Business
BRAC Bank Reading Café engages with 'Protishwor'
BRAC Bank Reading Café recently hosted a discussion on ‘Protishwor’, an anthology that mirrors the diverse talents within BRAC Bank itself.
This collection, comprising short stories, poems, travelogues, satires, and essays, has been penned by the bank's coworkers, showcasing their multifaceted literary prowess.
The event held on February 29 saw enthusiastic participation from members of the Reading Café, a testament to the vibrant culture of reading and literary engagement that BRAC Bank fosters.
Many participants, who are authors themselves, delved into the depths of the anthology, reading aloud from the poems and engaging in thoughtful analyses of the other works.
The session was a reflection of their literary talents and a celebration of the creative spirit that thrives within the organization.
Selim R.F. Hussain, the Managing Director and CEO of the bank, commented, “At BRAC Bank, we believe that a strong culture of reading enriches our perspectives, nurtures empathy, and fosters a sense of community. ‘Protishwor’ is not just a book; it reflects our collective intellect and imagination.”
”By encouraging our coworkers to explore literature and express themselves, we are building a more cohesive team and contributing to a more thoughtful and creative society”, he said.
The Reading Café is a testament to our commitment to these values, and I am proud of the vibrant literary culture we have cultivated at BRAC Bank, he added.
This session underlines BRAC Bank's dedication to promoting a culture of intellectual engagement and creative expression among its workforce.
It exemplifies how literature can serve as a powerful tool for community building and personal growth, resonating with the bank's continuous learning and development ethos, said a press release of the BRAC Bank.
Pangaon Terminal to be profitable soon: Salman F Rahman
Pangaon Inland Container Terminal (ICT) to be made a profitable institution soon, Prime Minister's Private Industry and Investment Adviser Salman Fazlur Rahman said on Saturday.
"All necessary initiatives would be taken to turn Pangaon Terminal into a more profitable institution including cargo exchange by river," he said.
He was speaking while visiting the port in the morning to monitor the current situation.
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Minister for Environment, Forests and Climate Change Saber Hossain Chowdhury, Chief Whip Noor-E-Alam Chowdhury and State Minister for Shipping Khalid Mahmud Chowdhury and senior officials of the port were also present.
He said that the problem related to the handling operations of the terminal would be resolved within one month. When more cargo is anchored at the terminal, workers will get more work and then their problem will be solved.
"The government is working so that more containers come to this terminal," he added.
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In this regard, he assured all sorts of support to resolve the problems.
"Today, we have identified the problems of the port and hopefully to solve them soon," he said.
"We've been able to identify the problems centering this terminal and hopefully we'll be able to resolve the problems soon," he added.
NBR’s three-pronged strategy to boost revenue collection
Aiming to significantly boost revenue collection from domestic sources, the National Board of Revenue (NBR) is adopting a three-pronged approach.
These are: digital transformation, expansion of tax net, and enhancing administrative capacity.
The core idea is to make tax payments easy and transparent to improve taxpayer services which in turn will help NBR to collect more revenue, according to an official document.
According to the Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) of the Finance Division of Finance Ministry, the government has taken some Major reform measures to materialise the move.
The VAT & Supplementary Duty Act 2012 has been implemented in July 2019. With the implementation of the new act, the collection of VAT and supplementary duty is expected to receive a significant boost in the medium term. After the initial hiccup and the shortfall due to the outbreak of COVID-19, revenue collection accelerated in FY22.
The government has enacted the new Customs Act, which replaced the Customs Act 1969. International best practices in customs, including that of the World Customs Organization (WCO), the revised KYOTO Convention and the WTO Trade Facilitation Agreement have been incorporated here.
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The law aims to harmonise and simplify customs processes to facilitate the collection of custom duties.
The new Income Tax Act is also expected to create an enabling environment for taxpayers, streamline income tax assessment and collection, and facilitate domestic and foreign investment.
To implement the new VAT law, the NBR undertook the ‘VAT Online Project (VoP)’ which was in operation since 2013 and concluded in June 2021.
Under the VOP, the official document said that the three important automation measures have been completed. First, the Online VAT Registration began in March 2017. Again, the central registration system has been in force since July 2019. The NBR has introduced online return submission in July 2019. The digital filing system has been introduced in the form of online submission of VAT returns.
The NBR has rolled out the electronic payment (e-payment) of customs duties in 2017, income tax in 2012 and VAT in 2020. Income tax can be paid through MFS (mobile financial services) as well.
To facilitate real-time deposit of government money to the national exchequer, the government has launched the Automated Invoice Portal. This Automated Challan (also known as A-Challan) will act as the receipt window of the government. The payment of income tax has already been brought under the A-Challan system on a pilot basis.
The NBR now plans to expand its use for payment of VAT and customs duties. The A-Challan will ensure the timely deposit of money including the prevention of fake return submission and revenue evasion.Moreover, the discrepancy between the amount of revenue collected by the NBR and the accounts given by the Accounting Offices will be eliminated.
The Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) said that individual taxpayers can now submit their tax returns online.
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The NBR has successfully launched eTDS Environment for easy and hassle-free processing of income tax at the source. With the introduction of this system, taxpayers’ time, cost and visits have been reduced to almost zero. Taxpayers can now submit fourteen reports in the eTDS environment.
To stop evasion in VAT and enhance VAT collection, the government has introduced Electronic Fiscal Devices (EFD) with a sales data controller mechanism.
The government has already installed 9270 EFD/SDC (Sales Data Controller) machines. NBR has selected 24 sectors, including residential hotels, bakeries and fast foods, decorators and caterers, sweet shops etc. for this purpose.
To broaden the coverage, the government has decided to outsource the installation of EFD/ SDC machines with a target of 60,000 EFD/ SDC in the first phase and 3,00,000 in five years, if the first phase brings good results.
Besides, to prevent tax evasion and to bring transparency in VAT record keeping, the government has made the use of NBR-prescribed VAT software mandatory in VAT-registered industries with annual turnovers of Tk 5 crore or above.
The NBR has made provisions to enable internet-based companies, such as Google, Facebook, Microsoft etc. to pay their VAT on online sales.
This allows these companies to pay their VAT through their authorised VAT agents without opening their office in Bangladesh.
The NBR plans to operationalise the risk management system to ensure that no more than 10 percent of the import consignments are subject to physical examination. To that end, the NBR has established a Central Risk Management Unit/Commissionerate for Customs.
To streamline the bonded warehousing system, reduce its misuse and make it transparent, the government has taken a project that aims to automate the bond management system by June 2023. Meanwhile, the licensing module has started operation and other modules will become operational soon.
Bangladesh Customs will soon be conducting a Time Release Study in the major custom houses to take stock of the actual time taken in the release of imported consignments. The objective of the TRS will be to identify bottlenecks in customs clearance and to take measures to reduce clearance time.
The NBR strives to expand the number of taxpayers and has made the return submission mandatory for all TIN-holders with a few exceptions.
Other reform efforts by the NBR included – i) implementation and activation of Online National Single Window, Post Clearance Audit, Advance Ruling, Authorised Economic Operator, and thereby increasing dynamism in international trade; ii) full implementation of online income tax return submission under SGMP project; iii) implementation of “Individual Source Tax Deduction Monitoring Zone” to strengthen income tax deduction monitoring; iv) expansion of the e-Payment system in income tax; v) activation of transfer pricing and anti-money laundering activities; and vi) strengthening ICT infrastructure construction and automation activities.
Administrative expansion of the income tax department is underway, the Medium Term Macroeconomic Policy Statement added.
Introduction of the Document Verification System (DVS) has brought financial discipline and positively contributed to boosting tax collection both in income tax and VAT by increasing transparency.
NBR collects nearly Tk 2 lakh crore in 7 months, growth over 15%
Japan and Bangladesh need to work more for better business environment: Japanese Ambassador
Ambassador of Japan to Bangladesh Iwama Kiminori said on Thursday that the Economic Partnership Agreement (EPA) and the Public Private Economic Dialogues (PPED) between Japan and Bangladesh are the two organs to move forward the business environment in the years to come.
“We have to move forward to the continual dialogue between the two governments on the business environment,” he said.
The ambassador said this while speaking as the chief guest at the opening ceremony of the new office of HmAC on Wednesday.
He also uncovered a book “Taxation Handbook for Investors in Bangladesh” prepared by Howlader Maria & Co.
Japan recognises the paramount significance of Bangladesh's development acknowledging its role in shaping the business destiny, he said.
A growing number of companies are redirecting their focus to Bangladesh. Japan Bangladesh Chambers & Commerce of Industry (JBCCI) and JETRO Bangladesh offer valuable advice to companies in navigating the complexity of Bangladesh.
The synergistic collaboration between the Japanese Business Circle along with the embassy of Japan is manifested through a concerted effort to ensure a comprehensive and seamless support structure for companies venturing into Bangladesh, according to a press release.
Industries can benefit from installing rooftop solar with its declining cost: Speakers
Speakers at a webinar on Thursday said that industries can benefit from installing rooftop solar as its power generation cost is significantly declining.
"Now industries can reduce their cost to Tk 5.88 per unit (each kilowatt hour) for electricity by rooftop solar,” Shafiqul Alam, lead analyst of the Institute for Energy Economics and Financial Analysis (IEEFA) South Asia, told the webinar titled: "Scaling Up Rooftop Solar Deployment in Bangladesh".
Currently, per unit electricity is charged Tk 10.88 for big industries and 10.76 small industries.
Alam claimed a combined rooftop solar of 2000 MW can help Bangladesh save between $476 and $1billion per annum.
Energy and Power magazine and the IEEFA South Asia jointly organised the virtual seminar which was addressed by Director General of Power Cell Mohammad Hossain, former Dean of BUET Prof Dr. Ijaz Hossain, Executive Director and CEO of IDCOL Alamgir Morshed, President of Bangladesh Solar and Renewable Energy Association (Bsrea) and Director of Energypac Power Generation Ltd Md. Nurul Aktar.
Energy and Power's editor Mollah Amzad Hossain moderated the webinar.
In a presentation, Shafiqul Alam said solar can help reduce load shedding but people are still either unaware or doubtful of the benefit of the rooftop solar system.
He observed that lack of support from banks and financial institutions has been a bottleneck for promotion of renewable energy across the country.
"Only state-owned Infrastructure Development Company (IDCOL) considers rooftop solar as a priority in the financing while other institutions and banks do not", he said.
Mohammad Hossain said that after the introduction of the net metering system, rooftop solar is getting popular and people are showing interest in installing rooftop solar as they benefit in their billing.
He also said Korean EPZ has installed a 40 MW rooftop solar system which is the highest in the world as a single system.
Under the net metering system, consumers can sell their unconsumed electricity to the utilities through the grid, he added.
Prof Dr. Ijaz Hossain said that what is happening in rooftop solar is frustrating as the grid-related people are not very interested in renewable energy, specially, grid-tied rooftop solar systems.
"The people working with the grid fear that they would not be able to manage the grid if 2000-3000 MW solar comes into the system", he observed.
Executive Director and CEO of IDCOL Alamgir Morshed said so far his organisation has financed a total of 50 MW rooftop solar projects and has a target to finance 300 MW projects by 2025.
Padma Bank set to merge with Exim Bank following central bank’s decision
Padma Bank, the fourth-generation bank struggling with toxic loans, is merging with Exim Bank to become first such lender to implement a recent decision of the central bank.
The decision to take over the troubled Padma Bank was taken on Thursday at a meeting of shariah-based Exim Bank's Board of Directors, said an official of the Exim Bank.
"We have already finalised the draft of the MoU that will be signed on Monday [18 March] in the presence of the Bangladesh Bank governor," said Nazrul Islam Majumder, chairman of Exim Bank.
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When asked about the merger, Padma Bank Chairman Afzal Karim told UNB that the matter has been discussed. A final decision will be announced formally, he said.
No date has been finalized yet.
The sources close to the development said that a formal approval from Bangladesh Bank has to be taken now in this regard. As per the directives of the central bank, the merger will be done step by step.
In a report titled 'Bank Health Index and Heat Map' of the BB, a total of 38 banks in the country have been identified as weak banks.
Of these, 12 banks are in very bad condition, and 9 banks have already moved into the red zone. The other 3 are located in the yellow zone i.e., very close to the red zone.
After media reports on the health of the banks prepared by the Financial Stability Division of the central bank the weak banks are facing questions from their clients and depositors.
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Padma Bank is the renamed version of the Farmers Bank which was established in 2013 but collapsed within three years of operation amid huge financial irregularities and toxic loans.
Bangladesh Bank changed the name the Farmers Bank in 2019.
Change of auditor firm in accordance with law: BASIS President
Members of Bangladesh Association of Software and Information Services (BASIS) are criticising the step to change its auditor firm without approval at the annual general meeting of the organisation.
The Basis Board of Directors appointed an audit firm, Mijan & Co. to conduct the audit while a firm named Adhikari & Co. was appointed as an auditor later.
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However, Basis President Russell T Ahmed has said the interest of BASIS members are their top priority.
"We changed the auditor firm following the legal norms to protect the interests of the organisation. It was decided that Basis should be audited by an audit firm named Mijan & Co. But when the company later shared their unwillingness to complete the job due to unavoidable circumstances, a company named Adhikari & Co. was given the responsibility for auditing per the law. Adhikari & Co. received the due NOC from Mijan & Co. in accordance with the rules," he said.
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Russell T Ahmed said that if the appointed auditor is unable to perform duties for whatsoever reason, the company law of Bangladesh requires appointment of a new auditor.
He also said they had spoken to the Auditor Regulatory Council, BASIS senior members, relevant legal experts, and various stakeholders in this context.
"Following several mandatory legal procedures and to protect the interests of BASIS, we have changed the auditor firm. Why and in what process have we done this work? We will present the matter in detail before the general members at the AGM to be held on March 16," he added.
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In this regard, Barrister Kazi Ershadul Alam, an expert in corporate law, said that changing the auditor firm of BASIS was not illegal. However, it has been irregular, which should be brought in order and be regularised in general meetings later.
JTOP, Mitsubishi UFJ Research & Consulting explores collaboratives opportunities with BGMEA to drive sustainability in RMG industry
In a move towards bolstering environmental sustainability in Bangladesh's garment sector, a high-level delegation from JTOP Co. Ltd (JTOP) and Mitsubishi UFJ Research and Consulting Co. Ltd. (MURC) convened with Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on Wednesday (March 12).
Led by Jiichi Nakaki from JTOP and Shoji Kita along with Yasuko Hashimoto representing MURC, the delegation engaged in constructive dialogue aimed at fostering collaboration to enhance the environmental footprint of the garment and textile industry in Bangladesh, reads a press release.
The focal point of the meeting revolved around exploring avenues for partnership to address environmental concerns, particularly in wastewater management and recycling. JTOP's cutting-edge technologies for wastewater treatment were discussed extensively, with emphasis on their potential to reduce environmental pollution from textile and dyeing factories through cost-effective and recyclable solutions.
Discussions delved into pertinent issues including wastewater regulations, the prevailing conditions within the textile industry, installation of wastewater treatment facilities in factories, the imperative for water recycling, and concerns regarding land subsidence.
Faruque Hassan underscored Bangladesh's commitment to advancing environmental sustainability within the Ready-Made Garment (RMG) sector.
He briefed the visiting delegation on the RMG industry's ongoing efforts to promote sustainability, including circularity and compliance with Environmental, Social, and Governance (ESG) standards across the manufacturing process.
He expressed BGMEA's openness to any initiatives and partnerships aimed at fostering a greener and more sustainable garment industry in Bangladesh.
Nagad customer info secure, no possibility of unauthorised access, says the company
In recent times, advertisements selling customer information of various mobile financial service users have been circulated on social media, raising concern.
A detailed investigation into the matter by Nagad revealed that a certain quarter was attempting to sell “fabricated customer information” through these misleading advertisements. Based on such promotions, certain media outlets published news, while some directly accused Nagad in their reports.
Meanwhile, Nagad has sought the attention of the regulatory authorities and sent a letter in this connection.
Nagad assures the utmost safety of customer information as it has employed state-of-the-art technology. In no situation has any customer’s information ever been unprotected or compromised in Nagad, and there is no possibility of it happening, says a press release on Wednesday.
Nagad, recognised as the country’s fastest unicorn, has consistently been a pioneer in innovations, embracing cutting-edge technology since its inception. It places the highest importance on safeguarding the confidentiality of customer’s personal information. So, all customer data remains completely encrypted, eliminating any potential risk of unauthorised access. The security measures at the company have also garnered satisfaction from independent security analysts on various occasions.
Talking about the issue, Shyamol B Das, additional managing director (technology) at Nagad, says, “Nagad prioritises the security of customer information above all. Several independent security analysts have expressed satisfaction with our security measures. We have encountered rumours through various social media platforms, but I can assure you that any customer information held by Nagad is never insecure.”
The technology we employ keeps every piece of information encrypted, making any unauthorised access impossible. Despite that, our security measures have undergone rigorous scrutiny by multiple independent analysts, all of whom have lauded our robust infrastructure. So, I can confidently affirm to customers that there is no possibility of any information leaking from Nagad, he added.
“For the past five years, Nagad has worked diligently, earning the trust of each customer, and that’s why we stand here today. As we embrace digital banking, our commitment remains unwavering – conducting business with integrity and ensuring the utmost respect for every facet, especially security,” he also said.
Over the last five years, the country’s mobile financial landscape has gone through robust growth thanks to customer-friendly innovations spearheaded by Nagad. More than 8.5 crore customers have joined this platform in such a short time. The simplified account opening process using the latest and safest technology coupled with easy and affordable services has attracted more and more people to come under Nagad's terrain. The popular MFS operator utilises millions of pieces of information daily. Nagad has employed the world’s latest technology to keep its customers’ information and identity secure, making it the safest for any customer.
The recent approval for the digital bank launch signifies Nagad’s transformative strides across various fields, simplifying processes such as the distribution of government allowances and stipends. This remarkable progress has enabled substantial business success in a very short period.
foodpanda launches Grand Iftar Bazar at Banani and Dhanmondi
foodpanda, a leading online food and grocery delivery platform in the country, in collaboration with renowned food outlets has launched the Grand Iftar Bazar in two locations- Banani and Dhanmondi, for the second consecutive year, facilitating customers to enjoy delicious iftar meals during the holy month of Ramadan.
Supported by City Bank, American Express (AMEX), and mobile service provider, Nagad, the event kicked off on the first day of Ramadan in two prime locations - Banani SWAT Field, Banani and Shimanto Square, Dhanmondi, and to be continued till the last days of Ramadan.
Starting this week, customers living near Banani and Dhanmondi can place an order for delivery or pick-up from a diverse range of traditional Ramadan delicacies from renowned food joints of old and new Dhaka through the foodpanda app.
The foodpanda said that customers, who want to purchase directly from the iftar stalls, but do not have the foodpanda app installed on their phones can reach out to dedicated volunteers at the venues to get help with installing and placing orders through the app.
The Grand Iftar Bazar will feature a wide selection of traditional Ramadan delicacies, ranging from smoking hot bowls of halim, mouthwatering premium nihari, special faluda and classic ghee-soaked jilapi, which will go live from 2 pm onwards in the app. Customers can also avail exciting discounts and combo offers.
foodpanda has brought all the best iftar variety under one roof such as Mostakim Varieties Kabab & Soup, Bhagyakul Kacchi Ghor, Beauty Lacchi & Faluda, BAR-B-Q TONITE, and new crowd favorite Nihariwala, Dekchi, Street Oven, Shawarma House, Tarka, Tri-State Eatery, House Of Tehari and Iftarwala.
Zubair B A Siddiky, Co-Founder & Managing Director at foodpanda said: "At foodpanda, we believe in making every meal an occasion and every festivity a cherished memory”.
He said the Grand Iftar Bazar aims to offer a seamless Ramadan experience for the customers.
"Through our diverse selection of traditional delicacies from both old and new Dhaka, we are not just delivering food; delivering joy, culture, and the true spirit of Ramadan right to the doorsteps and hearts of our customers," he added.