out.
On supply side, agriculture grew briskly and services growth was higher, although industry posted lower growth. For faster poverty reduction, Bangladesh needs to lift its annual GDP growth rate to about 8 percent in the medium term.
Investment stood at 28.7 percent of GDP in 2013-14 following revision of the GDP series and associated national income data, while corresponding GDP growth came in at 6.1 percent.
Considering the implied efficiency of investment, investment will need to rise to 37.6 percent of GDP to attain 8 percent GDP growth, ADB said. Economic growth will need to be more inclusive, providing people with access to productive opportunities, so that they are able to contribute to and equally share the benefits of higher economic growth.
“Growth will also need to be environmentally sustainable.” It said.

Comment

Business Report

The quarterly economic update of the Asian Development Bank (ADB) has sounded critical on the high cost of doing business in Bangladesh and suggested that it must be improved to make the country attractive to foreign investors.
The update released early this month asked the government to take steps to bring about major progress in cutting the costs of doing business.
“Reducing costs of doing business and enhancing external competitiveness are essential to achieve high economic growth,” it said in the second quarterly publication the economic update.
ADB said strong efforts are needed to enhance access utilities such as to electricity and credit, reduce the burden of paying taxes and improve the trading environment. To increase the economy’s external competitiveness, Bangladesh must raise the overall quality of infrastructure, including roads, ports, railways, electricity, water supply and sanitation, the lender said.
It moreover said Bangladesh needs huge investment in infrastructure to create conditions for higher and more inclusive economic growth. “Better infrastructure and higher connectivity can also contribute to diversifying the economy and increasing export competitiveness.”
Higher infrastructure investment is necessary to improve labour productivity, capital efficiency and total factor productivity growth to sustain a long-term higher economic growth, ADB said.
For promoting higher private investment, skills shortages also needs to be addressed.
The Manila-based lender also stressed the need for mobilising more domestic resources by modernising the country’s tax systems and streamlining tax machinery.
At 9.6 percent, Bangladesh’s tax-GDP ratio is low compared with other countries in South Asia and also lower than the average of developing countries, it said.
The country has made some progress in reforming tax systems but further reforms are needed to simplify tax laws and collection procedures, including strengthening risk-based audit to promote voluntary tax compliance, it said.
The country needs large infrastructure investment and significant private sector participation in infrastructure development in needed through public-private partnerships. It is important given the inadequacy of resources available within the public sector, the lender agency said.
A decline in remittances, low private credit growth and weaker consumer confidence ahead of the January 2014 elections contributed to the low growth in private consumption, the update spelled out.
On supply side, agriculture grew briskly and services growth was higher, although industry posted lower growth. For faster poverty reduction, Bangladesh needs to lift its annual GDP growth rate to about 8 percent in the medium term.
Investment stood at 28.7 percent of GDP in 2013-14 following revision of the GDP series and associated national income data, while corresponding GDP growth came in at 6.1 percent.
Considering the implied efficiency of investment, investment will need to rise to 37.6 percent of GDP to attain 8 percent GDP growth, ADB said. Economic growth will need to be more inclusive, providing people with access to productive opportunities, so that they are able to contribute to and equally share the benefits of higher economic growth.
“Growth will also need to be environmentally sustainable.” It said.


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Shahjalal Islami Bank Limited was held

Business Report

A meeting of the Executive Committee (EC) of Shahjalal Islami Bank Limited was held recently at its head office in the city with its chairman Alhaj Akkasuddin Mollah presiding over it. The committee members discussed various issues relating to investment and business outlook in the current fiscal year.
Vice-Chairman of the EC Alhaj Md. Sanaullah Shahid, Directors Alhaj Sajjatuz Jumma, Alhaj Engineer Md. Towhidur Rahman, Alhaj Anwer Hossain Khan, Alhaj Mohammad Younus, Alhaj Mohiuddin Ahmed, Managing Director Farman R Chowdhury and Deputy Managing Director  Md. Setaur Rahman were present.

Comment

Business Report

A meeting of the Executive Committee (EC) of Shahjalal Islami Bank Limited was held recently at its head office in the city with its chairman Alhaj Akkasuddin Mollah presiding over it. The committee members discussed various issues relating to investment and business outlook in the current fiscal year.
Vice-Chairman of the EC Alhaj Md. Sanaullah Shahid, Directors Alhaj Sajjatuz Jumma, Alhaj Engineer Md. Towhidur Rahman, Alhaj Anwer Hossain Khan, Alhaj Mohammad Younus, Alhaj Mohiuddin Ahmed, Managing Director Farman R Chowdhury and Deputy Managing Director  Md. Setaur Rahman were present.


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Primary Dealers Bangladesh Limited (PDBL) launches website

Business Report

Primary Dealers Bangladesh Limited (PDBL) launched its own website - www.pdbl.org.bd on September 14 at the Head office of Sonali Bank Limited in the city.
Chairman, PDBL and Managing Director and CEO of Mutual Trust Bank Limited (MTB) Anis A. Khan inaugurated the website. Vice Chairman of PDBL and Managing Director of Southeast Bank Limited Shahid Hossain along with chief executives of the member banks of PDBL were present.
Bangladesh Bank has appointed 12 banks as primary dealers’ banks to help develop a vibrant secondary capital market for government securities. To make easy outreach to users and researchers PDBL has developed the new website, said a press release.
It will now regularly disseminate relevant information on the market such as yield prices, benefits etc of government securities along with other market updates to stake holders.

Comment

Business Report

Primary Dealers Bangladesh Limited (PDBL) launched its own website - www.pdbl.org.bd on September 14 at the Head office of Sonali Bank Limited in the city.
Chairman, PDBL and Managing Director and CEO of Mutual Trust Bank Limited (MTB) Anis A. Khan inaugurated the website. Vice Chairman of PDBL and Managing Director of Southeast Bank Limited Shahid Hossain along with chief executives of the member banks of PDBL were present.
Bangladesh Bank has appointed 12 banks as primary dealers’ banks to help develop a vibrant secondary capital market for government securities. To make easy outreach to users and researchers PDBL has developed the new website, said a press release.
It will now regularly disseminate relevant information on the market such as yield prices, benefits etc of government securities along with other market updates to stake holders.


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INTEXPO-Bangladesh to open in city on Sept 29

Business Report

The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) of India and Indian High Commission in Dhaka are going to hold Indian Textile Exhibition-INTEXPO Bangladesh in the city on September 29.
The two-day event will take place at Grand Ball Room of Pan Pacific Sonargaon Hotel and end on the next day.  
Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and India-Bangladesh Chamber of Commerce and Industry (IBCCI) will lend support to the exhibition.
A total of 23 leading Indian textile manufacturing and exporting companies will display their latest range of textile items, such as suiting, shirting, dress making materials, embroidered fabrics, high fashion fabrics, furnishings, home textiles, made-ups like scarf, stoles, shawls, laces, synthetic and blended yarns etc. under one roof.
The show is intended to provide a unique opportunity to the textile and garment maker community of Bangladesh to see the quality and the available range of Indian fabrics and yarns.
It will also provide scope for establishing personal contacts between two sides including possibility of establishing long term venture with  Indian counterparts in Bangladesh.
The Synthetic & Rayon Textile Industry in India is vibrant and growing fast. It is emerging as the second largest producer of Cellulose fiber/yarn and fourth largest producer of Synthetic fiber / yarn at global level. 
During the past five years, export of synthetic and blended textiles from India to Bangladesh has reached from US$124 million in 2009-10 to US$237 million in 2013-14.

Comment

Business Report

The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) of India and Indian High Commission in Dhaka are going to hold Indian Textile Exhibition-INTEXPO Bangladesh in the city on September 29.
The two-day event will take place at Grand Ball Room of Pan Pacific Sonargaon Hotel and end on the next day.  
Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and India-Bangladesh Chamber of Commerce and Industry (IBCCI) will lend support to the exhibition.
A total of 23 leading Indian textile manufacturing and exporting companies will display their latest range of textile items, such as suiting, shirting, dress making materials, embroidered fabrics, high fashion fabrics, furnishings, home textiles, made-ups like scarf, stoles, shawls, laces, synthetic and blended yarns etc. under one roof.
The show is intended to provide a unique opportunity to the textile and garment maker community of Bangladesh to see the quality and the available range of Indian fabrics and yarns.
It will also provide scope for establishing personal contacts between two sides including possibility of establishing long term venture with  Indian counterparts in Bangladesh.
The Synthetic & Rayon Textile Industry in India is vibrant and growing fast. It is emerging as the second largest producer of Cellulose fiber/yarn and fourth largest producer of Synthetic fiber / yarn at global level. 
During the past five years, export of synthetic and blended textiles from India to Bangladesh has reached from US$124 million in 2009-10 to US$237 million in 2013-14.


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IBBL gets Financial Branding Award

Business Report

Islami Bank Bangladesh Limited (IBBL) received Financial Branding Award by Centre for Non-Resident Bangladeshis for the Bank’s outstanding contribution to branding Bangladesh in financial market as a leader of financial services.
The award was given at a function on September 13 at a local hotel.  State Minister for Foreign Affairs Md. Shahriar Alam, Bangladesh Bank governor Dr. Atiur Rahman handed over the award on behalf of Centre for NRBs. Islami Bank Bangladesh Ltd Managing Director Mohammad Abdul Mannan received the award.
Deputy Chief of US Embassy in Bangladesh David Mili, Additional Director (Research), Centre for Policy Dialogue (CPD)  Dr. Khondaker Golam Moazzem and Chairperson of Centre for NRBs S.M Shekil Chowdhury were present on the occasion.

Comment

Business Report

Islami Bank Bangladesh Limited (IBBL) received Financial Branding Award by Centre for Non-Resident Bangladeshis for the Bank’s outstanding contribution to branding Bangladesh in financial market as a leader of financial services.
The award was given at a function on September 13 at a local hotel.  State Minister for Foreign Affairs Md. Shahriar Alam, Bangladesh Bank governor Dr. Atiur Rahman handed over the award on behalf of Centre for NRBs. Islami Bank Bangladesh Ltd Managing Director Mohammad Abdul Mannan received the award.
Deputy Chief of US Embassy in Bangladesh David Mili, Additional Director (Research), Centre for Policy Dialogue (CPD)  Dr. Khondaker Golam Moazzem and Chairperson of Centre for NRBs S.M Shekil Chowdhury were present on the occasion.


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OMAX Group showcased quality fibers in city

Business Report

Omax Cotspin Pvt. Ltd, Patet Cotton Industries and trading company STAC of Omax group, India showcased its products and services at International Yarn & Fabric Show-2014 at Bangabandhu International Conference Center (BICC) in the city. The trade show took place from September 3 to 6.
Omax has been associated with leading brands like H&M, CEtA, Nike, Adidas, and Ikea etc to support the entire chain of textile business right from farmers up to fabric.
The Group’s activities in agriculture sector lending support to cotton farmers helped it in meeting the requirement of ginning and spinning with quality fiber of different standard like ORGANIC, BCI, REEL, TBC as well as conventional.
Omax is a quality spinner having capacity of 30 metric tons of yarn per day and working as a quality fiber supplier to the industry over the last 40 years.
It has one of the largest ginning capacity of 1000 bales (160 to 165 M Tons) per day of fiber in Gujarat, India.
Presently the group is working with around 12000 farmers in different agro climatic zone of India covering 34000 hectors of land. They are producing good quality of cotton to meet requirement of buyers from different segment of the industry.

Comment

Business Report

Omax Cotspin Pvt. Ltd, Patet Cotton Industries and trading company STAC of Omax group, India showcased its products and services at International Yarn & Fabric Show-2014 at Bangabandhu International Conference Center (BICC) in the city. The trade show took place from September 3 to 6.
Omax has been associated with leading brands like H&M, CEtA, Nike, Adidas, and Ikea etc to support the entire chain of textile business right from farmers up to fabric.
The Group’s activities in agriculture sector lending support to cotton farmers helped it in meeting the requirement of ginning and spinning with quality fiber of different standard like ORGANIC, BCI, REEL, TBC as well as conventional.
Omax is a quality spinner having capacity of 30 metric tons of yarn per day and working as a quality fiber supplier to the industry over the last 40 years.
It has one of the largest ginning capacity of 1000 bales (160 to 165 M Tons) per day of fiber in Gujarat, India.
Presently the group is working with around 12000 farmers in different agro climatic zone of India covering 34000 hectors of land. They are producing good quality of cotton to meet requirement of buyers from different segment of the industry.


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