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BAJUS wants a 10-year tax holiday for gold refiners
Bangladesh Jeweller's Association (BAJUS) on Thursday urged the National Board of Revenue (NBR) for a 10-year tax holiday for the gold refinery industry and setting up Electronic Fiscal Device (EFD) in 40,000 jewellery establishments across the country.
BAJUS, the apex organisation of jewellers in the country, during the pre-budget discussion with the NBR, made the proposals. The pre-budget discussion was held at the NBR Building in Agargaon in the capital on Thursday.
NBR Chairman Abu Hena Md. Rahmatul Muneem in the chair, NBR members, senior officials, BAJUS general secretary Badal Chandra Roy, and other members of the BAJUS Executive committee were present in the meeting.
BAJUS proposed a 3 percent VAT on gold, a tax exemption on jewellery, and a reduction of customs duty on unrefined or partially refined gold imports.
BAJUS general secretary told UNB that they demanded an amendment to gold policy to stop bringing gold bars for tourists.
He also proposed tax-free limit of gold import to 50 grams instead of current 100grams.
BAJUS suggested harmonising baggage rules and giving the benefit of a one-time baggage rule to a passenger.
Earlier the NBR cut tax-free gold to 100 grams from 200 grams. Bangladeshi migrant workers were becoming worried over the NBR decision. But gold traders are not satisfied yet and they again want to cut the tax-free gold import limit for travellers and migrant workers.
New market price of per kg sugar Tk160
The Bangladesh Sugar and Food Industry Corporation (BSFIC) has set the maximum retail price of the state-owned mills producing sugar at Tk 160 per kg, an increase by Tk 20 per kg.
BSFIC announced this price issuing an official circular on Thursday.
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The notification stated that the sale price of sugar produced by the BSFIC has been fixed in line with the product's international and domestic market price.
From now on, Mill Gate’s selling price of 50 kg sack of sugar of the corporation has been fixed at Tk 7500 (Tk150 per kg) and dealer level at Tk 7850 (Tk157 per kg).
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The sales rate of 1.0 kg of packaged sugar in mill gates or corporate super shops of the corporation has been set at Tk155 and the maximum retail selling price in super shops, basements and markets of sugar industry buildings has been set at Tk160 per kg.
Economy under pressure for debt interest payment, but it’s not severe: Finance Minister
Finance Minister Abul Hassan Mahmood Ali on Thursday said that the economy is quite under pressure in terms of interest payment of debt, but the situation is not that severe.
Due to the global effects and the Ukraine-Russia war the domestic economy has been under stress slightly, he said adding that the government is trying to overcome it.
The finance minister said this to reporters after a meeting with Abdusattor Esoev, Bangladesh Chief of Mission of the International Organisation for Migration (IOM), at the Economic Relations Division (ERD) in the capital on Thursday.
“The IOM deals with overseas migrants. They work to bring in expatriates. They will continue such support in the future,” he said.
In response to a question regarding inflation, the minister said, “There is some discomfort with inflation. It decreases for one item but increases for another. What to do by force? Be patient, everything will be fine.”
According to Economic Relations Division (ERD) data, Bangladesh paid a total of $2.67 billion in interest and principal on loans to various development partners in the fiscal year 2022-23 (FY23), compared to $2.01 billion in the previous fiscal year.
Walton bags 'Gold Trophy' in DITF-24
Country's tech-giant Walton Hi-Tech Industries PLC. has received 'Gold Trophy' as the first prize of the best stall in the electronics product category at the just-ended month-long 28th Dhaka International Trade Fair (DITF)-2024.
The country's mega tradeshow's organisers- Export Promotion Bureau (EPB) and Commerce Ministry- awarded Walton with the 'Gold Trophy' based on its eye-catching mega stall, display of high quality and innovative quality products in the fair, said a media statement.
Walton Hi-Tech Industries was awarded at the concluding ceremony of the 28th DITF-24 held at the conference hall of Bangabandhu Bangladesh-China Friendship Exhibition Centre in the capital's Purbachal on Tuesday (20 February, 2024).
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State Minister for Commerce Ahsanul Islam (Titu) handed over the 'Gold Trophy' and the certificate to Walton Hi-Tech Director and Walton Micro-Tech Corporation's CEO Nishat Tasnim Shuchi.
The function was also attended by FBCCI President Mahbubul Alam as a special guest while Senior Commerce Secretary Tapan Kanti Ghosh was in the chair. EPB Vice-Chairman A.H.M. Ahsan delivered the welcome speech at the event.
Walton awards 381 officials, sales executives for boosting sales
On behalf of Walton Hi-Tech Industries, Additional Managing Director Major General (Retd.) Ibne Fazal Shayekhuzzaman and Chief Marketing Officer Didarul Alam Khan were also present at the award-giving session.
At the fair, Bangladeshi electronics giant 'Walton' set up a spectacular mega stall modeled after the Bangabandhu tunnel and showcased smart fridge, AC, TV, elevator, washing machine, laptop, computer, electric bike, and home and kitchen appliances.
AirAsia recognizes outstanding 20 top travel agencies in Bangladesh
AirAsia celebrates yet another significant milestone, recognizing and applauding the continuous efforts of its travel agents in Bangladesh at the AirAsia Agents Conference 2024.
The event was graced by the presence of esteemed guests, including Thailand Ambassador to Bangladesh Makawadee Sumitmor, Group Chief Executive Officer of AirAsia Aviation Group, Bo Lingam, Chief Revenue and Network Officer of AirAsia, Paul Carroll, Chairman of TAS GrouK M Mozibul Hoque as well as other board members.
Notable dignitaries from the Civil Aviation Authority of Bangladesh (CAAB) and embassy officials were also in attendance, highlighting the significance of the occasion held at the prestigious Pan Pacific Sonargaon Ballroom.
Organized by Total Air Services Limited (TAS), a subsidiary of TAS Group, this conference serves as a platform to honour top-performing agents that have excelled in sales through the General Sales Agents (GSA) of AirAsia Malaysia and AirAsia Thailand in Bangladesh.
The AirAsia Grand Agents Grand Conference 2024 also aims to strengthen existing partnerships with agents whilst fostering a sense of community and appreciation, bringing together key stakeholders comprising top travel agencies, airline executives, government officials and industry leaders.
During the conference, AirAsia bestowed prestigious awards to 20 top-performing travel agencies in Bangladesh with pivotal achievements.
These agencies were commended for their exceptional sales performances and steadfast support in promoting AirAsia's offerings to travellers across the country.
Additionally, AirAsia expressed its heartfelt appreciation to 16 travel agencies for their exemplary sales support, presenting them with certificates of recognition.
AirAsia Aviation Group Limited Group CEO, Bo Lingam said: “I would like to wholeheartedly commend the dedicated travel agents in Bangladesh for their continued effort and congratulate our well-deserving agents on their outstanding accomplishments. The diligence of their craft is truly inspiring to us all. Bangladesh is one of our most important markets in Asia, with AirAsia having flown 503,628 guests between Malaysia and Bangladesh to date - and counting. I look forward to welcoming more achievements by the team, further cementing the AirAsia brand in the country.”
Total Air Services Limited (TAS) has been a trusted partner of AirAsia Malaysia since 2015, serving as the airline’s General Sales Agent (GSA) i n Bangladesh.
Over the years, TAS has demonstrated exceptional dedication and commitment to promoting AirAsia's services i n the region and beyond.
AirAsia currently operates 14 weekly flights from Dhaka to Kuala Lumpur and 2 weekly flights between Dhaka and Bangkok, providing travelers with convenient and affordable travel options to various destinations.
This strategic partnership between TAS Group and AirAsia continues to drive growth and innovation in the aviation industry, contributing to the development of Bangladesh.
DCCI seminar urges sustainable policy reforms for trillion dollar economy
In a seminar organized by the Dhaka Chamber of Commerce & Industry (DCCI) on February, Ashraf Ahmed, President of DCCI, emphasized the need for sustained efforts to achieve a trillion-dollar Smart economy.
Addressing the audience, Ahmed outlined key factors such as reducing the cost of doing business, improving ease of business, regulatory efficiency, infrastructure development, energy security, logistics enhancement, and ensuring private sector access to finance.
President Ashraf Ahmed presented a keynote paper at the seminar, underlining the importance of product and market diversification. He highlighted a targeted private sector investment of 27.4% of GDP in FY2024, an increase from 21.8% in FY2023.
Ahmed urged for policies considering the LDC graduation and proposed lower corporate tax, complete automation of taxation, expanded tax net, and reforms of SD and Vat act.
Dr. Mashiur Rahman, Economic Affairs Adviser to the Prime Minister, served as the Chief Guest, emphasizing the fundamental changes in Bangladesh's economy over the last decade.
He stressed the need for consistent policies to expedite private sector investment and foster foreign direct investment (FDI). Dr. Rahman also highlighted the importance of export diversification, value addition, and identified pharmaceutical and light engineering sectors as potential areas for growth.
Chief Economist of Bangladesh Bank, Dr. Md. Habibur Rahman, discussed global geo-political instability's impact on essential prices. He announced the introduction of the Crawling Peg system to control the exchange rate and a roadmap to reduce industrial sector Non-Performing Loans (NPL) to 8% within two years. Bangladesh Bank will maintain a contractionary monetary policy until inflation reaches 6%.
Former DCCI President Shams Mahmud emphasized proactive policies for the sustainable future of the RMG sector. He urged the government to ensure affordable energy prices and uninterrupted gas supply for industries. Mahmud also called for expedited development of local import substitute industries post-LDC graduation, a rationalized taxation system, and continued support for CMSMEs.
Dr. Ashikur Rahman, Senior Economist at PRI, highlighted the negative impact of macroeconomic instability on the private sector and stressed the need for decisive action against NPL. He urged attention to the tax-GDP ratio, hovering around 10%, and emphasized skill development and financial sector reforms.
Research Director at PRI, Dr. Mohammad Yunus, pointed out extortion at retail markets as a factor contributing to inflation. He advocated for better coordination among BEZA, BEPZA, and Economic Zones Authority to attract FDI, suggesting the utilization of BSCIC's industrial plots on a cluster basis.
Brac Bank introduces digital Form C, electronic document submission platform for commercial remittances
Brac Bank has introduced digital Form C and e-documents platform for commercial inward remittance customers as a part of digital transformation agenda.
According to the bank, customers sending international remittances worth more than $ 20,000 can now fill out and submit Bangladesh Bank-prescribed Form C declaration electronically along with relevant documents if applicable as per the central bank guidelines. This will make remittance disbursement faster by leveraging digital technologies.
Freelancers, mariners and non-wage-remittance earning professionals, who usually send large-ticket remittances, will immensely benefit from this digitalization of remittance service.
Last year, Brac Bank launched FXPAY, an end-to-end commercial remittance application designed to provide accessible, fast, and secure remittance services to valued customers. FXPAY is part of the bank's digital transformation of commercial inward remittance platforms and which now expands its service to client doors.
Previously, as per Bangladesh Bank guidelines on commercial inward remittance, customers receiving certain types of remittance are required to visit a branch and submit the relevant documents for receiving the remittance.
Recently, Bangladesh Bank has instructed banks to digitize the Form C process.
Accordingly, Brac Bank has now introduced this facility with additional e-document submission facilities as an added service without needing the beneficiary to visit the branch.
The customers who live in faraway places will have the opportunity to get connected with Brac Bank commercial inward remittance team through an online platform.
Both facilities have been designed with an aim of delivering better customer service and easier the process to bring more remittances to the country.
Commenting on the digital remittance service, Brac Bank’s Managing Director & CEO Selim R. F. Hussain stated: “The bank has always been at the forefront of technological innovation in the banking industry aiming at enhancing convenience to the customers”.
This digital service is part of the digital transformation journey and will provide comfort to customers while facilitating big-ticket remittance inflow, contributing to the country's foreign exchange reserve, he added.
FBCCI wants strong role from commercial counsellors at missions abroad to capture new export markets
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) wants the commercial counsellors stationed at the country's embassies in foreign countries to play a strong role in capturing new markets for Bangladeshi exports in different countries of the world.
They also emphasised the role of the Commercial Counsellors and First Secretary (Commercial) in bringing foreign investment to Bangladesh for Special Economic Zones (EPZs).
FBCCI President Mahbubul Alam made this call in a courtesy call held on Sunday with the newly appointed officers of Commercial Counsellors and First Secretary (Commercial) appointed in different countries.
Mahbubul said that the contribution of foreign investment is very important for the economic development and market expansion of Bangladesh.
“Our main aim is to maintain the commercial aspects even in the midst of global crisis. In this regard, appointed Commercial Counsellors and First Secretary (Commercial) can play an important role,” he said.
FBCCI President urged the newly joined officials to work on market diversification and export growth and to strengthen communication with all types of domestic and foreign development organizations, and national and international commercial organizations.
FBCCI president assured commercial counsellors and first secretaries (commercial) of all kinds of cooperation for this.
FBCCI Senior Vice President Md. Amin Helaly, vice-president Mohammad Anwar Sadat Sarkar, Md. Munir Hossain, and FBCCI Secretary General Muhammad Alamgir, among others, were present.
Brac Bank organises Branch Managers’ Convention 2024
Brac Bank organised a Branch Managers' Convention with a focus on enhancing customer experience.
All branch and sub-branch managers, business heads and senior officials gathered at the annual meet to strategize business plan for 2024 and beyond. With 187 branches and 40 sub-branches across the nation, the bank’s distribution network plays an important role in balance sheet growth.
The two-day convention focused on aligning the branch leaders with the short and long term goals of the bank, capitalising on market opportunities through offering innovative customer-centric products and services while ensuring top level customer experience.
The bank’s chairperson Meheriar M. Hasan addressed the convention virtually while managing director and CEO Selim R.F. Hussain inaugurated the programme on Feb 10.
Head of branches Sheikh Mohammad Ashfaque along with senior management committee members and distribution's senior zonal heads, regional heads and cluster managers were present at the event.
Islami Bank Jashore zone holds agent banking conference
Jashore Zone of Islami Bank Bangladesh PLC organized “Agent Banking Business Development Conference” and “Workshop on Prevention of Money Laundering & Terrorist Financing”.
The event was held at the Sheikh Hasina Software Park (IT Park) on Saturday, according to a press release.
Mohammed Monirul Moula, Managing Director and CEO of the Bank addressed the conference as Chief Guest.
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Md Altaf Hossain, Additional Managing Director and Kazi Md Rezaul Karim, Deputy Managing Director addressed the conference as special guests.
Md Maksudur Rahman, Senior Executive Vice President presided over the function while Md Shafiul Azam, Head of Jashore Zone, AKM Mahbub Morshed, Executive Vice President, Kazi Mohammad Ismail and Syed Kamran Ahmed, Assistant Vice Presidents of the Bank addressed different sessions of the conference.
Head of branches and proprietors of the agent banking outlets under the zone attended the conference.