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Daily News Flash, 7Th March, 2018 1 DSEX 12.48 Daily News Flash, 7th March, 2018 DSEX 12.48 Gold (Ounce) $1336.50 Dollar 81.75 (Buy) 83.00 (Sell) CSCX 24.95 Oil (Barrel) $62.13 Euro 100.05 (Buy) 105.64 (Sell) JULY-JAN REVENUE SHORTFALL TK 148B .......................................................................................................... 2 GOVT GOES SLOW AS INFRASTRUCTURE NOT READY YET ................................................................................ 3 NEC APPROVES TK 1.58TN REVISED ADP .......................................................................................................... 4 IDLC TO EXPAND ITS FOOTPRINT INTO HOUSING FINANCE .............................................................................. 5 STOCKS BOUNCE BACK ON DSE ........................................................................................................................ 6 EBL SIGNS DEAL WITH PATHAO ....................................................................................................................... 7 GDCL AND RLPCL ENTERS INTO ISSUE MANAGEMENT AGREEMENT ................................................................ 7 SUGAR DEARER DESPITE DROPOFF IN INT'L PRICES ......................................................................................... 7 ERRANT RMG UNITS TO FACE LEGAL ACTION IN MAY ...................................................................................... 8 CSE SEEKS 1 YEAR MORE FOR FINDING STRATEGIC PARTNER .......................................................................... 9 GOVT CUTS ADP BY TK 4,950CR ..................................................................................................................... 10 RIDESHARING SERVICE GUIDELINE COMES INTO EFFECT TOMORROW .......................................................... 11 APP LAUNCHED TO MONITOR LABOUR INSPECTION DATA ............................................................................ 12 VIETNAMESE KEEN TO INVEST IN TELECOM, TEXTILE ..................................................................................... 12 DOMINO'S PIZZA TO SET FOOT IN BANGLADESH SOON ................................................................................. 13 ALLOCATION FOR ROHINGYAS IN NEXT BUDGET: MUHITH ............................................................................ 14 SOFTWARE, ICT NEED SPECIAL ATTENTION IN BUDGET: BASIS ....................................................................... 15 ADP OUTLAY SLASHED 4PC ............................................................................................................................ 15 APP LAUNCHED FOR BETTER LABOUR MANAGEMENT ................................................................................... 16 TASKFORCE FORMED TO INVOLVE NRBS IN NATIONAL DEV .......................................................................... 17 ICCB TEAM OFF TO TOKYO ............................................................................................................................. 17 VIETNAM PRESIDENT TRAN DAI QUANG WANTS TO INVEST IN BANGLADESH ............................................... 17 STEADY GDP GROWTH VITAL TO KEEP MARCH TOWARDS DEVELOPMENT: BG CHAIRMAN........................... 18 ......................................................................................................... 19 ................................................................................................... 19 ........................................................................................................ 20 ........................................................................................................................... 21 ............................................................................................................ 22 ও ....................................................................................................................... 22 ও ................................................................................. 23 ................................................................................................... 23 .............................................................................................................. 23 ১০ ............................................................. 24 1 Daily News Flash, 7th March, 2018 .......................................................................................... 24 ৩% ৯০%! .................................................................................. 25 JULY-JAN REVENUE SHORTFALL TK 148B Government's tax-revenue collection suffered about a Tk 148-billion shortfall until January of this fiscal year against its target mainly for slow-paced reform to expand the tax net, sources said. Officials said such large amount of shortfall in the first seven months of the FY 2017-18 would make it difficult for the National Board of Revenue (NBR) to achieve the "ambitious" target. Despite an impressive import growth, all of the three NBR wings -- income tax, customs and value- added tax (VAT) -- failed to meet their respective target in the July-January period. However, compared to the previous corresponding period, the NBR achieved 15.37 per cent growth in revenue collection, while the current target has been set expecting around 35 percent growth. The NBR is lagging behind target this year on revenue-collection growth compared to the same period last year. Last year, revenue growth was 19.78 per in July-January period. However, average revenue-collection growth was 14.28 billion in the last five financial years. The tax authority collected Tk 1.10 trillion in tax revenue in the first seven months of FY 2017-18 against its target set at Tk 1.25 trillion for the period. A senior NBR official said the aggregate target of the NBR was focused on a new VAT law that the government failed to push through for opposition from businesses and deferred it for two years. Through implementation of the new VAT law from the current FY, the government had expected around Tk 200 billion in additional revenue. Dr Ahsan H Mansur, Executive Director of the Policy Research Institute (PRI), said there would be 12 to 15 per cent deficit in the aggregate revenue collection this fiscal. "There would be around 20 per cent growth in tax-revenue collection by end of this FY while the government set the target expecting 35 per cent growth," he said. Income tax and VAT are the main sources of tax revenue where supporting reform initiative is absent, he noted. The revenue collection is being carried out in traditional system for lack of effective reform measures, the economist said. "Economic activity, domestic demand for consumer products and import growth are impressive, but those indicators hardly bring any significant impact on tax-revenue collection," he said. According to Bangladesh Bank (BB) data, import settlement grew by 28 per cent in the last one year (January 17 to January 18). Dr Mansur said import growth helped the NBR to achieve higher growth in customs revenue. In the July-January period, import and export revenue grew highest by 17. 27 per cent followed by VAT at local stage 16.01 per cent and income tax 12.59 per cent. The Customs collected Tk 352.97 billion in the first seven months against its target of Tk 376.63 billion. The NBR collected Tk 424.18 billion worth of VAT in July-January period against its target for Tk 489.02 billion. Income-and travel-tax collection amounted to Tk 327.94 billion in that period against Tk 387.48 billion. The government has set an aggregate target of collecting Tk 2.48 trillion for FY 2017-18. Officials said the aggregate revenue-collection target would be revised downward by end of this FY as per trend of the last fiscals. 2 Daily News Flash, 7th March, 2018 Source: http://today.thefinancialexpress.com.bd/first-page/july-jan-revenue-shortfall-tk-148b- 1520358411 GOVT GOES SLOW AS INFRASTRUCTURE NOT READY YET The government has adopted a go-slow strategy to sign sales and purchase agreements (SPAs) with LNG suppliers as necessary infrastructure to 'evacuate' the fuel is not ready yet, officials said. They said the market for consuming the liquefied natural gas (LNG) was also inadequately ready, prompting the government high-ups to dawdle the final deal signing procedure. Moreover, they added, signing of master sales agreements (MSAs) with already short-listed 30 firms to purchase LNG from spot market would also take longer-than-expected time. Initial deals and memorandum of understandings (MoUs) to import the energy were, however, inked with half a dozen global suppliers during a period of last one year. The government has so far inked only one SPA with RasGas of Qatar to import around 2.50 Mtpa of LNG. It has taken the go-slow strategy due to delay in construction of necessary transmission pipeline to evacuate the re-gasified LNG, a senior official at Energy and Mineral Resources Division (EMRD) told the FE Tuesday. He also pointed out that the market was not ready yet to absorb the imported energy. One LNG receiving terminal having a capacity of 500 million cubic feet per day (mmcfd) is expected to be readied by next month, followed by another one with similar capacity by October next. Only half the capacity of the first terminal could be used now with the existing transmission pipeline. The country is expecting the first LNG cargo in April 2018. Officials said the government considered that it would have to make a 'capacity payment' to the terminal operators as the evacuation pipeline is unlikely to be prepared before readying the terminal.
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