Turnover at DSE stood at Tk1,122 crore on Thursday
Source: The Business Standard
নিজস্ব প্রতিবেদক : শেয়ারবাজারে তালিকাভুক্ত ইস্টার্ন লুব্রিক্যান্টস ব্লেন্ডার্স লিমিটেডের বোর্ড সভা আজ বিকাল ৩টায় অনুষ্ঠিত হবে। সভায় চলতি ২০২৩-২৪ অর্থবছরের দ্বিতীয় প্রান্তিকের (অক্টোবর-ডিসেম্বর) অনিরীক্ষিত আর্থিক প্রতিবেদন প্রকাশ করা হবে। ঢাকা স্টক এক্সচেঞ্জ (ডিএসই) সূত্রে এই তথ্য জানা গেছে।
চলতি ২০২৩-২৪ অর্থবছরে ইস্টার্ন লুব্রিক্যান্টসের প্রথম প্রান্তিকে (জুলাই-সেপ্টেম্বর) শেয়ারপ্রতি আয় (ইপিএস) হয়েছে ২ টাকা ১৭ পয়সা, আগের অর্থবছরের একই প্রান্তিকে যা ছিল ২৩ পয়সা (পুনর্মূল্যায়িত)।
৩০ সেপ্টেম্বর শেষে কোম্পানিটির শেয়ারপ্রতি নিট সম্পদমূল্য (এনএভিপিএস) দাঁড়িয়েছে ১৯০ টাকা ৮০ পয়সায়।
৩০ জুন সমাপ্ত ২০২৩ অর্থবছরে কোম্পানিটি ৬০ শতাংশ ক্যাশ ও ১০ শতাংশ বোনাস ডিভিডেন্ড দিয়েছে। আলোচ্য অর্থবছরে কোম্পানিটির ইপিএস হয়েছে ২১ টাকা ৭৮ পয়সা।
Source: The Business Standard
Bangladesh’s average nominal tariffs are higher than in low-income, middle-income and high-income countries, as well as most of its comparators, said an economist yesterday.
Such a high tariff on imported items raises relative profitability for domestic market-oriented industries compared to exports, discourages production for overseas markets, and acts as a major barrier to export diversification, said Zaidi Sattar, chairman of the Policy Research Institute of Bangladesh (PRI).
He made the remarks while presenting a paper at a seminar on “Tariff protection and export diversification are not mutually exclusive: The Bangladesh phenomenon” organised by the Bangladesh Institute of Development Studies (BIDS) at its conference room in the capital.
The nominal tariff is 27.6 percent in Bangladesh.
It is 22.4 percent in Sri Lanka, 18.1 percent in India, 9.7 percent in Thailand, 9.6 percent in Vietnam, 5.6 percent in Malaysia, and 8 percent in Indonesia.
“Tariffs are now the principal instrument of protection, an incentive to import-substitute production,” Sattar said.
The economist described higher tariffs as a critical requirement for sustaining so-called infant industries without regard to their period of establishment or the efficiency implication of long-term protection.
Sattar said almost all consumer goods produced domestically reap the benefit of extremely high and differentiated levels of nominal and effective protection.
The effective rates of protection for most import-substitute industries could range from 100 percent to 400 percent or more, he said.
Anti-export bias is also one of the bottlenecks for export diversification, according to Sattar.
He said Bangladesh exports 1,377 non-readymade garment products. Of them, 174 products are highly competitive, 408 items are moderately competitive and 795 are marginally competitive.
The country ships 346 types of non-RMG products that earn around $1 million annually, but the segments do not get the bonded warehouse facility, which allows exporters to import raw materials duty-free.
“These products can play a significant role in accelerating export diversification if they are brought under the bonded warehouse facility,” he said, adding that products made by jute, leather goods and home textile industries are largely competitive in the world market.
“Non-RMG exporters can compete in the world market purely on the basis of labour cost advantage.”
He said the National Tariff Policy 2023 has opened the door for export diversification.
According to the PRI chief, the focus of the policy will be on import taxes such as customs duty, regulatory duty and supplementary duty, which are not “trade neutral”.
The value-added tax, the advance income tax and the advance VAT are considered trade neutral and are not under the purview of the trade policy, he said.
The economist pointed out that export diversification is not getting traction despite two decades of policy focus on “thrust sectors”, “high priority sectors”, and “special development sectors”.
Salehuddin Ahmed, a former governor of the Bangladesh Bank, stressed cash incentives and other benefits like the bonded warehouse facility to increase export diversification.
He, however, added that the National Tariff Policy alone will not be effective in giving a boost to export diversification.
Ferdaus Ara Begum, chief executive officer of the Business Initiative Leading Development, said there are a number of sectors that have the potential to contribute more to export diversification, but they don’t enjoy the bonded warehouse facility.
She called for extending the facility to them instead of giving incentives.
BIDS Director General Binayak Sen chaired the seminar.
Source: The Daily Star
Though the government adopted austerity measures amid adverse economic situations, and the revenue board missed a substantial amount of VAT against some projects, desperate drives by the VAT wing of the National Board of Revenue (NBR) facilitated the collection, according to a statement issued on Thursday.
It said the manufacturing industries too faced a blow in spite of opening letters of credit (LCs) and importing raw materials due to the increase in utility bills that hampered the natural pace of the manufacturing sector.
The VAT wing collected Tk 1.25 trillion in FY ’23 which is Tk 170.04 billion more than that of the previous year.
It has collected 92 per cent of the FY’s ambitious target of Tk 1.36 trillion which is marked as ‘outstanding’ as per Annual Performance Agreement of the Ministry of Finance.
VAT collection grew by 18 per cent alone in the month of June, 2023 alone.
In FY 2021-22, the NBR had achieved 11.19 per cent growth in VAT collection.
The NBR has collected Tk 1.25 trillion VAT in the last FY against Tk 1.08 trillion in the previous FY.
Of the amount, the VAT wing mobilised Tk 156.14 billion revenue in the month of June alone.
Dhaka South, Khulna and Chattogram achieved the highest growth among the 12 VAT zones across the country.
Chattogram VAT zone achieved 38.71 per cent growth, followed by Khulna 24.71 per cent and Dhaka South 19.89 per cent.
Large Taxpayers unit (LTU) has collected the highest VAT worth Tk 585.66 billion among the zones.
NBR officials said it’s an outstanding achievement of the VAT wing in this adverse economic situation thanks to intensified monitoring by the field offices, relentless efforts by VAT officials, updating input-output coefficient of businesses and measures to check VAT evasion.
The NBR has collected Tk 30 billion more in taxes from tobacco users while achieving 11 per cent growth in VAT collection from mobile phone users.
VAT collection from MS Rod increased by 58.46 per cent, beverages by 31.19 per cent, cement 33.72 per cent, rentals of commercial space by 20.11 per cent.
From Petrobangla and Bangladesh Petroleum Corporation (BPC), VAT collection grew by 21.68 per cent and 23.43 per cent respectively.
From the sale of sweetmeat, the NBR achieved 38 per cent growth while residential hotels 39 per cent, restaurants 16.78 per cent.
Though VAT rates for restaurants have been reduced to 5.0 per cent from 15 per cent, the NBR collected 16.78 per cent higher VAT from the businesses as the officials were active to check evasion.
Source: The Financial Express