BSRM evades tax of Taka 110 crore



Staff Correspondent, Bartatwentyfour.com, Dhaka
Photo: collected

Photo: collected

  • Font increase
  • Font Decrease

Allegations against the capital market enlisted BSRM steels limited have arisen of evading tax of Taka 110 core. The company has done the mischief by selling their products inside the country but they showed it as export, as alleged by National Board of Revenue (NBR).

This has been unearthed in an investigation of Chattogram Commissionerate of NBR. NBR, Chattogram branch has already sent a letter to this debt ridden organization to deposit the evaded money to government exchequer. Though the company took the cognizance of the letter but has gone to higher court for the contents of the letter.

In the reports of NBR, it has been told that the company under the definition of ‘exportable goods’ the BSRM from 2014 to 2018 have evaded the tax and VAT by not depositing to government exchequer. They have evaded Taka 110 crore 56 lakh 48 thousand 715. The NBR after examining their documents and registers have found out this tax evasion information.

In 2016, from June to December the company took the facility of duty exemption of Taka 3.56 crore and VAT exemption of Taka 14 lakh against supplying 2500 tons of goods. In 2017 in two phases the company has evaded tax of more than Taka 12 crore against supplying 10 thousand tons of goods. In 2018 from January to November the company took tax exemption of Taka 91 crore and VAT of Taka 44 lakh.

In total the company kept the amount of Taka 106 duty tax and Taka 4 crore as VAT unpaid showing their goods under ‘exportable definition.’

When the BSRM authority was contacted about the allegation of tax evasion by NBR, the DMD of BSRM Topon Sen Gupta told bartatwentyfour.com that, ‘BSRM never evaded tax. We did not evade tax. We will prove it in the higher court that the claim of NBR is faulty.’

He further said that for the last 25 years BSRM has been supplying their goods in foreign financing project as a result the duty exemption matter has come up. NBR claims are not acceptable. Recently NBR has given an explanation in favor of their demand which is conflicting with the existing law.

Customs, Excise and Vat commissioner of Chattogram Mohammad Enamul Haque maintaining a different opinion told bartatwentyfour .com that to get tax exemption under ‘exportable definition’ there are some processes which were not observed by the company. Theses are mandatory to get exemption, he said.

The commissioner further said that the project is being implemented in foreign currency support by a Chinese company. The BSRM is not listed in the contractors’ list. They did not get payment through Bangladesh Bank.

However, there is scope of tax exemption in a project being implemented within the country by foreign financing. But the material supplying company’s name must be listed in the original tender notice. BSRM took the tax exemption from such type of projects but they are not listed as main contractor there.

The work order was given to a foreign company. BSRM supplied their goods in that project. So they are not entitled to get the exemption of NBR. So the NBR has asked them to refund the exempted money.

   

A remittance of 141 crore dollars came in 22 days



Staff Correspondent, Barta24.com, Dhaka
Photo: Collected

Photo: Collected

  • Font increase
  • Font Decrease

In the first 22 days of this month of March, expatriates sent remittances of 141 crore 44 lakh dollars through legal channels and banking channels. According to this, an average of 6 crore 43 lakh dollars of remittances came to the country every day.

This information was revealed in the updated report of Bangladesh Bank on Sunday (March 24).

A review of the data showed that expatriates sent 141 crore 44 lakh 50 thousand dollars to the banks on the 22nd day of March. Of this, 18 crore 24 lakh 60 thousand dollars came through the state-owned banks.

Besides, 2 crore 15 lakh dollars came through specialized banks, 120 crore 47 lakh 80 thousand dollars through private banks and 57 lakh 10 thousand dollars through foreign sector banks.

According to the Central Bank, from March 16 to 22, expatriates sent 39 crore 54 lakh 70 thousand dollars to the country. From March 9 to 15, remittances of 50 crore 60 lakh 70 thousand dollars have arrived in the country. Besides, 51 crore 29 lakh 10 thousand dollars came from 1 to 8 March.

And last February, 216 crore 60 lakh dollars remittances came to the country which is the highest in the current financial year. 

;

Market system must be freed from influence of invisible hand: FBCCI



Staff Correspondent, Barta24.com, Dhaka
Photo: Collected

Photo: Collected

  • Font increase
  • Font Decrease

Business leaders have called for the supply chain to be freed from the influence of the invisible hand to stabilize commodity markets.

They agreed on this in the price monitoring committee coordination meeting of FBCCI at the FBCCI office in Motijheel on Sunday (March 24).

The meeting was presided over by FBCCI senior vice-president Md. Amin Helali. He said that common people often make harsh comments about the prices of goods. But most traders want to conduct their business transparently. All of us are getting a bad name because of a few people. It is important to get out of this situation. He commented that an ideal businessman can never become a black marketer.

The senior vice president of FBCCI Amin Helali urged the market committees to record the problems and obstacles in each market of the capital and submit them to FBCCI. He said that FBCCI will discuss the problems of traders at the highest level of the government.

Warning against traders who destabilize the supply chain, the FBCCI senior vice-president said that the supply chain must first be freed from the influence of the invisible hand to keep commodity prices within the reach of the masses. We will actively work to stop visible and invisible extortion in the markets.

The meeting was attended by retailers and wholesalers from different areas of the capital. At this time, vendors of different markets of the capital said that vendors with permanent licenses are not responsible for destabilizing the market. They also claim that those who buy and sell goods on the sidewalk or road by subsidizing various quarters are responsible for destabilizing the market.

Permanent licensed peddlers complain that when trucks loaded with goods enter the markets of Dhaka at night - the goods are exchanged 2 to 3 times while in the vehicle and the price increases. In this case, floating traders are largely responsible, but the government's market control agencies raid, jail and fine the permanent traders. And the temporary or floating traders disappear before the light of day. As a result, in all cases, the permanently licensed hawkers have to suffer the punishment.

It was informed in the meeting that the price monitoring committee of FBCCI will go to different markets of the capital and meet with the market committees in the next few weeks. At this time, Amin Helali urged the market committees to collectively move forward to solve the problem.

The meeting was attended by FBCCI director Hafez Haji Haroon-or-Rashid, Hafez Haji Mohammad Enayet Ullah, Azizul Haque, Kausar Ahmed, Md. Niaz Ali Chisti, Haji Alauddin, Md. Abul Hashem, Price Monitoring Committee members, market committee leaders and business leaders.

;

Exim and Padma Bank are merging



Staff Correspondent, Barta24.com, Dhaka
Photo: Collected

Photo: Collected

  • Font increase
  • Font Decrease

Private Padma Bank is going to merge with Exim Bank. In the meantime, Bangladesh Bank has also been informed about the merger of the two banks.

This decision was taken unanimously in the board meeting of Exim Bank on Thursday (March 14).

Chairman of Exim Bank Nazrul Islam Mazumder confirmed this to the media.

According to a director of Exim Bank, a decision has been taken to merge private Padma Bank with Exim Bank. Soon it will be sent to Bangladesh Bank for permission. It will come into force after the approval of the regulatory body.

The same information was also known from a related official of Padma Bank.

Earlier, Bangladesh Bank had said that weak banks would be allowed to voluntarily merge by December. Failing this, a final decision on them will be taken in March.

Recently, Bangladesh Bank published the Banks Health Index (BHI) and Heat Map. According to that report, Padma Bank is in the red zone and Exim Bank is in the yellow zone.

;

Signing agreement of Global Islami Bank Plc with Bangladesh Bank



Staff Correspondent, Barta24.com, Dhaka
Signing agreement of Global Islami Bank Plc with Bangladesh Bank

Signing agreement of Global Islami Bank Plc with Bangladesh Bank

  • Font increase
  • Font Decrease

Two agreements have been signed between Global Islami Bank PLC and Credit Guarantee Department of Bangladesh Bank. The agreement was signed to provide credit guarantee facilities to women entrepreneurs and the agricultural products processing sector with the aim of achieving the desired expansion of small scale industries, job creation and economic growth.

The agreement was signed on Tuesday (March 12) at Jahangir Alam Conference Hall of Bangladesh Bank, Head Office.

Under these two agreements, Global Islami Bank will be able to make unsecured investments in women entrepreneurs and agricultural products processing sector by taking the credit guarantee facility of Bangladesh Bank.

In the presence of Bangladesh Bank Deputy Governor Noorun Nahar and Executive Director Mohammad Jamal Uddin, Managing Director Syed Habib Hasnat on behalf of Global Islami Bank and Nahid Rahman, Director of Credit Guarantee Department on behalf of Bangladesh Bank signed the agreement. Global Islami Bank's Executive Vice President and Head of Investment Division SM Mizanur Rahman was also present on the occasion.

;