Sohel Parvez

It has been a decade Akij Ceramics Ltd, a concern of Akij Group, has been operating in the ceramic industry in Bangladesh.

Only 37 per cent of 62.77 lakh registered taxpayers filed income tax returns until January 2, the last day for filing income and wealth statements by individuals, according to the National Board of Revenue (NBR).

With many export-oriented firms facing losses for cancellation of export orders by buyers or other factors and sit with stock of raw materials, the National Board of Revenue (NBR) has relaxed rules regarding holding period of raw materials imported duty-free by firms under bonded warehouse licence.

Flour prices in Bangladesh have continued to rise, driven by increasing prices of wheat in the global market and falling imports, said industry operators yesterday.

A lot has changed in recent years amid growing consciousness among consumers and understanding among businesses that profit maximisation can’t be the only objective of any business.

Bangladesh has roughly 60 lakh registered taxpayers. And if you are registered with a taxpayer identification number (TIN), it is high time for you to prepare and file your returns of incomes, no matter whether you have taxable income or not.

A field office of the National Board of Revenue has brought a VAT evasion allegation against Singer Bangladesh Ltd and claimed nearly Tk 94 crore as indirect tax from the electronics and home appliance seller.

No one knows how the poor man dines, says a Russian proverb that now seems all too fitting in light of the government’s decision to hike the prices of diesel, kerosene and liquefied petroleum gas. 

The surge in sales of state-backed savings instruments has become a major source of income for the revenue collector in recent years as it charges up to 10 per cent tax on the profits made mainly by pensioners and middle-class families.

Akij Jute Mills Ltd has poured the whole $20 million, which the Bangladesh Bank in November 2017 granted, from its export retention quota into its subsidiary Akij Resources SDN BHD in Malaysia.

The government has framed draft rules to allow local firms to set up subsidiaries or buy shares in companies in other countries with a view to facilitating investment abroad.

Bangladesh’s people have witnessed a huge surge in entrepreneurial spirit over the last couple of decades.

Farmers have expanded Aman paddy cultivation this season encouraged by favourable weather and better prices for the staple in domestic markets.

The rising shipment of jute and jute goods from Bangladesh has come to a halt owing to higher prices of the raw fibre and unprecedentedly high freight costs.

For the last three years Md Saiful Islam has been preparing and submitting his income tax returns all by himself.

Bangladesh is forecast to remain ahead of India in terms of per capita gross domestic product (GDP) in the next five years to 2026 powered by buoyancy in remittance, exports and agricultural activities.

Revenue collection soared nearly 15 per cent to Tk 34,548 crore in the July-August period of the current fiscal year from Tk 30,160 crore, powered by a recovery in economic and business activities since lifting of the countrywide lockdown early August.

With owners of digital commerce companies Evaly and E-orange behind bars and facing trials on allegations of embezzlement, the funds of thousands of customers have been stuck in the payment channels because of legal complexity.

By this time, it is known to many that the government has reduced the interest rate on savings certificate and wage earners bond for investments above Tk 15 lakh.

Appetite for purchases through online platforms using cards declined in July this year from that a month ago, as people have become cautious in placing orders following a series of scams centring e-commerce companies having started to come to light.