Haque Specialized Group's News

The government entities will not get exemption from taxes and duties on implementation of projects or other types of activities like repairing, maintenance, operating or procurement of products, the revenue board said Thursday. The state-owned entities will have to estimate the expenses involved in income tax, vat and customs duties, and make necessary provisions while preparing the budget for the projects or other activities, it said in a circular. The NBR also requested the ministries to initiate proper administrative activities for getting required allocation from the Finance Division to pay the taxes and duties, instead of seeking exemptions. The ministries will mention the tax expenses in the development project proposals (DPPs) from now on, officials said. The National Board of Revenue (NBR) served letters to the secretaries of all the ministries, following an instruction by Finance Minister AMA Muhith at a meeting with the secretaries held in May last year. According to the circular, there will be specific areas to be entitled to get waiver or rebate as defined by the statutory regulatory Orders (SROs). Imported products or donations for public welfare projects or establishments can be allowed for the exemptions. "It is important to encourage tax payment culture to expand tax-base and upscale the tax-GDP ratio to the expected level," said the circular. Currently, the country's tax-GDP ratio is one of the lowest, below 10 per cent, in this region. Tax officials said both the public and private entities have to develop the culture of tax payment. According to a World Bank study, different types of tax exemptions eat up 2.5 per cent of the country's Gross Domestic Product (GDP). doulot_akter@yahoo.com....

Published at: 2017-03-03 00:00:05

Two young men were killed when a truck hit a van on Bogra-Nagarbari highway at Srikhola intersection in Ullapara upazila of Sirajganj district on Friday. The deceased were identified as Saiful Islam, 28, a van-puller and son of Abdur Rahman and Akash, 20, son of Panjit of Delua village in the upazila, according to UNB report. Sources said, the accident occurred around 9:30 am when a truck hit the van from behind, killing van driver Saiful and passenger Akash dead on the spot. On information, police recovered the bodies and sent those to local hospital morgue. Police seized the truck but could not arrest anyone.....

Published at: 2017-03-03 00:00:05

Spotify said on Thursday it has reached 50 million paid subscribers, growing 25 per cent in less than six months and extending the Swedish music streaming service's lead over its closest rival, Apple Music, reports Reuters. Spotify, which has not yet shown a profit as it spends to grow internationally, is considering a potential US stock market listing, according to a February TechCrunch report. The Stockholm based company announced a major expansion in New York in February. Spotify, one of Europe's most highly valued venture-backed startups, will move its New York office to the World Trade Center from the Midtown area of Manhattan, adding more than 1,000 new jobs. Launched in 2008, Spotify had 40 million paid subscribers in September. Apple, which launched its music service less than two years ago, had about 20 million subscribers in December. In 2016, Americans used on demand streaming platforms, such as Spotify, to listen to 431 billion songs, Nielsen said in its US year-end report.  ....

Published at: 2017-03-03 00:00:05

US stocks retreated on Thursday, led by financial stocks, while Caterpillar shares dropped following news that federal officials searched its Illinois facilities, reports Reuters. Caterpillar, down 4.3 per cent at $94.36, was the biggest drag on the Dow and among the biggest negatives for the S&P 500.  Financials led the decline among sectors in the S&P 500, which had its biggest daily percentage decline since Jan. 30. The S&P financial index fell 1.5 per cent in its biggest daily drop since mid-January. Shares of Snap Inc, the parent company of messaging app Snapchat, rose 44 per cent to $24.48 on their first day of trading.  The stock opened at $24, above the IPO price of $17, and nearly 217 million shares traded on the debut. The Dow Jones Industrial Average fell 112.58 points, or 0.53 per cent, to end at 21,002.97, the S&P 500 lost 14.04 points, or 0.59 per cent, to 2,381.92. The Nasdaq Composite dropped 42.81 points, or 0.73 per cent, to 5,861.22. The S&P 500 is up 11.3 per cent since the Nov. 8 election. Kroger fell 4.3 per cent after reporting a surprise decline in fourth-quarter same-store sales as competition intensified in the US grocery industry.....

Published at: 2017-03-03 00:00:05

The only North Korean held in Malaysia in connection with the death of Kim Jong-nam has been released by police, reports BBC. Officials on Friday said there is insufficient evidence to charge Ri Jong Chol, and that he will be deported over immigration offences. Nearly three weeks after the killing, Malaysia has condemned the use of the powerful VX nerve agent in the attack. The Malaysia Foreign Ministry statement said it was "greatly concerned" its use could have endangered the public. Kim, the estranged half-brother of North Korean leader Kim Jong-un, died on 13 February at an airport in the Malaysian capital, Kuala Lumpur. Two women were charged on Thursday with killing Kim by smearing his face with VX nerve agent, a banned chemical weapon. Doan Thi Huong from Vietnam and Siti Aisyah from Indonesia have said they thought they were taking part in a TV prank. They have yet to make a formal plea in their case. Malaysia is seeking seven other North Korean suspects, including an embassy official. It has not directly blamed North Korea for the attack, but there is widespread suspicion Pyongyang was responsible. North Korea has strongly rejected the allegations. It also rejected the findings of the post-mortem examination, having objected to it being carried out at all, and has demanded the body be handed over to them. It has not yet confirmed that the body is that of Kim Jong-nam, acknowledging him only as a North Korean citizen. Kim was travelling using a passport under a different name. Ri Jong Chol had lived in Malaysia for three years but officials said he would be deported because he does not have valid travel documents. Reuters news agency reported that his work permit expired on 6 February 2017. On Thursday, Malaysia announced it was cancelling visa-free travel for visiting North Koreans, citing security reasons.....

Published at: 2017-03-03 00:00:05