local-business
PM to inaugurate month long DITF-2023 tomorrow
Prime Minister Sheikh Hasina is expected to inaugurate the 27th edition of the ‘Dhaka International Trade Fair (DITF)-2023’ tomorrow (Sunday) with the aim to put up locals products on the international markets.
The largest annual commercial and trade event of the country is going to be held at its permanent venue – “Bangabandhu Bangladesh-China Friendship Exhibition Centre '' – at Purbachal on the outskirts of the capital for the second time.
Prime Minister Sheikh Hasina will inaugurate the fair in person.
Commerce Minister Tipu Munshi disclosed these at a press conference organised by the Commerce Ministry and the Export Promotion Bureau (EPB) at the Friendship Exhibition Centre.
Commerce Secretary Tapan Kanti Ghosh and EPB Vice Chairman AHM Ahsan, Additional Secretary of Commerce Md Hafizur Rahman and Additional Secretary (EPB) Md Abdur Rahim among others were present at the event.
Minister Tipu said the quality of products gets standardised when customers can compare between local and foreign products through the fair.
He said though the fair is not organised for profit, a spot export order of Tk 200 crore was received from the fair the past year.
“We get a chance to put up our products before local and foreign customers through the fair. Though it is located a distance away which created a huge enthusiasm among sellers and buyers,” he said.
He said the country exceeded the target of exports last year and this trend is now upward.
Read more: Month-long DITF ends on Monday as no time extension was sought
“Special initiatives were taken to boost up the export of 10 more products along with the apparel one,” the minister.
Terming the IT sector as prospering, he said some 4 to 5 million dollars were earned from this sector within a few days.
Apart from this demand for light engineering products is increasing on the international market, he said.
This year a total of 331 stalls, including 17 pavilions have been leased out to various local and international organisations.
Previously, it used to be held at Agargaon but it was too small to accommodate the large number of participants and visitors.
The gate of the international trade fair will open at 10 am every day and close at 9 pm. On government holidays, the fair will run till 10pm. Ticket price for the adults has been fixed at Tk 40 while at Tk 20 for minors.
Besides, visitors will get a 50 percent discount on tickets once they book from online.
Read more: DITF 2020: Holiday draws large crowd
The government will provide a transport facility as 70 BRTC buses have been pressed into service in this regard. These will run from Kuril flyover to the fair venue. Visitors will be able to travel in these buses with a minimum fare of Tk 35.
The Dhaka International Trade Fair was first held in 1995. Due to Covid-19 pandemic, it was not possible to organise the fair in 2020.
Traders from 10 countries are participating in the fair this year with 17 organisations.
Trade union leaders, economists for social, environmental compliance programmes in tannery industries
Trade union leaders and economists on Thursday (December 29, 2022) urged the tannery owners to implement social and environmental compliances for the welfare of the industry and the workers.
They said the European Union (EU) and the US are not buying leather from Bangladesh as most of the tanneries are yet to obtain certificates from Leather Working Group, an organisation of foreign leather buyers, for which the prices of leather are decreasing day by day.
The trade body leaders were speaking at the programme Dissemination workshop on "institutional policy framework in the Tannery Workers Union" in a capital hotel Thursday.
Read more: Tannery workers demand environment-friendly industry
To obtain the certificates, the tanneries will have to implement social and environmental compliance programmes, the speakers at the programme said.
Only so far three tanneries have got the certificates, they added. "And buyers of the EU and the US are buying leather from them."
Social compliance relates to the health, safety and rights of the workers; environmental compliance means conforming to environmental laws, regulations and standards.
Read more: Tanners demand 50-bed hospital in Savar tannery hub for workers’ treatment
Professor MM Akash, chairman of the economics department of Dhaka University, spoke as the chief guest of the programme.
General Secretary of Bangladesh Trade Union Kendra Wahedul Islam Khan, President of Workers Resource Centre Anwar Hossain; President of Tannery Workers Union Abul Kalam Azad and General Secretary Abdul Malek also spoke.
Bangladesh's ASM Packall Export to invest $4.8m in Mongla EPZ
Bangladeshi company ASM Packall Export Industry will set up a garments accessories factory at Mongla Export Processing Zone (Mongla EPZ).
The company will invest $4.8 million, and 400 Bangladeshi nationals will get employment opportunities at the factory.
Read more: Chinese company to invest $ 12.89 million in Mongla EPZ
ASM Packall will produce 1 lakh tons of bags, zippers, elastics, tapes, tags, labels, boards, paper bands, photo cards, bar codes, collar stands, and other products annually.
Ali Reza Mazid, member (investment promotion) of the Bangladesh Export Processing Zones Authority, and Md Ashraful Alam, managing director of ASM Packall Export, signed an agreement Thursday in Dhaka.
Read More: Cotton factory warehouse gutted in Mongla EPZ fire
BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman was present at that time.
FY23: DPE to sign new deal with Nagad for stipend disbursement
The government of Bangladesh will distribute stipends to primary school students through mobile financial services (MFS) provider Nagad for 2022-23 fiscal.
The Directorate of Primary Education (DPE) will sign an agreement with Nagad soon, according to a media statement.
In the last fiscal year, the government paid stipends for education materials to over 1.3 crore primary school children through the MFS provider.
Read more: Nagad upgrades system to offer better services
The government will bring students at PTI Experimental Schools and Shishu Kallyan Trust-run primary schools under stipends in this fiscal year. For this, the DPE will make necessary reforms to primary education stipend distribution-related guidelines.
Muhammad Zahidul Islam, head of public communications of Nagad, said: "We successfully disbursed education stipends and other social safety allowances in the 2021-2022 fiscal at a nominal charge."
"We will continue our services in the current fiscal year as well if we are entrusted with the job."
Read more: BURO partners with Nagad for easier savings, instalment payments
Students are registered on Nagad's digital platform with information from their birth certificates and mobile phone numbers alongside the NIDs of their guardians. So, the students' guardians instantly receive the funds along with cash-out charges in their Nagad wallets once the stipend is disbursed.
BAT Bangladesh keeps topping NBR honours chart
The National Board of Revenue (NBR) Wednesday honoured British American Tobacco (BAT) Bangladesh with the highest income taxpayer award in the others (company) category for 2021-22 fiscal.
The company earned recognition for nine successive years.
NBR conferred the award to BAT Bangladesh during an event in Dhaka; Finance Minister AHM Mustafa Kamal was the chief guest.
Golam Mainuddin, chairman of BAT Bangladesh, received the award.
Read more: BAT Bangladesh scoops up ACES Awards 2022 as 'top sustainability advocate'
"We are humbled to receive the highest taxpayer award again, and as always, we feel proud to have contributed to the development of the country's economy as we sincerely believe the contribution to the national exchequer plays a crucial role in keeping the wheels of the economy running and an essential part of the country's growth journey," Mainuddin said.
During the aforementioned fiscal year, BAT Bangladesh contributed approximately Tk28,280 crore to the government exchequer through VAT, supplementary duty, income tax, and other means, the multinational corporation said.
Grameenphone scores highest taxpayer award in telecom sector for 7th time
Grameenphone has been honoured as the highest taxpayer for 2021-22 fiscal in the telecommunication sector.
The telecom operator attained the recognition for seven fiscal years in a row.
The National Board of Revenue (NBR) conferred the award to Grameenphone during an event Wednesday in Dhaka. Finance Minister AHM Mustafa Kamal was the chief guest at the event.
Yasir Azman, CEO of Grameenphone, received the award.
"During FY22, Grameenphone contributed to the national exchequer as a direct tax of Tk2,490 crore and withholding tax of Tk1,158 crores. Since its inception till September 2022, the total contribution of Grameenphone to the national exchequer is Tk103,497 crores, which includes a contribution to NBR of Tk72,086 crore as direct and indirect tax, withholding tax of Tk11,107 crore, and contribution to the Bangladesh Telecommunication Regulatory Commission (BTRC) of Tk20,305 crore," the operator said.
"Since the ban on Grameenphone's SIM sales in June 2022, the country's telecom sector has been witnessing an overall decline – from recording a total of 184.45 million subscribers in June to 181.67 million in October."
Read more: Q3 2022: Grameenphone reports 6% revenue growth despite ban on SIM sales
"Besides directly hampering the telecom sector, this embargo is also said to have been affecting the company's stock market investors and the country's general image to attract prospective FDIs. NBR is also losing revenue from corporate tax and indirect tax, which includes SIM tax of Tk200 per new customer. Also, BTRC is losing 6.5 percent of Grameenphone's revenue from new customers," the operator added.
Yasir said: "We are grateful to NBR for honouring us with the highest taxpayer award in the telecommunication sector for the seventh consecutive time. Unfortunately, on this very auspicious day, we are unable to serve new customers despite meeting QoS benchmarks set by the regulator."
"We believe this will have an adverse effect on the overall economic development of the country, not only because NBR will lose out on tax revenues but also due to its impact on all other sectors which rely on connectivity and digital solutions. It is important that authorities withdraw the SIM sales ban immediately as this is a counter-productive move towards tax revenues and Smart Bangladesh."
Read more: Grameenphone reports 5.2% revenue growth in 1st half
Reform must to reduce indirect tax burden on lower income groups: Speakers
Speakers at a dialogue said that the income inequality in Bangladesh is widening due to indirect tax burden to lower income groups, while rich people are paying less comparing to their income and wealth.
The speakers said this while speaking at a policy dialogue on ‘Using direct taxation to tackle inequality and boost revenue’ held at BRAC Inn in the capital on Wednesday (December 28, 2022).
Dr. Mohammad Abdur Razzaque, Chairman of Research and Policy integration for Development (RAPID) presented a keynote paper on the topic.
Former chairman of NBR Dr Muhammad Abdul Mazid, Director General of BCS (Tax) Academy MM Fazlul Haque, Professor of DU Dr Abu Eusuf, Finance Division (budget) joint secretary Dr Mohammad Abu Yusuf, ERD Joint Secretary Md Anowar Hossain, among others, spoke in the function.
Read more: Tax return submission deadline extended to January 1, 2023
RAPID Chairman Dr Razzaque explained in the keynote paper that income inequality is widening in society despite growth in manufacturing, agriculture, and other sectors due to an unjust taxation system.
This income discrimination would be more if the reform in the taxation system is not done with a strong commitment to the nation, he pointed out.
“Comparing the small GDP of many other economies in the world, Bangladesh earns only 35 percent of its revenue from direct tax while it is 65 percent from indirect tax. It is expected to be 70 percent revenue from the direct tax, considering the volume of the country’s (Bangladesh) economy like some other countries,” he added.
Dr Razzaque said that recently the NBR announced to increase the share of direct tax from 35 to 70 percent of total revenue – which is a welcome initiative and will drive economic growth and strengthen the government’s ability to provide essential public services.
Read more: Present tax system is not in favour of industrial development: BCI
But the implementation of the target is far behind the projected time, he said.
Dr Abdul Mazid said, “The NBR must be established as a state agency, and not a government agency. As such, NBR should not be dependent on the government. Rather, it should be an independent operator on behalf of the state.”
He emphasized long-term planning to increase revenue collection by reforming Bangladesh's taxation system and the NBR.
Winners of '10 Takar Dour' get bikes from Nagad
Four people have won motorbikes by making the highest weekly scores in a game played on mobile financial service Nagad's app.
The bikes were recently handed over to Tahmina Akhter Lilly, M Hazrat Ali, Akhiful and Rihat Hasan Tuhin in the capital.
Read more: Nagad wins UK-based Global Brand Award 2022
Nagad users played the game under "10 Takar Offer," a mobile recharge campaign, which ran from October 18 to November 14.
Nagad Chief Commercial Officer Sadat Adnan Ahmad, Chief Operating Officer Golam Mortuza Chowdhury, Chief Corporate Governance Officer and Chief Anti-Money Laundering Compliance Officer Nurul Alam, Head of Strategy Department Salahuddin Mohammed Yousuf, Head of Digital Marketing Romael Hasan Wahid, General Manager Abu Sufian Mohammad Khaled, Deputy General Manager (Brand) Ali Ahsan, and Head of Customer Service Kaushik Saha were present at the prize giving ceremony.
Read more: Nagad declares charge-free services for police
Around 148,093 Nagad customers took part in the 10 Takar Dour. Each of the 100 top scorers during every campaign day received a prize of Tk100.
Sadat Adnan said: "Nagad regularly arranges such games for its users to make their leisure time more enjoyable as well as offer them chances to win exciting prizes."
Private sector should prepare to face challenges of LDC graduation, FBCCI president says at AGM
FBCCI president Md Jashim Uddin said Bangladesh's graduation from the Least Developed Country will strengthen the image of the country in the international arena along with creating huge trade and investment opportunities.
The president of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) said this at the Annual General Meeting (AGM) of the organisation held at a convention hall in the capital on Wednesday.
Read more: FBCCI wants to enhance bilateral trade relations with Mozambique
Due to Covid-19 Pandemic, the AGM of the session 2020-2021 could not be held as per schedule. As a result, two separate AGMs of the session 2020-2021 and 2021-2022 were held on the same day.
He said, “Bangladesh will lose special trade privileges in several markets including in Europe, one of the top export destinations of the country, as a result of the LDC graduation. The private sector has to face competition in maintaining the price and product quality. This is why emphasis should be given to research, innovation, and product diversification.”
To make sustainable export trading, the government should initiate more bilateral trade agreements including Free Trade Agreements (FTA), and Preferential Trade Agreements (PTA), he said.
Read more: FBCCI urges policy support in tourism development
Jashim emphasized obtaining certificates from various institutions, reducing complexity in its renewal, effective automation, and increasing the capacity of port management to attract more foreign investment.
“The Covid-19 pandemic and the Russia-Ukraine crisis have resulted in an abnormal increase in energy price, food price, agricultural production cost, industrial raw materials, parts, and transportation cost. High inflation is also occurring in currency exchange rates. Rising costs of doing business have made it difficult for local entrepreneurs to survive in the global competition,” he said.
In such a situation, he suggested that the private sector should focus on increasing the use of technology in the industry, creating a skilled workforce, increasing efficiency in business management, and increasing the capacity to produce goods at competitive prices.
In the ongoing situation, the FBCCI President urged the District Chambers and Associations to be more proactive to maintain productivity. At the same time, he suggested identifying sector-wise problems and bringing them up at the policy-making level through FBCCI.
FBCCI former president Abdul Matlub Ahmad, former first vice president Mohammad Ali, Monowara Hakim Ali, former vice president Abu Alam Chowdhury, Dewan Sultan Ahmed, Helal Uddin, and others participated in the open discussion.
Present tax system is not in favour of industrial development: BCI
Bangladesh Chamber of Industries (BCI) has said that the present tax system is not in favour of industrial development.
Loss in business is not considered during tax fixation, gross profit is considered sector wise which is not reasonable, said its President Anwar-ul Alam Chowdhury (Parvez) while addressing at the organisation’s 36th annual general meeting (AGM) 2021-2022 at its board room on Tuesday.
Read more: 1.16cr citizens known to have taxable incomes, but majority don't file returns
Senior Vice-president Priti Chakraborty, Vice-President Shahidul Islam Niru, directors and many members were present in the meeting.
The BCI president said that for the crises of Corona and Ukraine War, about 40% of SMEs have dropped out because they are not resilient to survive.
“We have to come forward to protect them,” he said, adding with the increasing unemployment, lack of skilled labour is also increasing.
He also urged all to be economical in using electricity, gas and water etc.
He said to solve this problem BCI has signed an MoU with the SME foundation to create new entrepreneurs and small industries all over the country and solve their problems.
He said all are expecting and trying to bring the rate of poverty to zero by 2030 and the country will be transferred into a developed one by 2041.
Read more: 5th BMCCI LegalTalk seminar on tax law, foreign investment held
He urged all directors and members of BCI to take the challenges of 4IR and work together to face it.
He said the BCI has to work unitedly and being the sole and exclusive chamber it has to play an appropriate role to remove all sorts of obstacles and impediments for the development of local industries all over the countries.
BCI will continue its efforts to create new entrepreneurs, light engineering and agro based industries. The country is advancing despite the Corona and Ukraine crisis.
Taking part in the discussions some of the members focused on the development and promotion of micro, small, cottage and light engineering, agro based industry sector, one-stop service in industry sector and different issues of problems of financing.