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Increased profits netted by major commercial banks and big companies yielded higher revenues for government exchequer by over 7.0 per cent in the immediate-past fiscal. Officials said the corporate-tax collection by the Large Taxpayers Unit (LTU) under income tax wing of the National Board of Revenues (NBR) marked a fair growth in the just-concluded fiscal year (FY) due to increase in profits of the major commercial banks and large businesses. According to provisional figures, the LTU collected Tk 149 billion in income tax in FY 2016-17, up by nearly Tk 10 billion from previous year's figure. Corporate-tax collection was Tk 139.11 billion and Tk 144.81 billion in 2015-16 and 2014-15 respectively. However, target for the unit was Tk 175 billion as per original estimate of revenue target of Tk 2.03 trillion handed to the NBR. Although the government revised the aggregate revenue- collection target downward to Tk 1.85 trillion, it was not reset in the field-level tax offices. Officials in the unit said multinational companies (MNCs) under the unit paid advance tax worth Tk 18 billion in 2015-16 due to change in their income year in the budget for that year. As per that budget, all companies, bar banks and non-banking financial institutions (NBFIs), had to follow July-June income year. However, the measure went through a change in 2016-17 budget following difficulties facing the MNCs. Now, MNCs and their subsidiaries can follow the income year as per their parent companies. A senior official of the unit said tax collection could have been much higher last year had the advance tax not been paid that year. "The LTU has intensified monitoring, audit and motivation activity to increase revenue collection despite all odds and having a few number of companies," he added. Some 60 per cent of the income tax of the unit comes from country's commercial banks. In January-June 2017 period, operating profits of the country's private commercial banks (PCBs) showed an uptrend.   Fifteen major banks posted higher growth in their operating profits due to a rising trend in private-sector credits. Banking-insiders said the declining trend in interest-rate spread, however, put a drag on the overall operational profits of the banks. The weighted average spread between lending and deposit rates came down to around 4.0 to 5.0 per cent in recent times. Banks may see the upward growth in operating profits in the July-December 2017 period by reining in non-performing loans, bankers said. The NBR opened LTU on income tax in 2003 with the support of development partners to deal with the business biggies in case of taxation. All of the banks, NBFIs, insurance and investment leasing companies and mobile-phone companies are the major taxpayers under LTU. The unit (LTU) bags the highest amount of revenue among the tax offices as taxpayers under the unit are monitored intensively to collect due taxes. doulot_akter@yahoo.com....

Published at: 2017-07-16 00:00:06

FE Report Businesspeople of Bangladesh and Sri Lanka agreed in Dhaka Saturday to foster greater tie-ups for expanding bilateral trade and investment under a revamped Look East Policy following latest business pacts. Top leaders from the business front welcomed the move of the two governments for signing Free Trade Agreement (FTA), agreed upon during a three-day visit of Lankan President Maithripala Sirisena to Dhaka. The FTA, as per the agreement reached at summit-level talks, is to be instituted within this calendar year (2017). The business-to-business talks took place at a 'Bangladesh and Sri Lanka investment and business dialogue: Moving towards greater economic partnership" at a city hotel. Sri Lankan President Mr Sirisena attended the dialogue along with his Foreign Minister Ravi Karunanayake, Bangladesh's Foreign Minister Abul Hassan Mahmood Ali, Principal Coordinator (SDG Affairs) Md. Abul Kalam Azad, President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md. Shafiul Islam (Mohiuddin), President of the Metropolitan Chamber of Commerce and Industry (MCCI) Ms Nihad Kabir, Managing Director of Apex Footwear Ltd. and ex-President of MCCI Syed Nasim Manzur, Chairman of Laugfs Holdings Ltd. of Sri Lanka WKH Wegapitiya, Group Director of Ceylon Biscuits Group, Sri Lanka, Rasith Wickramasingha and businessmen from different sectors from both the countries. Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Kazi M. Aminul Islam and Chairman of the Chamber of Young Lankan Entrepreneurs (COYLE) Mr Kushan Kodituwakku presented keynotes on business and investments in the two countries. During the three-day tour of the Lankan President, Dhaka and Colombo signed a Memorandum of Understanding (MoU) to finalise an FTA by 2017 and also signed 13 other MoUs and instruments with objectives of boosting the bilateral economic ties and business. FBCCI President Mr Mohiuddin said: "Business volume between the two countries is still very low. It's about US$30-40 million. It's nothing. Now this is time to take off. We want to expand our business and investment with the island nation." He added: I hope after the signing of FTA, the present tiny businesses and investments between the two SAARC nations will expand a lot, which will benefit both the countries as both have a huge market. MCCI President Nihad Kabir said: "Bangladesh has the market and workforce. Now it's time to work together to expand bilateral investment and business." Since Sri Lanka is at the next door to Bangladesh in the Bay of Bengal, the two countries could work together for boosting tourism, fishing, maritime resource extraction and some other potential sectors, she told the cutting-edge business meet.  "We have lot of talks with the Sri Lankan businesses. It is now time to prove the result," Ms Kabir said, welcoming the decision on striking FTA. Ex-President of the MCCI Nasim Manzur said: "Consumption in the so- called developed world has been stagnant or falling. Now it is high time to expand cooperation with the East. Sri Lanka and Bangladesh can now get the benefit to boost that cooperation." He said: "Bangladesh has proven its capacity in different sectors, especially in readymade garments, in the world. It has now more than 75 per cent mobile-phone penetration and some 25 per cent of farmers use the phone to get market information. Bangladesh has changed a lot. It has business potentials. So, Sri Lankan investors can invest here to reap the benefit." Mr Manzur requested the government to simplify the visa regime for the Sri Lankans to help improve the ties between the two neighbours. Sri Lankan foreign minister Mr Karunanayake said: "Today the economy is moving from west to east. Now it is the year of Asian nations. So, why we import from outside the region? We have SAARC, BIMSTEC. Let us have business between ourselves." He assured Bangladeshi investors of approving investment proposals in Sri Lanka within 10 days. The foreign minister said they consider Bangladesh a very important neighbour like its other surrounding next-door nations like Singapore, and Doha (Qatar). Chairman of Laugfs Holdings Ltd. Mr Wegapitiya said both the countries have similar opportunities and scenarios. "For transforming the businesses from west to east, we can work together." He expressed his satisfaction over the support of Bangladeshi authorities extend in expanding his business here. The Laugfs Holdings Chairman said the upcoming FTA would help both the countries boost their business and investment a lot. A Sri Lankan businessman who has invested in Bangladesh, Rashit Wickramasingha, said Bangladesh's market is rapidly growing in IT and food-processing fields. He urged the Lankan businesses to come forward with their investments as Bangladesh is a good destination for finance capital. BIDA Executive Chairman Mr Islam requested the Lankan businessmen to attain "one-stop services" for their investment proposals as he branded Bangladesh as one of the best destinations for business. In the previous financial year (FY) 2015-16, total foreign trade between Dhaka and Colombo amounted to only US$ 75.44 million wherein Sri Lanka is in a better position with its export volume of $45 million. Meanwhile, Bangladesh and Sri Lanka issued a joint statement Saturday on the three-day visit of the Lankan President. kabirhumayan10@gmail.com....

Published at: 2017-07-16 00:00:06

Muslim organisations and civil society groups across Maharashtra state in western India are demanding a strict law to counter mob lynching and attacks on minority groups on the line of legislation to prevent atrocities against the Dalits or former "untouchables", reports bdnews24.com. Demanding an act like the Scheduled Caste and Scheduled Tribe Prevention [Atrocities Act], the groups, including Muslim and Dalit organisations, have already led three "Aman" or peace rallies in Pune, Latur and Solapur, Indian media reported. The SCST Act has saved Dalits' lives, and property and even personal dignity, on several occasions in all parts of India because of the stiff penalties it provides for. It is one reason why high-caste Hindu does not insult Dalits as before. On Wednesday, the rally at Solapur saw around 500 people, from different walks of life, participate. They ended the march at the Collector's office, handing a letter to the district collector demanding the formulation of a law that protected Muslims.....

Published at: 2017-07-16 00:00:05

Thirty-eight more children suffering from unknown illness in the remote Tripura Para village of Chittagong’s Sitakunda have been hospitalised in the last three days. The children are out of danger, said Chittagong district’s Civil Surgeon Azizur Rahman Siddiqui. Nine children, all between two and 10 years, from the hilly village of Sonaichhari in Baraulia died in a span of four days last week after suffering from the unknown illness with conditions including high fever, vomiting and breathing troubles. Since July 12, 84 children have been taken to Bangladesh Institute of Tropical and Infectious Disease or BITID at Fouzdarhat and Chittagong Medical College Hospital or CMCH for better treatment. Siddiqui said 50 of them were at CMCH and 34 at BITID. “Their conditions are improving. They are recovering, slowly but surely.” A medical team from Dhaka’s Institute of Epidemiology, Disease Control and Research visited the children at CMCH last week and concluded that all of them were severely undernourished. They also said the children were severely anaemic, undernourished and lacked potassium and their haemoglobin count was below average, according to bdnews24.com.  ....

Published at: 2017-07-16 00:00:05

Donald Trump's campaign paid $50,000 to the law office now representing Donald Trump Jr a little more than a week before news surfaced of an unreported meeting with a Russian attorney that has prompted new accusations of collusion. The payment to the Law Offices of Alan S Futerfas, dated Jun 27, was disclosed in a filing with the Federal Election Commission on Saturday. It was described as covering "legal consulting" fees. Trump Jr admitted to meeting with a Russian lawyer in New York City during the 2016 presidential campaign after he was told she might have damaging information about his father's rival, Democratic candidate Hillary Clinton. The payment was made to Futerfas' firm days before the story about the meeting broke, which caused a scramble inside the White House and Trump Tower to contain it. The disclosures do not say who Futerfas was hired to represent. Spokesmen for Trump's re-election campaign and Futerfas did not respond to requests for comment. Futerfas was revealed as Trump Jr's lawyer on Monday after a New York Times report detailed meetings between the president's eldest son and the Russian lawyer. Futerfas has not said when he was hired. Separately, the campaign also paid more than $538,000 to Jones Day, the law firm that represented Trump's campaign during the election. The campaign also paid $89,561 for "legal consulting" to The Trump Corporation, which is owned by the president. The payment was dated Jun 30. A federal special counsel and several congressional panels are investigating allegations by US intelligence agencies that Russia meddled in the 2016 US presidential election, as well as potential connections between Russian officials and the Trump campaign. Moscow has denied any interference and the president and Trump Jr have denied any collusion. The Federal Election Commission has previously ruled that candidates and federal office holders may spend campaign funds on legal fees incurred because they were a candidate. Trump has also hired a longtime legal adviser, Marc Kasowitz, as outside counsel. His campaign finance disclosure did not list any payments to Kasowitz. The White House confirmed in a statement on Saturday that veteran Washington attorney Ty Cobb will serve as special counsel, and sources familiar with the hiring said Cobb would handle the White House's response to the Russia-related investigations. Cobb, a partner at the law firm Hogan Lovells, is expected to be an intermediary between the White House and Congress, as well as outside attorneys as the probes continue. In the second quarter of 2017, Trump's re-election campaign raised about $8 million and spent $4.4 million, according to Saturday's disclosures. Much of the money raised from individuals came in the form of "small dollar" donations, classed as donations of less than $250. Trump and his campaign have frequently touted the number of small-dollar donors as proof of his widespread support. Trump filed for re-election the day after taking office - allowing his campaign to continue to raise and spend money while he is in office.  ....

Published at: 2017-07-16 00:00:05