Today's Top Business News 15 Nov 2019 Friday

Laurels for top taxpayers

Golam Dastagir Gazi, textiles and jute minister, Grameenphone, Islami Bank Asian nation, Infrastructure Development Company, Nestlé Asian nation, Akij Jute Mills, Unilever Asian nation, and Rangs Properties were among people and firms that won awards from the National Board of Revenue yesterday for being high taxpayers. 

The tax administration bimanual out the accolades to 141 people and firms at a ceremony at the Radisson Blu national capital Water Garden for this year. Of the awardees, seventy four square measure people, fifty seven corporations, and ten organisations.

In the banking class, Islam Bank Asian nation, customary hired, full service bank, HSBC, Brac Bank, Pubali Bank, Southeast Bank and UCB were topped as high taxpayers.

Infrastructure Development Company, the Investment Corporation of Asian nation, IDLC Finance, and Asian nation Infrastructure Finance Fund won the highest award within the non-bank financial organization class.

Grameenphone was the lone high payer within the telecommunication class.

Nestlé Asian nation, Olympic Industries, and sq. Food were bimanual out the award within the food and allied trade class.

Unilever Asian nation, sq. prescribed drugs, Incepta prescribed drugs, and Renata won the honor within the prescribed drugs class.

Rangs Properties, Equity Property Management, and Bay Developments emerged because the high taxpayers within the land class.

Youngone advanced attire Industries, Rifat clothes, GMS Composite Knitting Industries, Ha-Meem Denim, That’s It sportswear, Pacific Jeans and 4 H Fashions were topped among the garment corporations.

In the work trade class, the honour visited Bata Shoe Company (Bangladesh), Apex Footwear and Atlas Footwear.

Sheikh Fazle Noor Tapos, a lawmaker; Mahbubey Alam, lawyer general; Nihad Kabir, president of the Metropolitan Chamber of Commerce and Industry; Abu Mohammed Amin Uddin, a noted lawyer; and Rafique-Ul Huq, associate eminent jurist, won the award within the attorney class.

Bangladesh Machine Tools plant, Khulna work and BSRM Steels won the award within the engineering class.

Speaking at the ceremony, minister of finance AHM Mustafa Kamal referred to as upon the highest taxpayers to encourage others to pay tax.

He same tax rates would be reduced in a very approach that the overall assembling doesn't suffer.

“I should scale back tax rates. i will be able to type a committee to look at what quantity the rates may be reduced while not moving the general assortment target.”

NBR Chairman Md Mosharraf Hossain Bhuiyan touched upon the question raised by the media why illustrious businesses don’t high the list of the very best taxpayers.

He expected that assembling would increase and facilitate development activities if competition creates in tax payment.

The NBR chief cited the instance of Kaus Mia, United Nations agency has been highping the list of top taxpayers within the bourgeois class, since 2010.

“He is thus desirous to stay on the highest that he doesn't hesitate to pay further tax.”

“He may be a jewel of our country. we tend to expect all others to come back forward and pay tax ad lib,” the NBR chairman same, adding that Kaus Mia pays Tk 43-45 large integer in revenue enhancement.

Bhuiyan same some personalities and companies frequently get recognition as high taxpayers and referred to as others to pay higher quantity of tax in order that they will additionally become the highest taxpayers next year.

In his reaction, Kaus Mia same he had emerged because the high payer in 1967.

“I are engaged in business since 1950. i'm a offspring of a property owner. I failed to enter the globe of business as a result of hunger.”

The 89-year-old same he had been paying taxes since 1958 and same he's engaged in 40-45 forms of businesses.

The NBR introduced the awards in business enterprise 2010-11 as associate incentive to enhance compliance and scale back nonpayment and dodging in a very country wherever simply one.33 p.c of the population submitted revenue enhancement returns last year.

According to associate NBR estimate, four large integer individuals out of quite sixteen large integer have ratable incomes. however most of them have remained out of net within the absence of adequate social control.

The NBR says the amount of filings would be way below the amount of individuals with ratable financial gain.

The Centre for Policy Dialogue, a think-tank, last year in a very survey found that sixty eight p.c of the individuals with ratable financial gain don't pay any tax -- a figure that explains partially why Asian nation has one amongst the bottom tax-to-GDP quantitative relation within the world despite its spectacular economic process and increasing financial gain.

Bangladesh’s tax-to-GDP quantitative relation is nine.2 percent.

In recent years, the amount of registered taxpayers enhanced on the rear of assorted policy measures taken by the revenue authority.

Now, the amount of payer positive identification holders is quite forty four hundred thousand, up from nearly nineteen hundred thousand 3 years agone.

Kamal, family own assets worth Tk 221.75cr

Finance Minister AHM Mustafa Kamal and his members of the family own assets price Tk 221.75 crore, consistent with tax returns he submitted to the National Board of Revenue (NBR) yesterday.  

Kamal, his married woman and 2 daughters submitted tax returns and completed all different connected procedures on the primary day of the tax truthful that started within the capital’s Officer’s Club Dhaka.

Prime Minister ruler Hasina’s legal instrument was submitted on behalf of her by former finance secretary Siddiqur Rahman Chowdhury. This was the primary time a representative of hers submitted the legal instrument at the truthful.

Asked regarding the quantity the prime minister paid in taxation, NBR Chairman Md Mosharraf Hossain Bhuiyan same they may not disclose the quantity because it was her personal issue.

According to the revealing, the government minister closely-held assets price Tk sixty eight.22 crore. His nonexempt financial gain stood at Tk a pair of.63 large integer and he paid taxation Tk ninety one.46 large integer for the present financial year.

His wife, Kashmiri Kamal, closely-held assets price Tk fifty.98 large integer and paid tax amounting to Tk seventy one.29 lakh.

His daughters, Kashfi Kamal and Nafisa Kamal, closely-held assets price Tk forty one.13 large integer and Tk sixty one.41 large integer and paid financial gain taxes amounting to Tk a pair of.82 large integer and Tk a pair of.61 large integer severally, consistent with the finance minister’s disclosures. 

In total, the government minister and his family paid a complete of Tk seven.06 large integer in taxation.

“I paid financial gain taxes for the primary time in 1970, depositing 560 rupees to the national coffer,” the government minister same whereas inaugurating the truthful.

He same he has had tax records geological dating back 1996 and since then he has paid Tk fifty one.72 large integer in taxation.

The minister referred to as upon all to pay financial gain taxes often because the government required cash to run the country. He additionally urged individuals to tell him if they baby-faced harassment from any tax official over tax problems.

Telecom big Grameenphone paid Tk one hundred fifty large integer and Islami Bank Asian nation Tk a hundred large integer in tax at the truthful similarly, consistent with the NBR chairman.

Bangabandhu-1 to recover cost in nine years

Bangabandhu-1 satellite are going to be raking in Tk one hundred twenty five large integer a year once twenty six % of its capability was Lent out -- a development the Asian country Communication Satellite Company (BCSCL) deems to be satisfactory.

The satellite was commenced orbit on might twelve last year at a price of Tk a pair of,765 crore, that was speculated to be recouped in eight years’ time as per the project proposal.

BCSCL got management of the satellite in February this year.

“In 9 months we've done quite well,” aforesaid Shahjahan Mahmood, chairman of BCSCL, at a press informing at his workplace yesterday.

He went on to precise satisfaction that each one thirty one tv channels in Asian country ar currently broadcasting via the Bangabandhu-1. 

The country’s lone satellite still has seventy four % of the capability left, therefore the BCSCL has the prospect to earn upwards of Tk two hundred large integer additional, he said.

The company is ready to sign deals for one more twenty five % of the capability over consecutive few months.

As per the first set up, BCSCL had needed to lend out fifty % of the capability to international operators.

“But the international market is extremely competitive, that is why we tend to ar that specialize in the native market. we tend to ar seeing large demand here -- the native market is way larger than our primary estimation and it's growing at quite high rate.”

At an equivalent time, BCSCL is prayer the regional markets, in line with Mahmood.

Negotiations ar happening with 2 corporations from Nepal and also the Philippines. they're keen on taking 9 transponders, that is nearly twenty five % of the overall capability of the satellite.

“We have done a awfully conservative calculation regarding the remaining unsold capability and that we have calculable it'll take hardly 9 years to recover the overall price of the Bangabandhu-1 satellite.” 

BCSCL got Asian country tv as their 1st shopper and also the government-owned television station is paying Tk eighteen large integer a year.

The satellite company also will earn Tk sixty large integer from the opposite personal tv channels and Tk four large integer every from the shipping ministry and fisheries ministry.

Beximco’s direct-to-home service Akash is paying a sizeable total too, Mahmood aforesaid, whereas declining to disclose the precise deal worth.

Meanwhile, preparations ar fully swing for the launch of the country’s second satellite, expected by 2023.

An international advisor are going to be appointed at intervals consecutive 2-3 months to run a feasibleness study to measure the demand, Mahmood aforesaid.

Since the primary one may be a communication satellite, the second are going to be a hybrid model specified it will be used for forecast, police work and alternative activities.

Currently, Asian country has four applications for orbital slot, therefore the second satellite would be commenced that position, Mahmood aforesaid. 

The government goes to award the licence for one more 9 tv channels and that they can ought to run their programmes victimization the satellite. BCSCL is anticipated to Tk fifteen large integer yearly from them.

BCSCL decision maker Shariar Ahmed Chowdhury and senior officers were conjointly gift at the event.