Business
CCCI holds workshop on digital tax return
The Chittagong Chamber of Commerce and Industry (CCCI) and SMAC Advisory Service Limited jointly organised a workshop on personal tax return submission on Tuesday.
The workshop was held at Bangabandhu Conference Hall at the World Trade Centre in Chattogram on Tuesday, according to a press release.
CCCI President Omar Hazzaz chaired the worsdhop, while Tax Commissioner of Chattogram Tax Zone-3 Dr Ikhtiaruddin Md Mamun, attended as the guest of honour.
SMACIT Limited Snehashish Barua highlighted various aspects related to the payment of personal income tax returns in the programme.
Income tax is one of the main sources of revenue for the government. However, many people are not aware of income tax payments, said the CCCI president.
He said the tax net should be increased without depending on fixed areas of taxpayers.
He pointed out that to encourage the middle-income people of the country to pay tax returns, the tax rate needs to be brought to a tolerable level, the release said.
Tax commissioner Ikhtiaruddin said the government has made it mandatory to file income tax returns for receiving more than 40 services under the new Income Tax Act.
Again, the Act has also made it mandatory for all government employees to submit returns.
Under the new law, taxpayers who fail to file returns by November 30 will be denied tax exemption and tax rebate benefits, he said.
President of Chittagong Taxes Bar Association Nur Hossain, Senior Partner of MM Rahman and Company Siddharth Barua, and Vice President of the Institute of Chartered Accountants Bangladesh Zahirul Islam, among others, were present at the event.
JICA celebrates 50 years of partnership with Bangladesh
Japan International Cooperation Agency (JICA), Tokyo’s official development organisation, on Monday marked its 50th anniversary of its cooperation with Bangladesh, a partnership that has contributed to shaping the country's development landscape.
JICA organised a celebratory event at Pan Pacific Sonargaon Dhaka to mark the occasion, according to a press release.
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Finance Minister AHM Mustafa Kamal and Japanese Ambassador to Bangladesh IWAMA Kiminori, among other dignitaries, attended the event.
High-level government officials, heads of agencies, and development partners were also present at the ceremony, it said.
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Japan is Bangladesh's largest bilateral development partner, and the partnership through JICA has evolved and strengthened over the past five decades.
Appreciating Japan’s support for Bangladesh, Finance Minister AHM Mustafa Kamal said, “Japan is the ideal example for us and the entire world. Our communities will sustain and develop with JICA and Japan’s support. Japan is our time-tested friend, and we hope our cooperation will help the country attain all the goals.”
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ICHIGUCHI Tomohide, chief representative of JICA, emphasised the friendship between Japan and Bangladesh and said, "Throughout 50-year journey, JICA has cooperated to many different areas and sectors through technical cooperation, concessional loans, grant aid, volunteers, and other schemes as a trusted friend with Bangladesh. JICA has always focused on capacity development of the government officials, inclusive development, livelihood improvement, and infrastructure with the aim of contributing to social and economic development of Bangladesh and strengthening friendship between Bangladesh and Japan."
Sharifa Khan, senior secretary of the Economics Relations Division, made further remarks: “Within the last 50 years, Japan’s cooperation has spread to every corner of Bangladesh. Japan has a presence in all 15 sectors of the country. Japan is now the highest bilateral development partner of Bangladesh. JICA has been very cooperative and open to new initiatives for the development of the country. Thus, I want to convey my gratitude to the Japanese government for all the support over the last 50 years.”
JICA-supported landmark projects include the Moheshkhali-Matarbari Integrated Infrastructure Development Initiative, inclusive of Matarbari deep sea port, Dhaka Mass Rapid Transit Development Projects for three Dhaka metro lines, Hazrat Shahjalal International Airport Expansion Project, 2nd Kanchpur, Meghna, and Gumti Bridges Construction Project, the Project for Bangladesh Special Economic Zone in Araihazar, and Bridges Rehabilitation and Construction Projects. JICA’s cooperation over the past 50 years has also covered education, health, agriculture, rural development, governance improvement, private sector development, disaster risk reduction, water supply and sanitation, solid waste management, and power and energy.
The 50th anniversary of JICA in Bangladesh is a reaffirmation of the enduring commitment to a brighter future for the people of Bangladesh, signifies the strength of a long partnership, and promises to continue supporting the nation's development in the years to come, the release also said.
Uber introduces subscription packages for moto drivers
Ridesharing app Uber has announced it is changing the way Uber Moto driver-partners are compensated to improve reliability for riders and reduce trips taken off the platform.
Starting Tuesday, Uber Moto drivers will have the option to choose from a range of subscription plans that suit their needs, according to a press release.
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This will lead to a significant reduction in drivers asking riders to pay them directly and take the trip "offline", said Uber.
Requests for so-called "khep" trips can lead to frequent cancellations and a bad driver experience. If undertaken, they mean that none of the safety features or insurance that come with a trip taken on the Uber app are functioning, it said.
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With the subscriptions, drivers will pay a 0% service fee on all trips as they pick a driving subscription package that works for them. Each day, tens of thousands of Uber Moto driver partners ply the streets of Dhaka.
The subscription service will make the experience better for riders and drivers and lead to greater safety and security on the streets, said the release.
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“We are pleased to introduce subscriptions for Uber moto driver-partners in Dhaka. We understand the safety risks associated with street hail and off-app trips. Subscriptions will improve the experience for drivers and riders alike, " said Abhishek Padhye, head of City Operations, Uber India and South Asia.
"Drivers are at the heart of our business. We will continue to create sustainable livelihood opportunities for them while prioritising safety, innovation, and convenience,” he added.
Subscriptions are visible on the latest version of the driver app and are available for multiple durations, like daily and three-day subscriptions, the release also said.
The drivers will have access to unlimited offers and unlimited trips within the subscription duration. With comprehensive safety support, insurance coverage, and greater reliability, Uber hopes to offer a seamless product experience for its driver partners.
Productivity, resource efficiency improvement vital for sustainable growth of RMG: BGMEA President
President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan on Tuesday stressed the importance of enhancing workers' productivity and resource efficiency to promote sustainable growth in Bangladesh's apparel industry.
Speaking at a workshop in Dhaka he emphasized the industry's need to balance short-term goals with long-term priorities through innovation, technological advancements, and knowledge-based transitions.
The workshop, titled "Sustainable Business Growth of the Apparel Sector of Bangladesh: Improving Workers Productivity and Resource Efficiency," was organized by Solidaridad Network Asia in collaboration with BGMEA.
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Faruque mentioned the substantial progress in Bangladesh made in improving the well-being of workers, society, and the environment over the past decades.
However, he noted that there is still room for improvement in terms of efficiency and competitiveness. He also pointed out the challenges the industry faces as the cost of manufacturing continues to rise each year.
"In recent years, the costs of fuel, electricity, and gas have significantly increased, leading to higher transport and utility costs, as well as increased manufacturing expenses," the BGMEA president said.
"Ensuring workers' well-being also means enhancing their efficiency through skills training and opportunities, ultimately enabling them to earn a better living," he added.
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He stressed that increased productivity benefits both factories and workers and has a direct impact on the country's GDP growth.
The workshop was also addressed by Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, Thijs Woudstra, Deputy Head of Mission, Embassy of the Kingdom of The Netherlands; and Selim Reza Hasan, Country Manager, Solidaridad Network Asia.
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A presentation on the Reclaiming Sustainability program was shared by Isaac Gyamfi, Chair of the Partnership Steering Committee, Reclaiming Sustainability.
The workshop featured two-panel discussions with industry leaders, experts, and academia. The first panel discussed reskilling and upskilling workers for productivity enhancement, while the second panel explored the need for and the way forward in achieving resource efficiency.
BUET launches ‘Rooftop Solar Project’ with Genex Infrastructure
Bangladesh University of Engineering and Technology (BUET) has launched the BUET Rooftop Solar Project (BRSP) with Genex Infrastructure Ltd in collaboration with PSL Environment and Green Energy Limited.
Pacific Solar and Renewable Energy Limited, is providing technical support to BUET for the project.
Education Minister Dr Dipu Moni inaugurated the launching in BUET's Mechanical Engineering Building on Monday, according to a press release.
This is the very first time a university in Bangladesh has embarked on such an initiative, it said.
Professor Dr Md Sajjad Hossain, member of Bangladesh University Management Commission (UGC); Dr. Satya Prasad Majumder, vice chancellor of BUET; Tanjidul Alam, CEO of Genex Infrastructure Limited, and Chairman, GPPS Consortium, were present at the time, among others.
“I welcome this initiative of using solar power. BUET has always been leading the technological development of the country. The project of using solar energy has now started in that university, which I believe will set an inspiring example for other educational institutions as well,” said the education minister.
“I truly appreciate Genex Infrastructure and the affiliated organizations for their invaluable contribution to this urgently needed project. Solar power is now being utilized and benefited by many countries around the world. Hopefully, this initiative of BUET will play an important role in protecting the balance of the environment and inspire us to work on more such eco-friendly projects in the future,” said the BUET VC.
“We are proud to be a partner of BUET in such a revolutionary initiative. Since the beginning of the agreement, we have been providing maximum technical support in the implementation of the project. Even in the midst of this global dollar crisis, we have ensured that the project faces no obstacles. We are working diligently to ensure that it is completed quickly by forming the GPPS Consortium,” said Genex Infrastructure chairman and CEO.
Under the project, Genex Infrastructure Limited will install rooftop solar panels on 19 buildings of BUET, generating 3.5 MW of electricity, which is expected to meet about 30 percent of the university's daily electricity needs. Additionally, in the next 25 years, BUET envisions attaining annual savings of approximately BDT 3 crore, all the while making a substantial reduction in the carbon footprint by about 1 crore, 2 lakh metric tons through this initiative, the release said.
Inflation ticks up again as food prices remain sticky upwards
The general rate of inflation ticked up again in October, rising 30 basis points to 9.93 percent, from the 9.63 percent recorded in September. Although the rise wasn't astronomical, it showed the continued futility of the government's efforts to rein in prices, with food inflation, relating to the prices of just food items, far outpacing the general rate to hit a 10-year high of 12.56 percent in October.
The Bangladesh Bureau of Statistics (BBS) released the updated Consumer Price Index (CPI) data for October on Monday.
The food inflation rate has risen above the 12.37 percent in September. It crossed the 12 percent mark in August as well. For more than a decade, food inflation had remained in single digits. We need to look back to January 2012, for the last time food inflation was recorded at a comparable level of 12.73 percent.
The prices of daily commodities are increasing in the market. Although various initiatives have been taken to reduce inflation, it's not reflected in the market. Many common people are now under pressure to afford food. Wage earners' incomes are not increasing in line with inflation.
In October, the price of potato, fish, rice, pulses, oil, salt, fish, meat, vegetables, spices, and tobacco products increased and the rate of food inflation increased, BBS said.
According to BBS data, food inflation stood at 8.50 percent in October last year.
In the current fiscal year 2023-24, the government has set a target of keeping inflation within 6 percent. But the first four months have not seen any progress towards that. The average inflation in the first three months of the current fiscal was 9.74 percent, but instead of being clawed back in October, it actually rose again, towards the psychological double-digit barrier.,
Finally imported eggs arrive, costing just over Tk7 per piece
The first shipment of eggs from India has arrived in Bangladesh.
The price of an egg including duty is to Tk7.23. This egg imported from India entered Bangladesh through Benapole land port, Jessore in a truck on Monday (November 06, 2023).
The government issued import permits for 1.0 crore pieces. In the first shipment, one private trader imported 61,950. After being processed at the land port, the truck left the Benapole land port around 10 pm last night (Sunday).
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According to Benapole Land Port Authority and Clearing and Forwarding (C&F) agent sources, Dhaka's BDS Corporation imported 61950 eggs in an Indian cargo truck as its first shipment after the Ministry of Commerce gave permission to import eggs.
The import price of an egg is estimated at Tk 5.43, on which duty is charged at Tk1.8 per egg.
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Director (Traffic) of Benapole land port Rezaul Karim said that the first consignment of eggs arrived from India in a truck yesterday (Sunday) evening. The eggs left the port around 10 pm when they were transferred from the Indian truck to the Bangladeshi truck.
Syed Mahidul Haque, representative of C&F agent ME Enterprises of the egg importer, said transport costs will be added to this, he said.
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FBCCI emphasises signing FTA between Bangladesh and Saudi Arabia
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has emphasised signing a Free Trade Agreement (FTA) between Bangladesh and Saudi Arabia.
The point was raised in a meeting of the FBCCI delegation held with the Jeddah Chamber of Commerce and Industry in Saudi Arabia on Monday.
At this time, FBCCI raised the need to sign an FTA for the sake of expanding trade between the two countries.
FBCCI President Mahbubul Alam said business and trade patterns are changing all over the world. Along with that, new challenges are coming up.
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“After graduation from LDC by 2026, Bangladesh will also face several challenges. In such a situation, Bangladesh and Saudi Arabia should take the initiative to sign an FTA now to take advantage of the integrated supply chain and meet the challenges of the future,” he added.
Referring to Saudi Arabia as one of Bangladesh's labour force export destinations, the FBCCI president said Saudi Arabia has currently taken strong steps in high-tech infrastructure development and industrial diversification.
At this point, they will need a hugely skilled workforce. Meanwhile, Bangladesh is now experiencing the benefits of the "demographic dividend". That is, the country has a large number of active, experienced, and skilled young manpower in science and technology.
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He urged the Saudi government to expand employment opportunities for skilled young workers in Bangladesh in various sectors.
It was informed in the meeting that Saudi Arabia has investment potential in several sectors, including environment-friendly energy, infrastructure, car parts, chemicals, food processing, information and communication technology, artificial intelligence, and robotics in Bangladesh.
At this time, the Jeddah Chamber of Commerce and Industry assured Bangladesh of its cooperation in the development of port management.
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Besides, they will help in organising the Branding Bangladesh Expo to introduce Bangladeshi products in Saudi Arabia, they said.FBCCI Vice President Md Khairul Huda Chapal, Md. Rashedul Hossain Chowdhury Roni, Md. Munir Hossain, directors Habib Ullah Don, Hasina Newaz, Khandaker Ruhul Amin, Munal Mahbub, Md. Ali Hossain Shishir, Md. Enayet Ullah, BM Soheb, Sahidul Haque Molla, Fakhrus Salehin Nahian, Salma Hossain, Md. Amir Hossain Noorani, Md. Faizur Rahman Bhuiyan, and Syed Mohammad Bakhtiar, among others, were present.
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South Korean Ambassador Park Young-sik is optimistic that the Bangladeshi business sector would take advantage of Korea's preferential trade policy towards the country.
South Korea has provided duty-free and quota-free access for 95 percent of Bangladeshi products to the Korean market since 2008.
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To commemorate the 50th anniversary of establishment of diplomatic relations between Bangladesh and the Republic of Korea, a high-level delegation from the Korea Importers Association (KOIMA) visited Dhaka from November 5 to 6.
During the visit, the KOIMA delegation signed a MoU with Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to expand bilateral trade between South Korea and Bangladesh while diversifying and stabilizing global supply chains and strengthening partnership.
Bilateral trade between the two countries has exceeded $3 billion for the first time.
This MoU between KOIMA and FBCCI is expected to play a significant role in enhancing the bilateral trade in the future, the Korean side said.
Commerce Secretary Tapan Kanti Ghosh joined today’s event as chief guest.
Ambassador Park Young-sik said that the year 2023, which marks the 50th anniversary of diplomatic relations between South Korea and Bangladesh, will mark a significant turning point in the bilateral trade between the two countries by overcoming the challenges of Covid-19 pandemic and global economic challenges stemming from the Russia-Ukraine war.
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South Korea and Bangladesh have strengthened cooperation in various fields such as trade, investment, development and people-to-people exchanges.
With over 52 years of experience, KOIMA is Korea's only organization dedicated exclusively to facilitating imports into the country for the development of its industry.
KOIMA's 8,500 members are specialists in their respective business fields and perform various activities that ultimately contribute to strengthening trade relations with other countries.
South Korea is currently the fifth largest contributor of foreign direct investment (FDI) to Bangladesh, with the most notable recent investment being the expansion of manufacturing industries in automobiles, mobile phones and electronics.
Companies such as Samsung Electronics and Hyundai have established strong presence in Bangladesh, creating quality employment opportunities through domestic manufacturing.
Both countries are at the cusp of a new era in relations. Discussions on the Economic Partnership Agreement (EPA) and similar agreements between South Korea and Bangladesh are underway, promising to further enhance trade and investment cooperation.
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According to the statistics of Korea International Trade Association, Bangladesh and South Korea’s bilateral trade volume in 2022 was $3.035 billion, an increase of 38.71 percent from the previous year’s $2.188 billion.
BGMEA President clarifies media report on ‘apparel ban’
Clarifying a media report, BGMEA President Faruque Hassan on Sunday (November 05, 2023) said any attempt to generalize incident on the industry and the country at large is unacceptable.
The news mentions about technical glitches such as choking and ingestion hazard found it specific product item for babies sourced and retailed by specific brand in specific country.
"As the news report mentions about 12 countries withdrawing or recalling apparel made in Bangladesh, there is no reference to such claim, and we could not trace any evidence in support of this claim," he said.
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"We feel the urge to share this clarification so that misrepresentation of the fact is not repeated,' said the BGMEA chief.
He also clarified the reference to OECD which was mentioned in the news report.
OECD maintains a “Global portal on product recalls” and the OECD members’ product recall notices are listed in this portal.
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Product recall for any valid reason is a standard practice and there are hundreds of such recalls listed in the OECD website as of today, said the BGMEA President.
Furthermore, the OECD website mentions “Health Canada recalled more than 200,000 George Brand Sleepers on Wednesday for posing a risk of choking and ingestion.
The recall of the product, sold at Wal-Mart, is for sizes 0-5T and affects two styles for boys and two for girls.
Zipper pulls and foot grips of the sleepers may eventually separate after frequent washing, leading to choking and ingestion hazards, the agency said, adding it has not received any reports of injury in Canada.”
"Therefore, the products were recalled due to certain risk of hazard, which is not the mistake of Bangladeshi manufacturer. Every product made in Bangladesh must pass through a stringent quality control process and laboratory tests including those of consumer health and safety," he said.
All exportable products must meet the standards of the buyers and relevant legal requirement of the export markets.
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Any product failing to comply these health and safety requirement are usually rejected by buyers or denied entrance at the destination port.
"So any misinterpretation like ‘apparel made in Bangladesh is banned in the mentioned countries’ is false," Hassan said.
The alleged products were shipped from Bangladesh in early 2022 and were retailed in Canada from November 2022 to June 2023.
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The product recall notice of Health Canada also mentions that “As of September 21, 2023, the company has not received any reports of incidents or injuries in Canada”.
"I hope this statement of clarification will help all to clear any confusion on this matter and not to be misguided," said the BGMEA Chief.