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Metro train on wheels, finally
The train with six coaches travelled around 500 metres from the Uttara workshop
Bangladesh News Bangladesh Economy & Development
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Singer begins manufacturing washing machines in Bangladesh
Home appliances and electronics manufacturing and marketing company Singer Bangladesh Limited started manufacturing washing machines at its own plant at Savar in Dhaka. The company...
www.newagebd.net
Walton starts exporting products in Maldives
Bangladeshi electronics brand Walton started exporting its ‘Made in Bangladesh’ labeled products amid the Covid-19 pandemic. In a latest move of its global presence, the...
www.newagebd.net
Metro rail project sees 63.2 pc progress: Obaidul Quader
Road Transport and Bridges Minister Obaidul Quader on Tuesday said the average progress of the construction work of the first metro rail in Bangladesh is 63.2 percent. He made the remarks while talking to reports after visiting the first metro rail set and progress of the project work at…
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BSCIC Industrial Estate In Nilphamari: A hub for small businesses
The industrial estate of the Bangladesh Small and Cottage Industries Corporation (BSCIC) in Nilphamari has become a hub for small businesses as it gives them easy access to key markets in the northern part of the country.
Per capita income in Bangladesh now US$ 2,227
The country’s per capita income has increased to $2,227 in the current financial year 2020-2021 from $2,064 in the previous fiscal year. Planning minister MA Mannan apprised the weekly cabinet meeting of the data with...
www.newagebd.net
Dhaka sees record $2.9b private investment pledge in 2020: World Bank
Bangladesh last year witnessed a record $2.9 billion investment commitment for its infrastructure development from private sector sponsors, according to a latest report published by the World Bank. "The country's (Bangladesh) 2020 investment amounted to US$2.9 billion, a 190 per cent increase from
Experts: Boost trade facilitation to turn Bangladesh into investment hub
They mentioned that Bangladesh should focus on the Chinese, Indian, and ASEAN markets
New tourism bill proposed in parliament
Service providers will need a license to operate
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Reliance on foreign funds rises in Tk 2.25 lakh crore ADP
The National Economic Council in a meeting on Tuesday approved the annual development programme worth Tk 2,25,324 crore for financial year 2021-22, increasing the contribution...
www.newagebd.net
Inflow to Bangladesh, Pakistan boost South Asian remittance to rise to $147 billion: World Bank
Inward remittance to South Asia rose by about 5.2 per cent to $147 billion in 2020, driven by a surge in flows to Bangladesh and Pakistan, according to the latest Migration and Development Brief of the World Bank Group.
Why ease of doing business remains difficult in Bangladesh
Unless businesses talk about improving the business situation, the World Bank will not update the list
Remittance inflow to Bangladesh accounted for 6.6% of GDP in 2020
Bangladesh earned $21.75 billion from expatriates last year — an increase of 18.4% from 2019 — amid the Covid-19 pandemic
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Japanese Matsuoka Corporation to invest $25m for expanding business in Ishwardi EPZ
This will create employment for 3,500 Bangladeshis
Crises in India, Myanmar diverting export orders to Bangladesh
Myanmar’s deepening political crisis and India’s grave coronavirus situation are prompting international retailers and brands to divert work orders to Bangladesh because of its stability and milder-than-expected impacts of the second wave of the infections.
Youtube, FB, Google allowed to pay VAT in Bangladesh directly
The National Board of Revenue has completed procedures, including making changes in the VAT registration form and modification of the VAT online software, to give non-resident foreign companies such as...
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EGCB signs MoU with Marubeni to build 100 MW solar plant in Feni
Electricity Generation Company of Bangladesh Limited (EGCB) and Japanese firm Marubeni Corporation signed an MoU on Thursday for implementing a 100 MW solar power plant at Sonagazi in Fenni. State Minister for Power, Energy and Mineral Resources Nasrul Hamid attended the virtual programme marking…
Faridpur-Magura Rail Line: Work to start finally 3 yrs after approval
Construction of a rail line from Faridpur’s Madhukhali to Magura is finally going to start this month, around three years after the government approved the Tk 1,202.49-crore project.
Is Bangladesh running out of gas resources?
Bangladesh had its first gas field discovery in Sylhet in 1955. Since then, a total of 27 commercial gas fields have been found in the country with a cumulative original recoverable gas reserve of 28 trillion cubic feet (Tcf), according to Petrobangla official estimates.
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Walton plans to go global
Walton Hi-Tech Industries Ltd has decided to open branches or liaison offices in six countries, including India, Nepal, the UAE and South Korea as part of its move to expand its footprint and source technology globally.
Banks fast embracing cash recycling machines
Banks are aggressively installing cash recycling machines (CRMs) to provide faster deposit and cash withdrawal services to clients, a move that is helping customers cut reliance on branches and giving them more freedom to carry out banking.
Women entrepreneurs may get tax relief
Women entrepreneurs may receive a relief in tax payment on their incomes from businesses in the coming fiscal year, said an official of the finance ministry.
Agent banking deposit balance crosses 17,000C in March
Of the total deposits in agent banking, Tk12,759.8 crore deposit was mobilized from rural areas and Tk4,599.1 crore from urban areas
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Govt holds high hopes for 660m Rangamati-India bridge
The movement of goods between Mizoram and adjacent Indian states can take place through Bangladesh once the bridge is constructed, as the bridge will allow access to Chittagong seaport
Bangladesh Submarine Cable’s profits doubled in 9 months
Profits of Bangladesh Submarine Cable Company Ltd almost doubled in nine months of 2020-21 fiscal year, thanks to the higher turnover with the same operating costs amid the coronavirus pandemic.
Home appliance makers in Bangladesh may get 10-year tax holiday
The government may offer tax holiday facility to home appliance makers for 10 years in the national budget for the forthcoming fiscal year 2021-2022 to attract investments and facilitate import-substitute local...
www.newagebd.net
AIIB approves $260 million loan for Mymensingh bridge
Set to be the first arch steel bridge in Bangladesh, Kewatkhali Bridge will make use of the latest advances in technology to improve safety and promote early detection of structural damage
Progress in the construction of elevated expressway in Dhaka.
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Looking forward to better external sector management
A trade deficit may not be too bad even amidst the coronavirus challenges if you have a healthy foreign exchange reserve, strong remittance inflow, foreign direct investment, and aid flow. More importantly, when capital machinery or industrial raw materials import is the cause of this possible...
‘Increase tax net, don’t squeeze existing taxpayers’
‘Why would foreign investment come here if taxes are higher here than in competing countries?’
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Green “Karuponnyo Rangpur Limited”, pride of Bangladeshi handicraft industries
Karuponnyo Rangpur Limited,” a unique green factory, conveying Bangladesh’s pride which produces Rangpur's traditional handicraft Shataranji.
textilefocus.com
Green power plans go sideways
Bangladesh has failed to achieve its target to raise the share of renewable energy to the total power generation to 10 per cent by 2020 amid constraints of resources, technologies and policies.
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Two of the world's largest tech giants Google and Amazon have obtained their Business Identification Number (BIN) from the National Board of Revenue (NBR) – a mandatory requirement for any business operating in Bangladesh.
For the first time ever, two non-residential companies have registered for BINs in the country, and they will now pay a 15% VAT on revenue derived from Bangladesh, and submit returns on the total turnover at the end of each year.
This move will speed up the process of such companies opening their offices in Bangladesh, and clear the way for corporations like Facebook to register here as well, NBR officials told The Business Standard.
Providing more details, NBR's VAT Online project director Kazi Mostafizur Rahman said, "We issued a BIN to Google on Monday and Amazon on Thursday. They registered under the names The Google Asia-Pacific Pte Ltd and Amazon web services Inc respectively.
"We already handed over the copies of registration documents to PricewaterhouseCoopers (PwC) – which serves as consultants for both companies in Bangladesh.
Last year, Facebook Inc appointed an agent to do business in Bangladesh after facing pressure from the NBR. The company's agent Httpool has been paying VAT to the board, but Facebook still does not have a BIN in Bangladesh.
At present, Google operates in 40 countries around the world, having set up 70 offices, while Amazon has offices in 17 nations. Both the companies have local offices and entities in India, including the biggest office of Amazon in Hyderabad.
Google is well known for its popular search engine, email service, web browser, and various online tools used by billions daily at work, at home, and on the go. The bulk of Google's 181-billion-dollar revenue in 2020 came from its proprietary advertising service, Google Ads.
Included in the list of "other revenues" is income from related online, media, and cloud computing businesses such as the Play Store, Chromecast, Chromebooks, Android, Google Apps, and the Google Cloud Platform.
Amazon ranks as one of the world's top companies by market value. As of February 5, 2021, Amazon had a market cap of $1.7 trillion. The company posted net income of $21.3 billion during its 2020 Fiscal Year, which ended 31 December, 2020.
Due to the booming e-commerce sector and the fact that nearly all of the large companies are now advertising on digital media, tech giants such as Google, Amazon and Facebook are making around Tk3,000 crore from Bangladesh annually, industry insiders have said.
Advertisers are paying the tech giants with international credit cards. But there are allegations that many are using illegal channels to transfer payments, which is not compliant with the NBR regulations.
Asked how Google and Amazon will do business and pay VAT in Bangladesh after obtaining their BINs, the VAT Online project director said, "These companies already have a large business here through e-commerce, advertisements, apps, gmail and other services.
"They will continue in the same way as before, but the process will now be compliant with the regulations."
Kazi Mostafizur Rahman added, "Such companies have two options to pay their VAT. They can appoint an agent in Bangladesh to pay VAT, or they can use a Bangladesh Bank branch in another country for this process.
"A company can also make online payments to any bank in Bangladesh, and then send us the invoice, or pay us through foreign banks that have branches here."
Adding that Google and Amazon will have to submit returns on their annual turnover from now on, the NBR official said, "They can submit returns through a local consultant or online from their country.
"However, we prefer that the companies open offices here to be fully compliant with the digital platform."
The Bangladesh government in 2019 took the initiative to bring foreign companies under the registration and VAT process.
The country also made multiple failed attempts to establish an admin panel in Facebook, as the company added their terms and conditions to Bangladesh Telecommunication Regulatory Commission's (BTRC) proposals.
After much effort from Bangladesh, Facebook appointed an agent in the country in 2020.
On the other hand, Google, Amazon, Netflix and a number of other organisations have been trying to register their business in Bangladesh since 2019. Google and Amazon had contacted a Bangladeshi firm for getting their registration, but later faced complexities in the VAT law.
Eventually they backed off due to double taxation, the NBR having no process for registering non-residential companies, and having no facility for online payments.
An official of the consultation firm, on condition of anonymity, said though Google and Amazon navigated through the complexities and received their BIN, they will still have problems setting up officers in Bangladesh.
The official added, "Under the existing VAT laws, it is mandatory for any established company with a turnover of more than Tk5 crore to utilise Sales Data Controller and maintain a purchase account for submitting returns.
"But such organisations use their own global platforms and have no purchase in Bangladesh. These issues could complicate matters for them."
www.tbsnews.net
For the first time ever, two non-residential companies have registered for BINs in the country, and they will now pay a 15% VAT on revenue derived from Bangladesh, and submit returns on the total turnover at the end of each year.
This move will speed up the process of such companies opening their offices in Bangladesh, and clear the way for corporations like Facebook to register here as well, NBR officials told The Business Standard.
Providing more details, NBR's VAT Online project director Kazi Mostafizur Rahman said, "We issued a BIN to Google on Monday and Amazon on Thursday. They registered under the names The Google Asia-Pacific Pte Ltd and Amazon web services Inc respectively.
"We already handed over the copies of registration documents to PricewaterhouseCoopers (PwC) – which serves as consultants for both companies in Bangladesh.
Last year, Facebook Inc appointed an agent to do business in Bangladesh after facing pressure from the NBR. The company's agent Httpool has been paying VAT to the board, but Facebook still does not have a BIN in Bangladesh.
At present, Google operates in 40 countries around the world, having set up 70 offices, while Amazon has offices in 17 nations. Both the companies have local offices and entities in India, including the biggest office of Amazon in Hyderabad.
Google is well known for its popular search engine, email service, web browser, and various online tools used by billions daily at work, at home, and on the go. The bulk of Google's 181-billion-dollar revenue in 2020 came from its proprietary advertising service, Google Ads.
Included in the list of "other revenues" is income from related online, media, and cloud computing businesses such as the Play Store, Chromecast, Chromebooks, Android, Google Apps, and the Google Cloud Platform.
Amazon ranks as one of the world's top companies by market value. As of February 5, 2021, Amazon had a market cap of $1.7 trillion. The company posted net income of $21.3 billion during its 2020 Fiscal Year, which ended 31 December, 2020.
Due to the booming e-commerce sector and the fact that nearly all of the large companies are now advertising on digital media, tech giants such as Google, Amazon and Facebook are making around Tk3,000 crore from Bangladesh annually, industry insiders have said.
Advertisers are paying the tech giants with international credit cards. But there are allegations that many are using illegal channels to transfer payments, which is not compliant with the NBR regulations.
Asked how Google and Amazon will do business and pay VAT in Bangladesh after obtaining their BINs, the VAT Online project director said, "These companies already have a large business here through e-commerce, advertisements, apps, gmail and other services.
"They will continue in the same way as before, but the process will now be compliant with the regulations."
Kazi Mostafizur Rahman added, "Such companies have two options to pay their VAT. They can appoint an agent in Bangladesh to pay VAT, or they can use a Bangladesh Bank branch in another country for this process.
"A company can also make online payments to any bank in Bangladesh, and then send us the invoice, or pay us through foreign banks that have branches here."
Adding that Google and Amazon will have to submit returns on their annual turnover from now on, the NBR official said, "They can submit returns through a local consultant or online from their country.
"However, we prefer that the companies open offices here to be fully compliant with the digital platform."
The Bangladesh government in 2019 took the initiative to bring foreign companies under the registration and VAT process.
The country also made multiple failed attempts to establish an admin panel in Facebook, as the company added their terms and conditions to Bangladesh Telecommunication Regulatory Commission's (BTRC) proposals.
After much effort from Bangladesh, Facebook appointed an agent in the country in 2020.
On the other hand, Google, Amazon, Netflix and a number of other organisations have been trying to register their business in Bangladesh since 2019. Google and Amazon had contacted a Bangladeshi firm for getting their registration, but later faced complexities in the VAT law.
Eventually they backed off due to double taxation, the NBR having no process for registering non-residential companies, and having no facility for online payments.
An official of the consultation firm, on condition of anonymity, said though Google and Amazon navigated through the complexities and received their BIN, they will still have problems setting up officers in Bangladesh.
The official added, "Under the existing VAT laws, it is mandatory for any established company with a turnover of more than Tk5 crore to utilise Sales Data Controller and maintain a purchase account for submitting returns.
"But such organisations use their own global platforms and have no purchase in Bangladesh. These issues could complicate matters for them."
Google, Amazon register for business in Bangladesh
Both companies will now pay a 15% VAT on revenue derived from Bangladesh, and submit returns on the total turnover at the end of each year
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Trade deficit rises 21.12% in July-April
The trade deficit rose to $17.23 billion in July-April of FY21 from $14.22 billion in the same period of FY20
Summit Meghnaghat-II installs GE’s first HA gas turbine in Bangladesh
The company has recently installed GE 9HA.01 heavy-duty gas turbine at its under-construction Summit Meghnaghat II power plant located at Meghnaghat near Dhaka, said a press release. The power plant is expected to be commissioned...
www.newagebd.net
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Electronics goods exports up 8.5 times in 9 months: EPB
Bangladesh's consumer electronics exports jumped 8.5 times in the first nine months of the fiscal year 2020-21, compared to the same period of the previous fiscal year, according to Export Promotion Bureau data. During the July-March period of the FY2019-20, Bangladesh earned around $1.44 million…
BEZA, BEPZA to make $4.5b investment
A development agreement was signed between Bangladesh Economic Zone Authority (BEZA) and Bangladesh Export Processing Zones Authority (BEPZA) to set up a 'BEPZA Economic Zone' in Bangabandhu Sheikh Mujib Shilpanagar (BSMSN). Under the agreement, once the 1,150-acre BEPZA Economic Zone, located at
Tax collection more than doubles in April
Revenue collection surged 116 per cent year-on-year to Tk 19,326 crore in April, the highest monthly growth in the current fiscal year, which has seen lower tax receipts because of the economic slowdown.
Remittance inflows hit $2.17b in May, highest since last July
Remittance inflows hit a 10-month high of $2.17 billion in May thanks to the hard-earned money sent by migrant workers amid the second wave of the Covid-19 pandemic.
2nd set of metro rail coaches reach Dhaka
The second set of metro rail coaches reached Dhaka today, marking yet another major development in the country's first ever metro rail project.
Meat processors seek similar privileges to agriculture industry
They have to import trading equipment at high duty, restricting the potential growth of this sector
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Chittagong Port Authority to get 283.23 acres of land soon for Matarbari Port
The Chattogram Port Authority (CPA) will get 283.23 acres of land soon for developing the Matarbari Port in a bid to enhance the cargo handling capacity of the country.To this end, the CPA has already handed over a cheque of Tk75.11 crore to the Cox’s Bazar district administration office for the 283.23 acres of land acquired for the development project around the Matarbari seaport.
On March 10, 2020, the Executive Committee of the National Economic Council (Ecnec) approved the Matarbari Port Development Project with Tk17,777.16 crore aiming to enhance the cargo handling capacity of the country.
Of the total project cost, Tk 2,671.15 crore will come from the government, Tk 2,213.24 crore from the CPA, while the rest Tk12,892.76 crore will come from the Japan International Cooperation Agency (JICA).
The CPA under the Ministry of Shipping, and the Roads and Highways Division are implementing the Matarbari Port Development Project, which is scheduled to be completed by December 2026.
Talking to BSS, CPA Chairman Rear Admiral M Shahjahan said the main objective of the project is to enhance the cargo handling capacity of Bangladesh through constructing the Matarbari Port including link road and thus fulfil the demand of international trade as well as facilitate speedy port services with neighbouring countries.
He said the Matarbari Port would be the country’s 4th port after Chittagong, Mongla and Payra and it would be built as a huge port, in view of the growing pressure of economic activities.
“This is another dream project for the country and it will further strengthen our journey towards the ocean as well as boost our trade and commerce,” he added.
He said that the Matarbari Port would fulfil the government’s aspirations for a deep-sea port side by side creating opportunities for anchoring container-laden vessels, open goods-laden vessels and oil tankers at the port jetty.
“Besides, this port will minimize the pressure on the Chittagong Port alongside meeting the growing demand of the country’s import and export activities. Goods transportation to and from the potential industrial estates at Matarbari and Moheshkhali will also be facilitated once this port is established,” he added.
He informed that the Matarbari Port will have two separate terminals where ships with around 8,500 TEU containers could anchor as there will be an 18-meter draft at the port channel.
The main project operations include construction of a multipurpose terminal and a container terminal, procurement of necessary cargo handling equipment and construction of around 26.7km link road, he added.
Chittagong Port Authority to get 283.23 acres of land soon for Matarbari Port
Ecnec approved Matarbari Port Development Project with Tk17,777.16 crore aiming to enhance cargo handling capacity of Bangladesh
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Complete runway expansion of Cox’s Bazar airport by next December: State Minister for Civil Aviation
State Minister for Civil Aviation M Mahbub Ali today directed the concerned engineers and contractors to complete the runway expansion of Cox's Bazar Airport and the construction work of link-bridge over the Baagkhali River by next December.The state minister gave the instructions while expressing satisfaction over the progress of various development works including runway expansion project at Cox's Bazar Airport and construction of tourism facilities including construction of Sheikh Hasina Tower at Khurushkul.
Various development work including strengthening the runway of the airport and increasing the runway length from 9,000 feet to 10,700 feet, installation of air field ground lighting system, installation of instrumental landing system, construction of safety wall and construction of bridge over Baagkhali river are going on currently.
Mahbub Ali said various development work is underway to make Cox's Bazar an international standard tourist destination.
"After the implementation of these development projects, domestic and foreign tourists will get various tourism facilities including easy travel to Cox's Bazar," he said.
Secretary, Civil Aviation Ministry Md. Mokammel Hossain, Chairman, Civil Aviation Authority of Bangladesh Air Vice Marshal Md. Mafidur Rahman, Additional Secretary of the Ministry Sukesh Kumar Sarkar, Member, CAAB, (Management and Planning) Air Commodore Md. Khalid Hossain, Chief Engineer, CAAB, Md Abdul Malek among others were present at the time.
Complete runway expansion of Cox’s Bazar airport by next December: State Minister for Civil Aviation
State Minister for Civil Aviation M Mahbub Ali today directed the concerned engineers and contractors to complete the runway expansion of Cox's Bazar Airport and the construction work of link-bridge over the Baagkhali River by next December.
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€12m grant financing deal signed to support power, energy sector
The French Development Agency (AFD) and the government of Bangladesh have signed a grant financing agreement of 12 million euros or around Tk1.24 billion to support advanced digital solutions in the power and energy sector in Bangladesh.This agreement is part of a larger multi donor project involving the joint commitment of AFD and the European Union (EU), for a total investment of €112 million.
The project, called “Power Factor Improvement and Smart Grid under Dhaka Power Development Company (DPDC) Dhaka, Bangladesh” is the first ever smart grid project in Bangladesh and will be implemented over the next 5 years, said a media release.
EU Ambassador to Bangladesh Rensje Teerink said the European Union is committed to supporting Bangladesh in adopting advanced digital solutions in power distribution, in view of a sector decarbonisation, thanks to the joint effort with one of our Member States, France.
"This project is also relevant for the Team Europe Initiative on Green Energy Transition, which involves the EU, its Member States and like-minded partners. It aims at supporting Bangladesh in its transformative, low-carbon development, through an increased use of renewable energy and energy efficiency enhancement.”
This is the first ever initiative in Bangladesh to equip the existing grid with reliable, cutting-edge new technology, allowing DPDC to optimize energy distribution without making an unnecessary additional heavy network capital investment.
AFD Country Director Benoit Chassatte, said in Bangladesh, 2020 was an opportunity to amplify existing commitments to modernize Dhaka’s power grid.
"In addition, AFD has increased its commitment in the energy and power sector in Bangladesh by financing (EUR 151.56 million) in 2020 the Infrastructure Development Company Limited (IDCOL) and the Bangladesh Infrastructure Finance Fund Limited (BIFFL), both public financial institutions specializing in the financing of infrastructure and renewable energy projects, and the promotion of green initiatives.”
Through this project, 1,141,000 people will benefit from a significant improvement in the quality of electricity service.
It will also prevent an accumulated 104,000 tons of CO2 emissions per year, thereby contributing to Bangladesh’s climate goals.
With this project, AFD and the EU are reinforcing their role in supporting the Government of Bangladesh in the search for and use of advanced digital solutions in distribution stations and in medium-voltage grids.
The goal is to equip existing infrastructure with these new, innovative and reliable technologies in order to ensure services are prepared for the future.
A core aspect of Bangladesh’s economic development strategy is an improved performance of the power sector in terms of generation, transmission, and distribution.
The smart grid in Bangladesh is in its early stages, and merely consists of deploying smart meters.
€12m grant financing deal signed to support power, energy sector
Through this project, 1,141,000 people will benefit from a significant improvement in the quality of electricity service
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Bangladesh is a front-runner in ethical manufacturing
The story behind the radical transformation of the Bangladesh apparel industry
OP-ED: Bangladesh’s secret weapon to becoming the next economic powerhouse
With retail emerging as a secret weapon for Bangladesh, ShopUp has been the ammunition the sector so desperately needed
World-class lubricants now made in Bangladesh
Lube-rref (Bangladesh) Limited has already gained the confidence of consumers as the most reliable manufacturer and marketer of lubricants in the country
