Sohel Parvez

Businesses are making a higher profit from selling sugar and lentil in packages, breaching the rules of essential commodity distribution and affecting consumers, said a Bangladesh Trade and Tariff Commission (BTTC) report. 

Indian Oil Corporation Ltd (IOCL) will be required to pay various charges and give bonds to transit petroleum from Meghalaya to Tripura through Bangladesh, according to a notification from the National Board of Revenue (NBR) at the end of last week.

The food ministry has again granted more time to business to open letters of credit (LCs) for importing rice as shipments continue to be very low while prices of the grain are rising due to the recent spike in fuel costs, according to a notice on Wednesday.

A move by the National Board of Revenue asking for sharing the user identification and password of companies’ accounting software has created concerns among businesses, which said such a measure would give negative signals about the business climate in Bangladesh and discourage investors. 

Cargo movement through waterways between Bangladesh and India rose to a new height in fiscal year 2021-22 as local entrepreneurs, particularly cement makers, found the river routes convenient to bring their raw materials, mainly fly ash, from the neighbouring country. 

The National Board of Revenue (NBR) is unlikely to make any major breakthrough in tax collection without automation and reforms in the revenue administration, said its former chairman Nasiruddin Ahmed. 

Industrial production has slowed in Bangladesh, official figures showed although surging imports paint a different picture. 

The customs authority has withdrawn import duties on 43 types of Bhutanese goods to give them better market access to Bangladesh, according to a notification issued by the National Board of Revenue (NBR) recently.

The government move to increase the price of diesel by a high margin has caught many farmers off guard. 

The US dollar is currently one of the most talked about issues.  

Bangladesh closed its financial year 2021-22 with an $18.7 billion current account deficit, the highest on record, as export earnings failed to narrow the gap with skyrocketing imports, Bangladesh Bank data released yesterday showed.

The food ministry has extended the deadline for private firms to open letters of credit (LCs) for importing rice until August 21 this year.

Bangladesh may bag lower rice output this season, which begins with Boro paddy in winter, as heavy rainfall and flash floods in June have damaged the Aush crops to be harvested next month, according to a recent forecast by the US Department of Agriculture (USDA).

A little-known firm named SB Exim allegedly swindled Tk 200 crore from Bangladesh Commerce Bank Ltd (BCBL) using forged documents in the name of exporting terracotta tiles in 2018. 

A falling local currency usually translates into higher earnings for exporters since their products become more competitive in the global markets. 

Bangladesh Jute Mills Corporation (BJMC) has been continuing to incur losses, although more than two years have passed since the government closed down 25 state-run jute mills.

It’s rainy reason in Bangladesh and agricultural land is supposed to be wet with monsoon rains by now.  

Frozen fish exports from Bangladesh rebounded and a hit six-year high in the just concluded fiscal year powered by an increase in the price of black tiger shrimp and freshwater prawn farmed in the Southern coastal region.

Bangladesh’s wheat import fell to its lowest in six years as many consumers switched to rice irked by surging prices of the grain. 

The government in Bangladesh has already begun enforcing energy and power rationing to contain the surging import cost of gas and fuel oil and turned to austerity measures to save US dollars.