Local-Business
FBCCI urges NBR to extend tax return submission deadline till Dec 31
The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI), the apex organization of businessmen, has requested the National Board of Revenue (NBR) to extend the deadline for submission of income tax returns.
The federation in a letter to the NBR Chairman said that due to the late publication of income tax circulars in line with the new Income Tax Act 2023, the businessmen are not prepared to submit returns.
Read: FBCCI urges political parties to avoid violence for economy's sake
So, the deadline for filing returns need be extended until December 31 this year.
The letter said due to the current political situation and upcoming parliamentary elections, many taxpayers may be able to file income tax returns by November 30.
Some other business chambers have also requested the NBR to extend the tax return submission deadline.
Read: FBCCI emphasises signing FTA between Bangladesh and Saudi Arabia
The Dhaka Taxes Bar Association has demanded an extension of the return submission deadline by another two months.
Payment gateway Walletmix’s license cancelled for illegal transactions
Bangladesh Bank has cancelled the license of the payment gateway company Walletmix Limited for engaging in illegal transactions.
The Payment Systems Department of Bangladesh Bank on Monday (November 20) issued an instruction regarding the cancellation.
The Bangladesh Bank Executive Director and spokesperson Mezbaul Haque told UNB that Walletmix had made illegal transactions that were not authorized and because of this their license has been canceled.
As a result, from now on, no institution, including banks and financial institutions, will be able to transact with Walletmix.
The central bank has sent the license cancellation directive to the managing directors and chief executives of all scheduled banks, mobile financial services providers, payment system operators, and payment service providers in the country.
The payment system operator license of Walletmix has been canceled to protect customer interests under the authority of Bangladesh Payment Systems Regulations and in accordance with the terms of the license granted to Walletmix Limited, said a Bangladesh Bank notification.
Chinese company to invest $28 million in Uttara EPZ
Chinese company United Spinning and Dyeing Limited is going to invest USD 28.20 million to set up a Dyed Textile Yarn manufacturing facility in the Uttara EPZ.
Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company to this effect in Dhaka today (Wednesday).
Ali Reza Mazid, Member (Investment Promotion) of BEPZA, and Yu Min, Managing Director of United Spinning and Dyeing signed an agreement on behalf of their respective organizations.
The Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, NDC, psc witnessed the signing ceremony.
Executive Chairman thanked United Spinning and Dyeing for choosing Uttara EPZ for investment. Mentioning upcoming Jashore and Patuakhali EPZ, he requested to make a plan to invest there in diversified products.
Yu Min said that it is their first project in EPZ and they have a plan to invest more. He hoped that the company would come into production within the next October.
United Spinning and Dyeing Limited will create employment opportunities for 1816 Bangladeshi nationals and produce annually 12,000 metric ton of dyed textile yarn.
HBL, Bank of China sign MoU to enhance regional trade
HBL and the Bank of China (BOC) signed a Memorandum of Understanding (MoU) for strategic cooperation at the BOC headquarters in Beijing, China.
Liu Jin, vice chairman and president of Bank of China, Sultan Ali Allana, chairman of HBL, and Muhammad Aurangzeb, president and CEO of HBL represented their respective institutions.
Read: Walton launches two new full HD frameless monitors with IPS Panel
The signing of the strategic cooperation memorandum signifies HBL and BOC’s commitment to drive economic empowerment and regional connectivity, said a press release.
The collaboration between HBL and BOC will facilitate Bangladeshi businesses with seamless trade opportunities, enhance their international business network, and help grow their operations locally and overseas.
Read: FICCI set to mark 60 Years with Grand Celebration
HBL and BOC will further benefit businesses operating in South Asia, Middle East, Central Asia, and Africa. Both the organisations will work to deepen strategic cooperation in the areas of Environmental, Social & Governance (ESG), technology, and training, reads the release.
Bank of China is a premier bank in China with presence in over 60 markets around the world while HBL serves over 15 global markets with dedicated China desks and branches in Beijing and Urumqi.
Walton launches two new full HD frameless monitors with IPS Panel
Walton, Bangladesh leading tech product manufacturer, has launched two new models of slim monitors equipped with IPS panels in the market.
The full HD backlight LED monitors have frameless designs in three sides. The attractively designed monitors with no bezel will provide premium feel to users, said a press release issued on Sunday.
Launched under the CiNEd brand name, the WD215I09 and WD215I10 model monitors feature
21.45-inch display, priced at Tk10,550 and Tk 9,750 both monitors have up to 3-year service warranty.
Customers can purchase the products from all Walton showrooms across the country through Walton E-Plaza (eplaza.waltonbd.com) and Digi-Tech (waltondigitech.com) websites.
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Both monitors feature 1920×1080 pixels screen resolutions with 16:9 aspect ratio and 178° wide
viewing angle for which users will get high-quality pictures from critical angles.
1000:1 contrast ratio with 249.3X241 pixel pitch and Typ.300 cd/m2 brightness have been maintained on the device for the convenience of accurate color reproduction with 83% NTSC color quality.
Users will have a pleasant experience while playing popular games due to 75 Hz refresh rate.
The new monitors have HDMI, VGA, DP, USB-C input ports so they can be easily used on all
types of modern or old computer devices.
Both monitors have two 2-watt built-in speakers for which users can enjoy the necessary audio facilities without the connection of a separate audio device.
The monitors also provide an audio out port.
Another attractive feature of the monitors is Vesa mounting option for which they can be placed
any surface including a desk or table. This feature will be helpful of official work, presentation,
meeting, gaming or studying.
Speaking on the occasion, Touhidur Rahman Rad, Chief Business Officer of Walton
Computer Products, said “We are providing our customers advanced technology products
at affordable prices and ensuring best services for them. I am confident that like our other
products, the newly launched monitors will also get excellent feedback from customers.”
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There are currently 5 models of 21.45 inch to 27-inch Walton monitors in the market which are
priced between Tk 9,550 to Tk 38,750. Besides, special discounts are being given on
specific models of monitors on online purchase from Walton official website.
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Mentionable, Walton is producing and marketing various models of laptops, desktops, all-in-one
PCs, android and windows TAB, projector, interactive display, printer, tonner, UPS, CCTV,
access control, keyboard, mouse, pen-drive, wi-fi router, network switch, USB hub, card reader,
webcam, speaker, earphone, headphone, SSD, external SSD, RAM, cooler, power supply,
PCBA, memory card, power bank, smart watch, smart fitness scale, digital writing pad, USB,
type-C, HDMI cables, converter, electric bike etc.
FICCI set to mark 60 Years with Grand Celebration
Foreign Investors’ Chamber of Commerce & Industry (FICCI) is poised to host the FICCI 60 Years Celebration & Investment Expo 2023 on Sunday at Radisson Blu Dhaka Water Garden.
The event will celebrate the 60-year journey of the organization, and the impactful contributions made by its members to Bangladesh's economic and social landscape.
The two-day event will kick off with an inauguration ceremony that will be graced by Chief Guest Honorable Prime Minister Sheikh Hasina. The day's program will include the inauguration of the expo and the launch of a Research Book “Catalyzing greater FDI for vision 2041: Priorities for building a conducive Tax system in Bangladesh” & ESG Publication "ESG Strategies and Impacts from the Members of FICCI."
Read: FICCI's 60 Years Celebration & Investment Expo 2023 rescheduled on Nov 19
Naser Ezaz Bijoy, President of FICI, expressed anticipation for the upcoming milestone, stating, "As we stand on the eve of celebrating 60 years of FICCI's remarkable journey, the event is poised to serve as a platform to showcase the reflections of Bangladesh's economic growth.”
Following the inauguration, a plenary session on "Green Value Chain" will take place, featuring Chief Guest Abul Kalam Azad, Co-Chair Smart Bangladesh Network and Former Principal Secretary, Former Principal Coordinator (SDGs), Prime Minister’s Office and Keynote Speaker Professor Imran Rahman, Vice Chancellor, University of Liberal Arts Bangladesh.
The session, moderated by Zaved Akhtar, Director & Chair ESG Committee FICCI, will include panel speakers Barrister Nihad Kabir, Chairperson, BUILD, and former president of Metropolitan Chamber of Commerce, Mohsina Yasmin, Executive Member-3 (International Investment Promotion), Bangladesh Investment Development Authority (BIDA), Barrister Md. Sameer Sattar, President, Dhaka Chamber of Commerce & Industry (DCCI), Stefan Liller, UNDP Resident Representative and Yasir Azman, CEO, Grameenphone.
The second day of the event will see a plenary session on "Investment Climate: Current Landscape & Mission 2041". Md Tofazzel Hossain Miah, Principal Secretary to HPM, will serve as the Chief Guest, with Keynote Speaker Dr. M. Masrur Reaz. The session, moderated by Rupali Haque Chowdhury, Managing Director, Berger Paints Bangladesh, Former President of FICCI, will feature panelists Tapan Kanti Ghosh, Senior secretary, Ministry of Commerce; Saiful Islam, President, MCCI; Yuji Ando, Country Representative, JETRO Dhaka and Samsoo Kim, Trade Representative (Director General), Commercial Section Embassy of the Republic of Korea, Dhaka Korea Trade Center.
Read: Reduce tax burden on individuals and corporates: FICCI
The Investment Expo 2023 on November 19 will host 40 stalls with exhibitors from FICCI members and government stakeholders, targeting both local and foreign investors. The Investment Expo will continue on November 20, which will be open for all.
BIDA and the Commerce Ministry are the Strategic Partner of FICCI 60 Years Celebration & Investment Expo 2023.
Sylhet Chamber organises workshop on online tax returns by TAXdo software
The Sylhet Chamber of Commerce & Industry (SCCI) on Thursday organised a workshop on 'Fundamentals of Personal Income Tax and Returns Filing through TAXdo' online.
Experts at the workshop explained the process of filling out individual income tax returns online by ‘TAXdo’ application.
The SCCI organised the programme in association with the Sylhet District Tax Bar Association and SMAC IT Limited, which has developed TAXdo.
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SCCI President Tamim Ahmed presided over the programme. Syed Zakir Hossain, Commissioner of Sylhet Tax Zone, was present as the guest of honour.
Snehasish Barua FCA, the Director of SMAC IT Ltd, explained the app's transformative capabilities and impact.
Regarding 'TAXdo', he said that through this software, anyone can fill out income tax returns online within a few minutes at home. It is a fully automated system, which allows anyone to easily prepare income tax returns as per rules based on inputs.
“TAXdo automatically calculates income tax when users simply input their income from various sources into the software,” he said.
President of SCCI Tamim Ahmed said that Sylhet region is populated by expatriates, the flow of remittances is high and people have money in their hands. Therefore, the possibility of tax collection is also high. But due to the lack of tax awareness and the complexity of the existing tax payment process, many people do not pay taxes.
Also read: Bangladesh-Thai Chamber of Commerce and Industry seeks govt cooperation in boosting trade relations
He called the NBR to make the process of personal tax payment easier and to increase tax awareness to encourage common people to pay taxes to increase revenue.
SCCI’s Senior Vice President Falah Uddin Ali Ahmed and Chamber VAT, Tax and Tariff Committee Co-Chairman Mohammad Tofazzal Hossain FCA, Sylhet District Tax Bar Association President M. EM Iqbalur Rahman and Vice President Advocate Abdul Alim Pathan, Vice President of SCCI Atiq Hossain, among others, spoke in the function.
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Peaceful working environment is prevailing in factories: BGMEA
President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan in a statement on Wednesday said that the factories are in full production and a peaceful working environment is prevailing.
He thanked workers, labor organizations, local political leaders, administration, industrial police, mass media, and local people for their sincere cooperation in restoring a peaceful environment in all areas where the garment factories are situated.
All the garment factories in Ashulia were opened on Wednesday after the workers of the closed garment factories expressed their interest in returning to work and after the assurance of the owners about the smooth functioning of the factories, said the BGMEA president.
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Production is going on normally in the factories, the BGMEA President said.
The opening of the closed factories in Mirpur area was discussed yesterday (November 14) and today (November 15).
Owners are free to close their garment factories until vandalism ends: BGMEA
In the two-day discussion, the factory workers, workers' organizations, local political leaders, administration, industrial police, and mass media said that the workers of the closed factories in Mirpur want to return to work. Therefore, the closed garment factories of Mirpur and all other places will be opened on Thursday.
Every entrepreneur is committed to implement the new wage structure from December 1, 2023, he said.
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FBCCI urges political parties to avoid violence for economy's sake
President of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) Mahbubul Alam on Tuesday disclosed that the prevailing political situation is severely disrupting not only the country's supply chain but, by extension, manufacturing and production, as well as prices, exports, and even the service sector.
He said this in a views-exchange meeting with business leaders of various sectors, economists, and former leaders of FBCCI on the prevailing trade and economic situation, held at the Gulshan office of the federation.
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The FBCCI President presided over the meeting and discussed various issues, including ongoing political violence, the dollar crisis, price inflation, control of imports of luxury goods, bank loans, foreign exchange reserves, ensuring a business-friendly environment, LCs, and others.
Business leaders said that for the past few years, a very stable political and economic environment has prevailed in the country, which is very important for business, trade, and the economy.
But recently, due to the violent activities of political parties, the country's business, trade, and investment are at risk. At the same time, attempts are being made to deliberately disrupt the readymade garment sector, they opined.
Also read: BGMEA president seeks American Apparel & Footwear Association’s support in responsible purchasing practice
Stating that the country's political instability is pushing the national economy to the brink, the FBCCI president said the prevailing situation is severely disrupting the country's supply chain - impacting product production, market prices exports, and service sectors as well.
He insisted that political parties avoid all kinds of violent activities for the sake of the national economy.
Besides, the FBCCI President urged the Bangladesh Bank to play a more effective role in solving the dollar crisis and controlling inflation. He also urged the concerned authorities to ensure uninterrupted fuel supply to continue the production system in industrial factories.
In the ready-made garment sector, the wage commission has been set up according to the demands of the workers and employees, and the wages have been re-fixed based on discussions with both the workers and employers, which is a very positive step, the business leaders said.
Also read: Owners are free to close their garment factories until vandalism ends: BGMEA
Islami Bank launches DNCC Smart Parking Card
Islami Bank Bangladesh introduced a new prepaid card ‘DNCC Smart Parking Card’, designed specifically for paying the “Smart on Street Parking” service fees of the Dhaka North City Corporation (DNCC).
The DNCC initiated the 'Smart on Street Parking' project, an app-based parking service aimed at managing and resolving parking issues on key roads in the capital city.
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Home Minister Asaduzzaman Khan Kamal inaugurated the app "Smart on Street Parking", at an event at the DNCC head office in Gulshan-2 in the capital. Dhaka North City Mayor Md Atiqul Islam presided over the inaugural programme while Mohammed Monirul Moula, Managing Director and CEO of the bank and representatives from other organizations were also present on the occasion.
The service fee for smart parking is to be exclusively paid through the app or through the bank’s prepaid card. As part of this, Islami Bank has introduced the DNCC Smart Parking Card. Any individual can obtain and utilize this card even if he is not an Islami Bank account holder.
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This specialized card can be used only to settle parking fee through the Point of Sales (POS) machines held by DNCC wardens.
For easy accessibility, interested individuals can acquire the DNCC Smart Parking Card instantly from the DNCC wardens or Islami Bank's Gulshan, Gulshan Circle-1, and Banani branches by paying an issue fee of Tk 200 for a 5-year validity period.
After obtaining the card, from the DNCC wardens, customers are required to go to a respective branch to get the card activated but if the customer obtains the card from the branch, he can activate the card using POS or ATM. Additionally, users can load funds onto the card ranging from Tk.100 to Tk.10,000 at any Islami Bank branch.
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Furthermore, the DNCC Smart Parking Card can be integrated into Islami Bank’s mobile app, Celfin, via the "add" button. This feature enables customers to effortlessly load money onto the card and check the balance at their convenience. Importantly, the card comes with no renewal or cancellation fees, but it has only a Tk 200 replacement fee and a Tk 50 PIN reset fee. Users can enhance their Celfin experience by adding the card to the "favorite option" for seamless fund transfers, a press release said.