Bangladesh's Corporate World

Business leaders and industrialists are worried about new VAT law as there is confusion over it. At a discussion organised by Large Taxpayers Unit of the revenue authority, Prime Minister and Awami League President Sheikh Hasina’s private sector affairs adviser Salman F Rahman said “I, on behalf of the business community, welcome the new VAT law, scheduled to be implemented from July 1. But I want to request the NBR to make sure that the revenue officials show a flexible attitude in the first 3-4 months of implementation of the law and consider it as transitional period.” Salman F Rahman was present in the discussion as the chief guest. The NBR chairman Md Nojibur Rahman was on the chair. Responding to the call, NBR chairman assured that the new VAT law will be hassle-free. In the discussion, Salman F Rahman further said the law was initially planned to be implemented from July 2015 but it was delayed by the government amid demands from businesspeople. In the meantime, the ...

BASIC Bank has taken an action plan to meet its capital short fall and cover up its negative image. A part of that action plan is that a certain portion of salary will be cut off from the BASIC Bank’s top managers. The BASIC Bank’s goal is to bring back its positive image by 2016. A letter of BASIC Bank to its financial manager reflects such goal and idea. BASIC Bank has faced capital short fall in the month of June of Tk 1,675 crore. It destroyed the image of the bank. The specialized bank in the action plan said that many international banks are not accepting its letters of credits because of these points. In implementing the action plan, the BASIC Bank sought Tk 1,372 crore on an emergency basis from the government. It is necessary to meet up the capital short fall. The top managers of the BASIC Bank have already been forfeited a portion of monthly gross salary. The purpose behind it is to minimize the operating costs. For the first time in the country, six deputy managing director...