Star Business Report

The government has not framed the national budget for the fiscal year of 2023-24 based on the prescription of the International Monetary Fund (IMF), said Finance Minister AHM Mustafa Kamal today.

Senior Commerce Secretary Tapan Kanti Ghosh shared the information today

Beximco Ltd logged a 33 per cent year-on-year decline in profit in the July-March period of the ongoing financial year owing to the sharp depreciation of the local currency and higher energy and freight costs. 

Bankers today decided to pay a total of Tk 110.70 to migrant workers and non-resident Bangladeshis for a US dollar from this week in order to encourage them to send foreign currency through formal channels, according to a meeting.

Local biscuits manufacturing giant Olympic Industries today said its profit jumped 42 per cent in the first three quarters of the current financial year of 2022-23, powered by increased sales revenue.

Crystal Insurance Company Limited’s profit declined 3.88 per cent year-on-year to Tk 10.88 crore in the financial year that ended on December 31.

The Bangladesh Bank has bought 72.8 decimals of land from Islami Bank Bangladesh Ltd (IBBL) in the capital for Tk 110 crore.

The planned comprehensive economic partnership agreement (Cepa) could be a game-changer for both India and Bangladesh in terms of trade, said Indian High Commissioner Pranay Verma yesterday.

Re/DRESS, a fashion brand using nearly 100 per cent recycled cotton or polyester textiles in Bangladesh, has launched its products in Dhaka.

Banks in Bangladesh will remain open from 9:30am to 4:00pm on every working day during Ramadan, which may begin next week based on the sighting of the moon. 

The Centre for Policy Dialogue (CPD) today urged the government to reduce the duties and taxes, both at import and domestic levels, on essential commodities in order to provide some respite to consumers with low and limited income amid higher inflation.

The Bangladesh Economic Association (BEA) today urged the budget planners to employ all possible ways to reduce the inequality related to wealth, income, health, and education.

The Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) today urged the government to cut the tax deducted at source and continue the existing corporate tax rate for another five years.

The Bangladesh Textile Mills Association (BTMA) today sought the scope to import all types of fibres, including recycled and manmade, in the upcoming fiscal year of 2023-24 without paying any duty and other taxes and any non-tariff barriers.

Apparel exporters today sought a host of tax benefits, including bringing down the tax deducted at source and withdrawing income tax levied on cash incentives in the upcoming fiscal year, in a bid to help the garment industry deal with the current economic stress.

IPDC Finance Limited’s profit rose to Tk 90.18 crore in the financial year that ended on December 31, up 2.5 per cent from a year earlier.

Fu Wang Foods Ltd posted a 55 per cent increase in profit to Tk 1.55 crore in the July-December half of the current financial year.

Confidence Cement Ltd reported a Tk 22.51 crore profit in the October-December quarter of the current financial year.

Reckitt Benckiser (Bangladesh) PLC made a profit of Tk 65.91 crore in the year that ended on December 31, down 18.44 per cent year-on-year.     

At yesterday’s meeting, the cabinet committee also gave the nod to the Trading Corporation of Bangladesh (TCB) to buy 1.10 crore litres of soybean oil from City Edible Oil Ltd at Tk 174.5 per litre.