Sep 25
Regional & International Economy
NBR's revenue receipts rise 14pc in April PDF Print E-mail

Star Business Report

Revenue collections by the National Board of Revenue rose 14 percent year-on-year to Tk 13,905 crore in April, thanks to increased receipts from income tax and external trade-related activities.

Income tax receipts surged 42 percent year-on-year to Tk 5,348 crore in April, according to the provisional data released by the NBR yesterday.

The collection of withholding tax from contractors accelerated with an increase in spending under the annual development programme or ADP, said a senior NBR official, seeking anonymity.

The collection usually gathers pace towards the end of every fiscal year, the official said.

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Transit gets operational; First consignment bound for Tripura to reach Ashuganj tomorrow PDF Print E-mail

Transit between Bangladesh and India is set to become fully operational with the first Indian consignment reaching Ashuganj tomorrow on its way to north-eastern Indian state of Tripura.

A Bangladeshi ship carrying the consignment of 1,000 tonnes of corrugated iron sheets started from Kolkata on June 3.

Anbis Development Ltd, a Bangladeshi operator, hired the ship to carry the goods from Kolkata to Ashuganj, said its General Manager Mahmud-ur Rahman Siddiqui.

The goods would be unloaded at Ashuganj port and then loaded onto Bangladeshi trucks, which would cross the Indo-Bangla border in Akhaura. The vehicles would travel another 32 kilometres to deliver the consignment to warehouses in India.

With the arrival of the goods, India's request to Bangladesh for providing transit facilities would be met.

To make the transhipment a reality, the two countries signed a revised river protocol in Dhaka in June last year.

Under the transit system, goods would be carried from Kolkata to Ashuganj through a river route and then from Ashuganj to Agartala, the capital of Tripura, through a land route.

The transhipment fee for carrying goods would be Tk 192.25 per tonne, said Mofizur Rahman, director (traffic) of Bangladesh Inland Water Transport Authority (BIWTA).

Apart from the regular transit fee, India would have to pay other charges, he said.

If the Bangladesh side provides security for consignments, it would cost the Indian side an additional Tk 50 for transport of a tonne of goods from Ashuganj to Akhaura, said the BIWTA official.

The Indian side would give Tk 10 for shipment of one tonne of goods through the two canals -- the Mongla Ghosiakhali canal and the Gabkhan Canal.

Labour handling and other charges would cost the users Tk 70 a tonne at Ashuganj port. Besides, piloting charge would be Tk 2,100 and berthing charge a minimum of Tk 250 per consignment, said Mofizur.

The fees were fixed after analysing opinions of Bangladesh Tariff Commission and different ministries, and government high-ups, he added.

On a trial basis, India used the route to bring a consignment of iron rods to Agartala three years ago.

At Delhi's request, Dhaka also allowed it to use the route for carrying heavy machinery to Palatana power plant in Tripura and also 10,000 tonnes of rice to the north-eastern state.

According to Mofizur, a consignment should take around 10 days to reach Tripura from Kolkata via Ashuganj.

But it would take about two weeks for the first Indian consignment to reach Tripura through the route, as the ship carrying the cargo of corrugated iron sheets faced problems.

Siddiqui said they had initially thought that the fees would have to be deposited with the National Board of Revenue office in Ashuganj.

But when the ship reached the port in Khulna's Angtihara on June 7, customs officials told the vessel's crew to go to Khulna to deposit the fees with the NBR office there and get clearance, he said.

The ship had been moored at Angtihara for around four days and finally set out for Ashuganj on June 11 after the crew got the clearance.

Siddiqui said it would be convenient for them if they could deposit the fees with the NBR offices in Dhaka or Ashuganj.

He, however, said his company had received cooperation from all the government agencies concerned.

The goods are being carried under transhipment arrangement, which means offloading a container from one ship (generally at a hub port) and loading it onto another to be carried to the final port of discharge.

According to BIWTA officials, though the transhipment facility has been given through Ashuganj, the port there is not yet ready for it.

Under a Tk 400-crore financial credit from India, a modern inland container depot was supposed to be built in Ashuganj for smooth transit.

Construction of the depot was delayed because of land acquisition problems and non-disbursement of Indian funds, they said.

However, Bangladesh spent around Tk 10 crore from its own funds to facilitate transit, they said.

At present, trucks from Kolkata have to travel around 1,600km to reach Agartala.

But the distance would be just 800km if they travel through Bangladesh, said Mofizur.

And with the drop in distance comes a significant fall in costs.

SK Mahfuz Hamid, a member of the Bangladesh team negotiating the transit issue with the Indian side, said the cost of transporting goods to Agartala from Kolkata now is $67 per tonne and it takes 30 days for trucks to reach there.

But if the trucks travel through the Kolkata-Ashuganj-Agartala route, the cost would be a maximum of $35 per tonne and it would them take around 10 days to reach the destination, said Hamid, also managing director of shipping company Gulf Orient Seaways.

(Source - The Daily Star)

 
India plans 25pc tax on sugar exports PDF Print E-mail

India plans 25pc tax on sugar exportsIndia plans to introduce a 25 per cent tax on sugar exports to maintain local supplies, the government has said.

 

Sugar output in India, the world’s no. 2 producer behind Brazil, is expected to decline this year due to a drought in major growing regions, while global prices have risen to two-and-a-half-year highs.

 

Food Minister Ram Vilas Paswan said on Saturday that the levy was aimed at curbing the country’s exports and would help keep local prices under control in the world’s top consumer of sugar.

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CSA kicks off promising to boost regional cooperation PDF Print E-mail

The six day fair began at the Dianchi International Convention and Exhibition Centre in the capital of Yunnan province.

 

"Making China a major source of foreign direct investment (FDI) for South Asian and Southeast Asian nations through industrial capacity building is one of the major targets of the Chinese government", Chinese Vice President Zhang Gaol told the inaugural ceremony.

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Central bank assessing sectoral flow of pvt sector credit ; Study underway to know impact on economy PDF Print E-mail



The central bank is scrutinising the flow of commercial banks' credit to different sectors and assessing its impact in the context of the country's economic growth, officials said.Central bank assessing sectoral flow of pvt sector credit


This is being done under an ongoing study.


"It is important that credit goes to the real sectors to ensue meaningful growth of the economy," a BB senior official told the FE Sunday while explaining the main objective of the study.

"We're still working on the issue," the central banker noted.

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