business
Mobile operators seek tax relief to boost digitization
Representatives of the Association of Mobile Telecom Operators of Bangladesh (AMTOB) met with the National Board of Revenue (NBR) on Tuesday to discuss tax policies impacting the telecommunications sector.
AMTOB presented 21 proposals aimed at reducing the tax burden on mobile operators, arguing that the current structure hinders the industry's growth and, consequently, the country's digitization efforts.
Grameenphone CEO Yasir Azman elected as AMTOB president
"The mobile industry is the backbone of internet access in Bangladesh," stated AMTOB Secretary General Lt Col (retd) Mohammad Zulfikar .
"The entire digitization process relies heavily on its infrastructure. Every sector, from banking and e-commerce to education and healthcare, utilises mobile services."
AMTOB gives 16 proposals including reduction of corporate tax rate to NBR
AMTOB highlighted several concerns, including:
Double Taxation: AMTOB seeks to eliminate situations where companies face double taxation due to missing paperwork from suppliers.
AMTOB calls for revision of SD in mobile services
Tax Exemptions for Government Organisations: AMTOB proposes clarifying tax return filing requirements for government entities like Bangladesh Railway and the Election Commission.
Corporate Tax Rates: AMTOB argues that the current 40–45 percent corporate tax rate for mobile operators is significantly higher than the 20-27.5 percent rate for other companies. They propose bringing mobile operators under the standard tax structure.
Minimum Tax Adjustments: AMTOB suggests allowing mobile operators to adjust any unutilized minimum tax towards future tax liabilities.
VAT on SIM Cards: AMTOB proposes removing the 200 Taka VAT charged on all SIM deliveries, including e-SIMs.
VAT on Government Regulatory Organisations: AMTOB seeks clarification on VAT applicability for government regulatory bodies.
Harmonised HS Coding: AMTOB recommends consistent application of the HS coding system for telecom equipment and software to streamline import procedures.
AMTOB believes these changes will foster a more supportive environment for the mobile industry, leading to increased investment, improved network infrastructure, and ultimately, accelerated national digitization. The NBR is expected to review the proposals and respond in due course.
Apparel industry pivotal in economic growth but sustainability and ethical practices must be prioritised: Salman F Rahman
Prime Minister's Private Industry and Investment Adviser Salman Fazlur Rahman on Tuesday emphasised the apparel industry's critical role in the country's economic growth and underscored the importance of continuous innovation and sustainable practices.
“The apparel industry is pivotal in Bangladesh's economic growth and development. However, to sustain this momentum, we must prioritise sustainability and ethical practices,” he said while speaking at the Sustainable Apparel Forum (SAF) 2024.
Towards a sustainable and competitive apparel industry in Bangladesh and beyond, the Sustainable Apparel Forum (SAF) 2024 emphasized promoting decent work that focuses on a more ethical, equitable, and environment-friendly industry.
The Bangladesh Apparel Exchange, in partnership with ILO-IFC Better Work Bangladesh and in collaboration with GIZ and WaterAid, organised the SAF 2024 in Dhaka and convened government officials, industry leaders, and national and international partners to chart a path towards a more ethical and environmentally conscious future.
Hoarders of essential commodities to face action under Special Powers Act: Law minister
Highlighting the role of international cooperation, Ambassador and Head of Delegation of the European Union to Bangladesh, Charles Whiteley, reaffirmed the EU's commitment to supporting Bangladesh's efforts towards sustainability.
"Development cooperation plays a crucial role in promoting ethical practices, environmental conservation, and social inclusion within the apparel industry," Whiteley noted.
Circular economy, sustainable solutions, fair prices, ethical consumption — all in the mix at the Sustainable Apparel Forum — are vital to ensure that all stakeholders benefit from the green transition, he said.
As the second largest RMG exporter with over four million people employed in the sector, Bangladesh plays a critical role in the global apparel supply chain.
The SAF 2024 was designed to bring together industry stakeholders this year to foster dialogue, share best practices, and drive action towards a more sustainable future in the apparel sector.
RMG export to EU reaches US$ 13.92bln during July-January
RMG export to the European Union has reached US$ 13.92 billion from July-January of the Fiscal Year (FY) 2023-24, according to the Export Promotion Bureau (EPB).
With an increase of 1.32% compared to the same period of previous FY, the export to Spain, France, Netherlands and Poland showed 6.05%, 4.25%, 11.77% and 20.30% growth respectively. However, local apparel exports to Italy declined by 1.81%.
On the other hand, Germany, the largest export market in the EU, reduced its import by 13.46% with an amount of US$ 3.51 billion compared to July-January 2022-23.
BGB thwarts gold smuggling attempt, arrests woman with 11 bars in Chuadanga
The RMG export to the USA declined by 3.90 % with US$ 4.79 billion in the first seventh months of FY 2023-24 .
At the same time, exports to the UK and Canada reached US$ 3.31 billion and US$871.27 million in FY 2023-24, showing an increase by 12.98 % and 0.68% respectively.
During July-January of the FY 2023-24, the apparel export to non-traditional markets went up by 11.69% to US$ 5.46 billion from US$ 4.89 billion in the corresponding period of previous year.
Among the major non-traditional markets, exports to Japan, Australia and South Korea increased by 8.74%, 23% and 17.57% respectively. However, the apparel export to India declined by 21.86%.
Grameenphone prioritizes green energy solutions for a sustainable future
In pursuit of bridging the policy gap and advocating for Corporate Power Purchase Agreement (CPPA) policies to achieve its climate target, Grameenphone hosted a panel discussion titled “Greening the Grid” at its corporate office in the capital Dhaka.
The panel discussion aims to promote policy reforms concerning Corporate Power Purchase Agreements (CPPAs) in Bangladesh, essential for supporting Grameenphone’s goal of reducing CO2 emissions by 50% by 2030, from the baseline year 2019.
The panelists highlighted the importance of the CPPA policy.
Grameenphone's Chief Corporate Affairs Officer Hans Martin Hoegh Henrichsen said they are committed to reducing carbon emissions from its operations.
He emphasized the essential role of Corporate Power Purchase Agreements (CPPAs) in achieving this objective.
He also addressed the challenges faced by private sector entities in implementing this model, while also emphasizing the advantages of supportive policies, such as attracting Foreign Direct Investment (FDI) and assisting in meeting the government’s renewable energy targets. He also highlighted how ESG is vital for achieving the Paris Agreement’s objectives by promoting sustainability and cutting down carbon emissions.
Erik Solheim, Former Minister of Environment and International Development, Norway, shared insights from Norway’s grid greening experience and explored international best practices for Bangladesh to glean from in its transition towards renewable energy sources.
Espen Rikter-Svendsen, Ambassador of Norway to Bangladesh emphasized the significance of international partnerships in bolstering Bangladesh’s efforts to green its grid, while also discussing Norway’s readiness to aid in this transition.
ED Elrahal, Chief of Party at Tetra Tech, underscored the involvement of development partners such as USAID and Tetra Tech in offering capacity building and technical assistance to Bangladesh for the implementation of CPPAs. He provided examples of successful initiatives and outlined strategies for overcoming barriers to adoption.
Engr. Mohammad Hossain, Director General of Power Cell Bangladesh, highlighted the technical aspects of integrating renewable energy sources into Bangladesh’s national grid, shedding light on the challenges and opportunities involved in this process and its connection to the adoption of CPPAs.
Nahim Razzaq MP, Convenor of Climate Parliament Bangladesh, wrapped up the discussion by stressing the existing legislative framework in Bangladesh concerning CPPAs and underscoring the essential policy changes needed to facilitate their adoption. He discussed the involvement of parliamentary committees in propelling policy reform in this domain.
Nahim Razzaq MP, Convenor of Climate Parliament Bangladesh, Erik Solheim, former Minister of Environment and International Development of Norway, Espen Rikter-Svendsen, THE Ambassador of Norway to Bangladesh, ED Elrahal - Chief of Party, Tetra Tech- USAID-BADGE Project, Engr. Mohammad Hossain – Director General, Power Cell Bangladesh, and HansMartin Hoegh Henrichsen, Chief Corporate Affairs Officer of Grameenphone addressed the programme as panelists.
Does Everyone Need to Learn Programming? The Truth About Coding in The Age of AI
It probably wasn’t even half a decade ago when people thought programming and coding were the future. Every tech pundit and industry leader chimed in on how knowledge of programming would be an essential career skill in the new frontier.
But the world has shifted much since then. The frontier tech evolved so much and so drastically that recently at the World Government Summit, Dubai, Nvidia CEO Jensen Huang had something entirely different to say. He stressed that with the rapid integration of AI, programming, and coding would soon cease to be a vital skill.
That posits an interesting question, should everybody learn coding or programming? Let’s try to find an answer.
How to Know if Programming or Coding is Essential for Your Career Growth?
Let’s assume that programming in the future will cease to be an in-demand or vital skill. But does that make programming or coding obsolete? Absolutely not. In fact, the paradigm shift in frontier tech would require upskilling the existing programming knowledge. A programmer would effectively move from writing lines of code to a more strategic and oversight role as AI takes up the tedious task of coding.
Read more: Workplace Burnouts: Causes, Symptoms, Signs, and Remedies
So rather than asking whether programming is right for you or not, it is important to assess whether you are equipped to adapt to the changing role in the future.
Pros of Learning Programming
- Wide range of career opportunities in software development, web development, data science, artificial intelligence, and more - Improving logical thinking and problem-solving skills - Promotes creative thinking - High demand - A lifelong learning opportunity - Automation, efficiency, and flexibility of knowledge application.
Cons of Learning Programming
- Involves a steep learning curve - Sedentary nature of work - Keeping up with the rapid changes in the industry - Complexity and high expectations.
Read more: Empower Your Tech Career in 2024: Master These In-Demand Skills for Success
"Demand for cotton products still large but non-cotton fibre products offer an important opportunity"
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has released a pioneering study report titled "Beyond Cotton: A Strategic Blueprint for Fibre Diversification in Bangladesh Apparel Industry".
The findings of this study were officially unveiled at the BGMEA headquarters in Dhaka on March 3.
The study was conducted by Wazir Advisors, an international consulting firm focused on sectors of textile, apparel, and retail. The comprehensive report signifies a paradigm shift in the industry's approach, recognizing the untapped potential and opportunities within the non-cotton textile and apparel value chain.
The report provides actionable recommendations, meticulously outlining a roadmap for the industry to navigate the complexities of diversification, presenting concrete steps for stakeholders to enhance their competitiveness on the global stage.
Faruque Hassan, President, BGMEA commented on the report stating “The findings and recommendation of this study are very important for our industry. It provides a roadmap for us to not only adapt to the evolving global market but to thrive in it. BGMEA is committed to fostering diversification and supporting exponential growth in the Bangladesh apparel industry. This report opens up new horizons for Bangladesh, and we are excited to embrace the opportunities it presents.”
Given the changing dynamics of the global fashion landscape, there is a notable shift towards fibres other than cotton. These fibres are not only synthetics (such as polyester & nylon); but also regenerated fibres (such as Viscose rayon), animal fibres (wool & silk) and even other vegetable fibres (such as linen).
While the demand for cotton products is still large, from a diversification perspective, non-cotton fibre products offer an important opportunity, said BGMEA.
By aligning with these evolving trends, Bangladesh can not only meet the changing demands of consumers but also position itself as a key player in the contemporary fashion industry.
The project lead from Wazir Advisors, Varun Vaid observed, “Addition of non-cotton products in Bangladesh’s export basket can enhance the total addressable market for the country. Bangladesh has already proved its mettle in the global apparel trade by emerging as the second largest exporting nation. With development of complete supply chain of non-cotton products, Bangladesh can aim to maintain its high growth trajectory”.
This study covers facts and figures about the changing fibre mix in the global context, emerging trends that will impact industry in future, an in-depth analysis of Bangladesh’s current value chain structure based on feedback of buyers, manufacturers & policy makers, comparison of Bangladesh with other leading non-cotton players such as China, Indian & Taiwan.
It sets the vision for Bangladesh’s non-cotton sector and the roadmap to achieve it.
The study will serve as a guiding compass, steering the Bangladesh apparel industry towards a future that embraces innovation, versatility, and sustained competitiveness in the ever-evolving global market.
Fuel price may decline with application of automated pricing guideline: Nasrul Hamid
State Minister for Power, Energy and Mineral Resources Nasrul Hamid has indicated that the price of petroleum fuel may witness a decline with the application of the government-announced guideline for introducing their automated prices.
"We’re waiting for the approval of the Prime Minister for the guideline... If we can apply the guideline within the first week of March, we’ll hopefully see a decline in the price,” he told reporters.
The government on Friday issued a “Fuel Pricing Guidelines” through a gazette notification to set an automated price for the petroleum fuels across the country. It said the system will be effective from March.
Under the guidelines, prices of all the petroleum fuels including petrol, diesel, octane, kerosene, furnace oil, jet fuel, marine fuels will be set automatically on the basis of the international market price.
Nasrul Hamid said the government’s main priority is the adjustment in the price of the diesel as the most consumption comes from this petroleum product.
He noted that from now on every month there will be adjustment in fuel prices. “If we seek, the price declines in the global market, local consumers will benefit from it. Now the prices of fuel are at an economic level.”
He also said the local prices will go up and down in line with the international price and every month such prices will be announced by the government for one-month tenure.
Immediately after issuing the guideline on Friday, Energy Secretary Md Nurul Alam had said that it won't be effective from today (from March). “Since we have not yet received the Prime Minister’s approval to make the guideline effective, we’ve to wait for some more days,” he said.
“We hope we'll get the PM’s approval soon and will bring it into effect within 10-12 days,” he told UNB.
The Fuel Pricing Guidelines, however, giving an example for its effectiveness said that if it is planned to make effective from April 1, the prices of fuels of one month in the international market from February 21 to March 20 has to be taken into consideration to set an average price and then set the price for month of April.
About such contradictory instructions in the guideline, the energy secretary said that such an automated pricing system is a new thing in Bangladesh. So, the ministry itself is in some confusion.
“We’ll sit with the Bangladesh Petroleum Corporation (BPC) to remove all confusions and make the guideline clear to all,” he said. The BPC is the state agency for importing and marketing of petroleum products across the country.
In case of setting a price for any of the petroleum fuels, all the expenses including the international market price, import tax, advance income tax and valued added tax (VAT), operational expense, finance, administrative and maintenance cost, margins of BPC, VAT, and sale and distribution costs will be taken into account and then set a price.
A source in the Energy Division said that the price of octane will go below the price of diesel as soon as the automated pricing formula is effective.
“This is also a big concern for the government”, he said, adding that the government wants to keep the octane price higher than diesel,” he added.
Standard Chartered Bank launches bancassurance with MetLife
Standard Chartered Bangladesh (SCB) has launched its Bancassurance services as a strategic initiative aimed at providing comprehensive financial solutions to valued customers, in partnership with MetLife Bangladesh.
The launching event of Bancassurance (insurance through the banking system) was held in a city hotel on Sunday.
Speaking at the event, Naser Ezaz Bijoy, Chief Executive Officer, SCB said that this partnership will enable Standard Chartered’s clients to access a wide range of insurance products and services through the bank's extensive network of branches and digital channels.
As the first international bank SCB to launch Bancassurance in Bangladesh, he said.
“I have been advocating for Bancassurance since I took on the role of CEO Bangladesh – because, locally, life and non-life insurance has a 0.41 percent penetration to gross domestic product (GDP). This rate highlights immense potential for growth and development,” he pointed out.
Through Bancassurance, trained and certified colleagues of SCB will bring a one-stop financial service to the trusted clients and customers, he said.
“High uptake of Bancassurance will result in risk diversification, lower premiums, capital market development, and overall GDP growth. With the insurance sector poised to double in size by 2031 across the world, we are proud to partner with MetLife to implement Bancassurance in Bangladesh,” said the CEO of SCB.
Ala Ahmad, Chief Executive Officer, MetLife Bangladesh, said, “Our Bancassurance partnership with Standard Chartered reflects our long-term dedication to responsibly meeting the evolving needs of customers and strengthening their trust in insurance.”
He is confident that Bancassurance will emerge as an effective approach to financial security because it empowers Bank’s customers to manage their life priorities with MetLife’s trusted insurance solutions.
Standard Chartered and MetLife are two leading global financial institutions with a long history of serving customers in Bangladesh. Standard Chartered is the oldest bank in the country, with over 119 years of presence, while MetLife is the leading life insurer in Bangladesh.
Why Fire Safety Audit is Essential for Commercial Buildings
Bangladesh isn’t new to fire accidents. In the last several years, the country has seen some devastating fire accidents that claimed the lives of hundreds and destroyed millions in property. The recent fire in Dhaka’s busy Bailey Road which claimed the lives of 46 individuals only resonates with the helplessness and despondency left behind by the tragedy. Every fire incident brings forth the question of fire safety audit or lack thereof. Because a tangible and thorough audit could’ve saved the 46 precious human lives and the many more we’ve lost thus far.
What is a Fire Safety Audit?
A fire safety audit is the systematic process of examining the compliance and preparedness of a building in the wake of a fire accident. The primary purpose of such audits is to identify potential hazards, evaluate the effectiveness of existing safety measures, and ensure that the building is equipped to handle emergencies, particularly fires.
These audits are typically conducted by qualified professionals, such as fire safety engineers or specialists, and may involve collaboration with local fire departments or regulatory authorities. In the case of Bangladesh, the primary regulatory body includes RAJUK (for Dhaka city), city corporations, and the Fire Service and Civil Defense department.
Read more: Fire Safety Tips for Parents to Keep Children Safe
A fire safety audit considers the following points of action:
- Existing fire protection system - Construction and design of the building - Emergency evacuation channels - Electrical and mechanical compliance - Documentation - Compliance with building codes - Risk assessment - Overall security measures
Why Fire Safety Audit is Essential for Commercial Buildings
Safety of the Occupants
The first and foremost reason for a fire and life safety audit is the safety of the occupants. A comprehensive audit helps to understand whether there is any structural flaw that might potentially be life-threatening for the occupants. It also helps to assess the preparedness of the occupants in case of an emergency and even educate them about the same.
Read more: Fire Safety in Apartments: Causes and Prevention
Compliance with the Building Code
Fire safety audits can help to assess whether the building has been constructed in line with the proper building code. Compliance with the building code goes beyond the scope of just a legal requirement. It ensures that the building and its occupants have safety measures in place should there be any hazardous accidents.
One of the common building codes concerning fire safety is the construction of a fire exit and a second staircase. According to the city corporation, any building over five stories should have a second staircase. RAJUK puts the limit up to the tenth floor. The Fire Prevention and Fire Fighting Act of Bangladesh regulates that any building over six stories should have an emergency fire exit.
Grameenphone introduces Premium Hollywood Streaming Platform ‘Lionsgate Play’ to Bangladesh
Telecom operator Grameenphone introduced “Lionsgate Play”, a premium Hollywood streaming platform, to bring the best of Hollywood entertainment to its customers through its MyGP app.
The operator claimed that their initiative demonstrates providing enriched content and meeting the demand for quality entertainment, and thus delivering a superior customer experience.
With the launch of “Lionsgate Play” in Bangladesh, Grameenphone’s customers can now enjoy a rich and diverse collection of over 18,000 movies and TV shows from Hollywood.
Lionsgate Play delivers a cinematic experience to customers fingertips, with exclusive access to blockbuster franchises such as John Wick, The Expendables, The Hunger Games, and SAW, as well as premium international titles such as Operation Fortune, Plane, Shotgun Wedding, The Wolf of Wall Street, Hitman’s Wife’s Bodyguard, Kill Bill, and many more.
Furthermore, with the “Single Sign-On” feature, GP customers can easily access Lionsgate Play on various platforms using their GP mobile number. They can also choose from 7-day or 30-day All-in-One simplified play packs to enjoy the premium content seamlessly not just within MyGP but through ‘Lionsgate Play’ mobile and TV application as well.
Commenting on the new partnership, Grameenphone’s Chief Digital Officer Solaiman Alam said, “OTT Content is constantly gaining traction these days, and Grameenphone’s purpose is to connect our users to what matters the most to them. Keeping that in mind, previously, we enabled users to enjoy contents on popular local and international streaming platforms through our data packs, and now we add Lionsgate Play to the list, further broadening our entertainment library with quality contents and cater to Hollywood enthusiasts. We are proud to be the first to launch Lionsgate Play in Bangladesh and thus enabling our users to have access to the largest library of content streaming partners available in Bangladesh.”
Vaibhavi Parik, Vice President, Lionsgate Play South Asia, said, “Our partnership with Grameenphone has marked a pivotal moment in our journey to further fortify our foundation across Southeast Asia. Through this association we look forward to providing our audience with seamless access to premium content and reaching the hearts and screens of the country. Our endeavor has always been to bring the world closer through entertainment, and we are happy that this collaboration has opened new doors to support the same.”