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Islami Bank inaugurates 12 sub-branches
Islami Bank Bangladesh PLC on Tuesday inaugurated 12 sub-branches with all modern banking facilities through a virtual platform.
Mohammed Monirul Moula, Managing Director and CEO of the bank inaugurated sub-branches as the chief guest.
The sub-branches include ECB Chattar in Dhaka, Upashahar and Tanore in Rajshahi, Galachipa in Patuakhali, Amtoli in Barguna, Mohammadpur in Magura, Hili in Dinajpur, Zakigonj in Sylhet, Atrai in Naogaon, Ataikula in Pabna, Kalarmarchara in Cox's Bazar and Reazuddin Bazar in Chattogram.
Additional Managing Directors Muhammad Qaisar Ali, JQM Habibullah, FCS and Md. Altaf Hossain attended the program as special guests. Md. Maksudur Rahman, senior executive vice president of the bank, presided over the program.
Mohammed Monirul Moula said in the function that Islami Bank is currently at the top position in all indicators of the country's banking sector.
About 2.30 crore customers, engaged with this bank, significantly contributing to the economic development of the country by highest deposit, investment, import, export and the collection of maximum remittance.
The bank is playing a leading role in creating a cashless society, as announced by the government, through the use of bank's Cellfin and other digital products and services, he said.
He mentioned that the bank has provided investments to 1.7 million customers in 34,000 villages through the Rural Development Scheme (RDS), of which 92 percent are women.
More than 1 crore jobs have been created through large and small industries, SMEs, and other projects invested by the bank, said IBBL MD.
He called upon all to take part in building a prosperous Bangladesh along with their own progress by adopting the modern banking services of Islami Bank, according to a press release.
December inflation practically unchanged
Inflation marked the slightest of decreases in December 2023, resting at 9.41 percent from the 9.48 percent recorded in November.
The Bangladesh Bureau of Statistics (BBS) on Sunday released the data for December, which revealed that inflation in December was the lowest in the last eight months, a period through which it has remained elevated.
According to the BBS report, food price inflation fell below 10 percent in December irrespective of rural and urban areas, and non-food inflation increased slightly.
Food inflation in December 2023 was 9.58 percent, down from 10.76 percent in November. Food inflation was 12.56 percent in October, the highest in nearly 12 years.
BBS secretary Shahnaz Arefin sounded a hopeful note that gradually inflation will keep coming down. She said it would decrease further in January because Aman paddy is harvested in this month.
According to BBS data, point-to-point general inflation in the country was 9.93 percent in October and 9.49 percent in November, remaining almost unchanged at 9.41 percent in December.
Women's participation in workforce increasing in post-Covid period: ILO
The International Labour Organisation (ILO) report revealed that in the covid period the participation rate of women in the labour market in Bangladesh has increased from 29.2 percent to 42.8 percent
This progress report came in the ‘World Employment and Social Outlook Trends 2024’ of the ILO which was published on January 10, 2024.
According to the report, the participation rate of all classes of people in the labour market will not return to the same rate as the pre-epidemic level, but there will be differences in this regard.
But the participation of women is increasing. Yet the gender gap persists, especially in emerging and developing countries. These issues remain a challenge for long-term employment.
ILO Bangladesh Country Director Tuomo Poutiainen said, "Increasing women's participation in the labour market can be achieved by reducing child marriage, and increasing women's and girls' participation in education and technical training.”
“Bangladesh's overall economic growth has created new job opportunities for women. What we need to do now is to develop the skills of women, youth, and disabled people and create opportunities for them to participate equally in the labour market,” said the ILO country head.
The report said that the impact of the pandemic is still being felt in the labour market. Global youth unemployment rates remain a challenge. The number of people not in employment or employment training is still high, especially among young women.
However, in the later stages of the epidemic, the participation rate of women in the labour market in Bangladesh increased from 29.2 percent to 42.8 percent.
This year’s report trends provide a comprehensive assessment of the latest labour market trends, including unemployment, job creation, labour force participation, and hours worked.
The report finds that although some of the data are encouraging, notably on growth and unemployment, a deeper analysis reveals that labour market imbalances are growing and that, in the context of multiple and interacting global crises, this is eroding progress towards greater social justice.
So, although in 2023 global unemployment dropped to the lowest level since the start of the pandemic, and working poverty and informality approached pre-pandemic rates, the ILO’s projections suggest that little positive change in these indicators can be expected in 2024.
Tax automation would generate more revenue collection: DCCI President
The president of Dhaka Chamber of Commerce and Industry (DCCI) Ashraf Ahmed said it is not believable that out of 170 million population, only 4 million have taxable income.
He said this in a workshop on “Income Tax Act 2023: Corporate Tax challenges and opportunities” organised by the DCCI on today (Saturday) in the capital.
He also said that the workshop is designed to improve awareness among the tax professionals in line with the new `Income Tax Act 2023’, especially to know the details of the corporate tax system.
About 60 participants from different corporate houses took part in this workshop.
The DCCI president speaking on the occasion said that automation of the taxation system will help reduce hindrances and increase taxes.
He opined that few initiatives have been taken that would make it easier for businesses to submit their returns.
He further said that the source tax collected according to clause 163(2)B which makes Advance Income Tax as the minimum, effectively drives up the corporate tax rate.
The keynote paper was presented by Snehasish Barua, FCA, ACA (ICAEW), Advisor, Standing Committee on Customs, VAT, Taxation & NBR Related Issues of DCCI and Partner, Snehasish Mahmud & Co.
Wakil Ahmed, Joint Commissioner of Taxes, Tax Zone-15, Dhaka said in 2023 more than 4 lakh taxpayers paid their taxes through e-TIN service and the number was only 2,50,000 in last year. Murad Ahmed, Joint Commissioner of Taxes, Taxes Zone-4, Dhaka requested the business community to use e-TDS more.
Bapan Chandra Das, Second Secretary, Tax Education, Advertisement and Tax Legal, NBR, also spoke on the occasion. Members of the Board of Directors of DCCI were also present at the function.
FBCCI and Canada’s CHCC join hands to strengthen bilateral trade
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex trade body of the country, will work with the Canadian Hindu Chamber of Commerce (CHCC) to enhance bilateral trade between Bangladesh and Canada.
FBCCI will provide all kinds of support to Canadian investors interested in investing in Bangladesh.
The business body’s President Mahbubul Alam expressed this during a networking dinner with the CHCC on Thursday night at Hotel Sheraton in Dhaka, said a media release signed by Tanzid Basunia, Head of PR & Communications of the FBCCI.
The FBCCI hosted the networking dinner in honor of the visiting delegation of the Canadian Hindu Chamber. Businessmen and Entrepreneurs from Bangladesh and Canada also participated in a Business-to-Business (B2B) meeting before the networking dinner.
While speaking, Mahbubul called upon the Canadian Hindu Business Community to invest in Bangladesh.
He mentioned that Bangladesh government has enacted a favorable investment policy with tax exemptions, duty drawbacks, access to working capital, one-stop services, and many more to attract local and foreign investors.
Key development initiatives include deep-sea ports, 100 Special Economic Zones, Hi-Tech parks, tourism parks, nuclear power plants, LNG terminals, and the construction of a railway network, he said.
FBCCI President said, ‘this year marks the 52 years of Bilateral Relations between Canada and Bangladesh. During these years, Canada has become the key development partner of Bangladesh and shares a number of multilateral interests, including trade liberalization in the WTO, support for international peacekeeping, and membership in the United Nations and the Commonwealth.’
Mahbubul invited Canadian entrepreneurs to invest in Special Economic Zones, Logistics, Renewable Energy, Aviation and Shipping, High-Tech RMG, diversified Jute and leather products, and the tourism sector in Bangladesh.
The FBCCI president said there is a huge scope for expanding Bangladesh’s exports to Canada, including diversified jute and leather goods, footwear, pharmaceutical products, plastic furniture, home textiles, ceramic products, light engineering, and electronic products, etc.
Bangladesh Bank authorises 90-day buyers' credit to import essentials for Ramadan
In a strategic move to bolster supplies during Ramadan, the Bangladesh Bank has authorized a 90-day buyers' credit for importing eight essential products. This initiative, announced in a notification by the bank's Foreign Exchange Policy Department today, aims to ensure adequate supply and stable prices for critical commodities during the holy month.
The list of permitted imports under this scheme includes edible oil, chickpeas, pulses, peas, onions, spices, sugar, and dates. The central bank's directive, effective immediately, allows for deferred payments on these imports, a policy designed to remain in effect for import initiations until March 31, 2024.
Also read: FBCCI calls on traders to keep essential commodities market stable during Ramadan
A Bangladesh Bank official emphasized the necessity of this decision, stating, "This measure is critical to prevent a supply crisis and price escalation of these essential products during Ramadan. Ensuring these goods are imported in a timely manner is paramount to maintaining the supply chain during this significant period."
Under the new guidelines, authorized dealers (ADs) are expected to expedite the opening of import letters of credit (LCs), following proper procedures to guarantee on-time arrival of goods.
Also read: DNCC will monitor market strictly during Ramadan: Atiqul Islam
This approach is anticipated to secure a steady flow of essential items for Ramadan, meeting the heightened demand and contributing to the overall wellbeing of the community during this sacred time.
Stalled stone trade: Tamabil Land Port halts imports amid customs duty hike
In a significant move, traders at Sylhet's Tamabil Land Port ceased importing stones from India starting yesterday. This decision came as a direct response to the recent increase in customs duty on stone imports.
During a meeting at the port, traders collectively decided to suspend imports. This action follows a notification from the Tamabil land port authority, under the Bangladesh Customs Department, mandating a rise in customs duty from $12 to $13 per tonne of stone, effective January 8. This increment represents an additional cost of Tk 50 per tonne for the traders.
Read: 10 Bangladeshis trafficked to India return home via Tamabil
"The imposition of higher customs duty compels us to halt imports. It's simply not viable anymore," said Liakat Ali, president of the Tamabil Limestone and Coal Importer Group. "This increase leads to substantial losses, and we demand a retraction of this duty hike."
As a consequence of this increased tariff, several importers have already ceased their import and export activities between the two countries. The National Board of Revenue's (NBR) decision to raise the duty on each metric tonne of imported stone and limestone is seen as a significant financial burden by the traders.
Read: Indefinite transport strike on Sylhet-Tamabil road from Monday
The Sylhet Customs, Excise and VAT Commissionerate, following directives from the NBR, issued a letter on January 4, confirming the increased customs duty on boulders, stone chips, and limestone from India. The new tariffs, affecting all ports and customs stations in the Sylhet region, including Tamabil, have been in effect since January 8.
This suspension of stone imports at Tamabil Land Port is expected to have a considerable impact on the local construction industry.
Read more: No trade through Tamabil land port for 8 days from Friday
Trade through Sonamasjid land port resumes after 2-day suspension for national election
Export and import with India through Chapainawabganj’s Sonamasjid land port resumed on Monday morning after a two-day suspension on the occasion of the 12th parliamentary election in Bangladesh on Sunday.
The land port’s C&F Agent President Harun Or-Rashid said they asked the customs authority to keep activities of the port closed on Saturday and Sunday due to the national election.
Customs’ Joint Commissioner Mohammad Mahbub Hasan issued a two day closure notice.
BGMEA election on March 9
A three-member election board and a three-member election appeal board have been formed as part of the process for the upcoming BGMEA elections 2024-2026.
The separate boards have been formed following the decision made during the 9th emergency board meeting held recently.
As per the Election Board's decision, the election schedule was published on December 19 and the election will be held on March 09 this year, said the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on Thursday.
Banks to remain open on Friday, Saturday: BB
The central bank has instructed banks to keep branches open in metropolitan cities including in Dhaka and Chattogram, districts and upazilas on Friday (January 5) and Saturday (January 6) with limited manpower to ease payment of election-related expenses.
The Department of Off-Site Supervision of Bangladesh Bank issued a circular on Thursday and sent it to the top executives of all scheduled banks.
Earlier, the Election Commission (EC) on Wednesday (January 3) directed for keeping bank branches open on Friday and Saturday. In line with this, Bangladesh Bank issued the circular today.
It also instructed banks to keep free from office duty those officials and staff who have been given election duty