local-business
80 percent of brokerage houses struggling
About 80 percent of brokerage houses have been struggling to meet their operating expenses for the last one and a half years due to the floor price barrier, the sector’s leaders said on Thursday.
Uniqlo sues Shein over alleged copy of its popular ‘Mary Poppins bag’
They said that trading in the country's stock market has decreased significantly due to the fixing of the floor price (minimum selling rate) by the regulator.
They said this in a views exchange meeting with members of the DSE Brokers Association of Bangladesh (DBA) and Capital Market Journalists Forum (CMJF) at the DSE Tower in Nikunjs of the capital on Thursday.
ShareTrip unveils ‘Seat Selection’ feature for enhanced travel experience
Saiful Islam, President and Director of BRAC EPL Stock Brokerage Limited, Senior Vice President and Managing Director of IDLC Securities Muhammad Saifuddin, Vice President and Managing Director of Eminent Securities Umar Haider Khan, CMJF President SM Golam Samdani Bhuiyan, General Secretary Abu Ali, Former President Ziaur Rahman, and Vice President Babul Burman, among others, were present in the meeting.
CSOs demand VAT cancellation as a poverty reduction strategy
ShareTrip unveils ‘Seat Selection’ feature for enhanced travel experience
ShareTrip, a pioneering travel tech company in Bangladesh, has unveiled its latest Seat Selection feature to foster more comfortable and personalised travel experiences.
Travellers can now conveniently pick their preferred choice of seats through ShareTrip, and enjoy a cosier journey according to individual preference, said a press release.
CSOs demand VAT cancellation as a poverty reduction strategy
Frequent travellers often enjoy the advantage of having early access to seat selection, enabling them to secure their favourite seats before other passengers. Whether it is for extra legroom seats, bulkhead seats, or seats near the front of the aircraft – the option to book own preferred seats can be a game-changer. This is why ShareTrip brings the seat selection feature to Bangladesh for the first time as a travel tech platform.
Users can easily book their desired spots in advance by heading to the “My Booking” section on the ShareTrip app or website, after completing the review and payment procedures. Afterwards, in the “Seat Details” section, all one has to do is click “Start Selecting Seats” and then pick their desired seats from the available options to maximise their travel experiences. Currently, users can enjoy this seat selection feature on the ShareTrip website specifically for Singapore Airlines.
Cautionary monetary policy likely to stabilise forex reserve, contain Inflation: DCCI President
“When it comes to air travel, pre-booking seats can significantly impact the overall experience of the journey”, said Nafiz Chowdhury, senior manager of Product, Campaign & Partnership, and Marketing.
“By reserving seats in advance, you can ensure a comfortable journey and peace of mind, knowing you have confirmed your favourite seats. As a platform that strives to view consumer convenience with great priority, ShareTrip is delighted to introduce this new feature. We hope our customers will enjoy the unique feature, and cherish their smoother travel experiences”, he added.
E-commerce business must be sustained to build Smart Bangladesh: DNCRP DG
The service personalisation may require an additional charge.
Users can download the ShareTrip app Link, or visit its website for more information, reads the release.
CSOs demand VAT cancellation as a poverty reduction strategy
Leaders of Civil Society Organisations (CSOs) on Wednesday demanded the necessity to abolish the regressive tax system to eliminate the severe income inequality that has been created among the people in different countries of the world, including Bangladesh.
The demand was from a rally organised by twelve civil society organisations led by Equity and Justice Working Group (EquityBD) in front of the National Press Club in the capital in solidarity with the global civil society network Fight Inequality Alliance on the eve of the 54th Conference of the World Economic Forum with the slogan "Tax the rich, not the poor".
Bangladesh Krishok Federation, Bangladesh Climate Journalists sorum, CPRD, Sundarbans and Coast Protection Movement, Online Knowledge Society, ASOD, Water Keeper Bangladesh, Trinamool Development Organization, CSRL, JSKS and Coast Foundation participated in the rally.
E-commerce business must be sustained to build Smart Bangladesh: DNCRP DG
Mostafa Kamal Akand, Director of Coast Foundation, moderated the programme, while ASM Badrul Alam of Bangladesh Farmers Federation presided over the meeting.
Several recommendations were placed in the rally, including a balanced and fair tax system should be established through legislation and enforcement to prevent tax evasion.
Other recommendations included that research,investigation and other effective measures should be taken to prevent capital flight and profit repatriation. Besides, the tax burden on the poor and underprivileged should be eased by gradually reducing all types of indirect taxes, including VAT.
Motahar Hossain, on behalf of the Bangladesh Climate Journalist Forum, said that through indirect tax, basically, one person is forced to pay the tax of the other. Common consumers typically pay taxes levied on a company. This increases the cost of living for poor people.
On the other hand, the company that is making income is exempted from tax. This system needs to be changed, he added.
Shoeb Chy made Chairman of FBCCI standing committee on press, media
Syed Aminul Hoque, Secretary of EquityBD, said that the ongoing conference of the World Economic Forum (WEF), in fact, works for the multinational profiteering companies engaged in tax dodging and money laundering from poor countries.
"In this context, we need a global tax network under the UN framework where poor countries can protect themselves against tax dodging, and thus, money laundering will also be stopped. We expect our Prime Minister to convey this message while participating in the 54th Annual Conference of WEF," he said.
Imran Hossain of the CPRD said that tax evasion has become a normal practice in Bangladesh.
"We have laws and penalties for this, but they are not enforced. Emphasis should be placed on income tax and wealth tax collection to reduce indirect taxes," he said.
Nikhil Chandra Bhadra of the Sundarbans and Coast Protection Movement said that the people of Bangladesh fought the liberation war to abolish a discriminatory social system. But now, the disparity between the rich and the poor is the highest ever in the country’s history. This disparity can be reduced through an accountable and well-governed tax system.
Pradip Kumar Roy of Online Knowledge Society said that Bangladesh has often been praised for standing up for poor people and less developed countries at international conferences.
Cautionary monetary policy likely to stabilise forex reserve, contain Inflation: DCCI President
"We want Bangladesh to become the voice against discrimination and poverty alleviation in the upcoming conference of the World Economic Forum," he said.
In the closing speech, ASM Badrul Alam of the Bangladesh Krishok Federation said that all indirect taxes, including VAT, should be gradually reduced to ease the tax burden on the poor, and emphasis should be placed on bringing all industrialists and corporations under direct tax to increase the government's revenue.
Shoeb Chy made Chairman of FBCCI standing committee on press, media
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has selected Shoeb Chowdhury for the post of Chairman of the FBCCI standing committee on “press and media.”
FBCCI hoped that Shoeb Chowdhury and his committee members would play a significant role in bringing new insights and innovative ideas in the press and media sector in the country, according to a letter issued on 15 January 2024 and signed by Md. Alamgir, Secretary General of FBCCI.
The apex trade body also hoped that the standing committee under Shoeb Chowdhury’s leadership will be working diligently to identify the challenges of the sector and suggest ways and means to improve it.
Shoeb Chowdhury is Chairman, Editorial Board of The Asian Age, Chief Editor of Daily Deshkal, former Director of FBCCI, former Senior Vice President of Bangladesh Software and Information Services (BASIS), Treasurer of Editors Guild Bangladesh, Vice President of India-Bangladesh Chamber of Commerce and Industry (IBCCI), said a media release on Tuesday.
Simultaneously, Shoeb Chowdhury is Honorary Consul of Republic of Malta and Vice President of Consular Corps in Bangladesh.
He is President of Bangladesh Fencing Federation and Adviser to Special Olympics Bangladesh.
The Association of Television Channel Owners (ATCO), Newspaper Owners Association of Bangladesh (NOAB), and other organizations comprising media outlets, short films and movies are also included in FBCCI.
BGMEA chief seeks collective efforts for community development
Collective efforts are imperative for community development, especially for the upliftment of marginalized populations, said Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
He further said marginalized people, often facing socio-economic challenges, need targeted initiatives that go beyond individual efforts.
It is the collective responsibility of governments, businesses, and individuals to join hands to address the challenges faced by the most vulnerable members of society, he added.
Faruque Hassan came up with the observations at the foundation laying ceremony of the extension building of Community Based Resource Centre (CBRC) at Saidpur on January 15.
The event was attended by the Executive Vice Chairman of Microcredit Regulatory Authority Md. Fashiullah. Director of Giant Group Sharmeen Hassan Tithi was also present during the visit.
He toured the Community Based Resource Centre to observe its ongoing activities for the development of marginalized people.
Faruque Hassan said one of the key avenues for community development is education and skill development.
“Investing in education and skill development opens doors for marginalized individuals, empowering them with the skills and knowledge needed to break the cycle of poverty,” he said.
Community Based Resource Centre, established by Manabik Shahajya Sangstha (MSS), provides education and skills training to marginalized people, especially women.
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.