CPD RMG Study Stitching a better future for Bangladesh
Every day, CPD RMG Study reveals what’s on our economic and apparel radar and curates a selection of the best reports, opinion, and analysis you may have missed
BIDA receives 45% less investment proposals in Q3
Investment proposals by companies registered with Bangladesh Investment Development Authority (BIDA) has fallen by 45.88% during January to March month of the current fiscal year 2016-17, English language daily Dhaka Tribune reported citing latest BIDA data.
The report said that during the period, a total of 510 industrial units were registered with BIDA for investment.
The report also gave a comparison. It said that during the time, 510 industrial units submitted proposals for investing a total of Tk37,217 crore and 4.3m while 487 industrial units proposed for investing Tk68,767 crore and 6.1m during October to December period.
Remittance inflow drops by almost $2b in 10 months
The inward remittance decreased by $1.96 billion or 16.02 per cent in the July-April period of the current financial year 2016-17 compared with the corresponding period of FY16, English language daily, New Age reported citing data from Bangladesh Bank.
The report also said that the inflow dropped for the 10th month in a row this financial year.
It also said that the country received $10.28 billion in remittance in July-April of FY17 against $12.25 billion in the same period of FY16.
NBR terms anti-VAT law stance a ruse to ‘embezzle people’s money’
The National Board of Revenue (NBR) has described the opposition to the new VAT law by businesses as an ‘attempt to misappropriate VAT paid by the people, English language daily the Financial Express reported.
The NBR said in a statement that the new law would make sure that the 15 per cent value added tax (VAT) paid by consumers reaches the state coffers, the report said.
The statement came after heated exchange between the finance minister and representatives of the country’s top trade body on Sunday.
BB fears pressure on forex reserves to rise further
Bangladesh Bank fears that pressure on the country’s foreign exchange reserves will increase if the government approves overseas equity investment by the local firms, English language daily Dhaka Tribune reported.
The report said that Bank and Financial Institutions Division said it is not clear whether the local firms may return home their equity investment.
According to the report, the central bank feared the pressure on foreign exchange reserves as Akij Group, Nitol Niloy Group and Ha-Meem Group are now interested to invest overseas.
The report informs that Local firms’ investment proposals in aboard will go to the Cabinet Committee on Economic Affairs as the Bank and Financial Institutions Division did not take decision for its own in this matter.
