The New Nation - Internet Edition

Govt releases Tk 305cr cash subsidy for 11 sectors

BUSINESS REPORT

The government on Monday released Tk 304.75 crore to be paid as cash subsidy to 11 major export sectors to which the government already owes Tk 296 crore subsidies in arrears.

The Ministry of Finance through a circular informed the Bangladesh Bank and other parties concerned about the disbursement of the Tk 304.75 crore cash incentive fund for exporters in the current fiscal year, an official of the ministry said.

As pledged, the government owes the exporters of those 11 selected sectors around Tk 300 crore in cash subsidies at various rates to be disbursed on submission of export receipts.

The fund released from the 'export subsidies' head of the current budget also includes the Tk 3.67 crore subsidy for tobacco export that has remained unpaid since FY2006-07, the official added.

But, as of July 7, the government owed the exporters Tk 296 crore as cash subsidies, up from Tk 233 crore at the end of FY08. The arrears were only Tk 62 crore in FY '07.

The government owes exporters of RMG Tk 121 crore, frozen foods Tk 62 crore, leather and leather goods Tk 32 crore, jute and jute goods Tk 60 crore, vegetables and fruits Tk 11 crore, and potato Tk 7 lakh.

Of the newly-disbursed Tk 304.75 crore, the ministry released Tk 163.77 crore against exporters of readymade garments, Tk 79.28 crore against frozen food, Tk 34.38 crore against leather and leather goods, Tk 11.32 crore against raw and Tk 10.30 crore against processed agricultural products, Tk 0.96 crore against handicrafts, 0.43 crore against crushed bones, Tk 0.30 crore against potato, Tk 0.29 crore against Halal meat, and Tk 0.01 crore against poultry products.

The apparel exporters get cash subsidy at the rate of 5.0 per cent of their exports, frozen foods 10 per cent, leather 15 per cent, agriculture 20 per cent, meat 20 per cent, and poultry 15 per cent.

Meanwhile, the government has decided to phase out the cash subsidy for exports amid allegations that some exporters had been misusing the incentive.

Earlier, the government took an initiative to clear the cash subsidy arrears of the country's export sectors within 30 days of application.

Sonail Bank gets 'Best Brand Bangladesh 2008' award

BUSINESS REPORT

Sonali Bank Limited has earned 'Best Brand Bangladesh 2008' in the financial category.

Bangladesh Brand Forum has recently gave away the award to the winners in a formal ceremony held at Dhaka Sheraton Hotel in the city.

This year the award has been given among the best performers in seven different sectors. The winners were awarded with a crest. Sonali Bank has earned the glory of being the best in the financial sector. Brac Bank Limited and AB Bank Limited were other nominated banks for this award.

General people of the country still think Sonali Bank to mean really a bank. Sonali Bank has been reaching its banking services to the doorsteps of general people even up to the remotest level of the country.

Deputy General Manager of Sonali Bank Hasan Iqbal received the crest on behalf of the Bank from the President of American Chamber of Commerce in Bangladesh (AmCham) Syed Ershad Ali at the ceremony.

Vice Chancellor of Dhaka University Prof SMA Faiz, Commerce Secretary Feroz Ahmed, FBCCI President Annisul Huq along with a number of executives from leading brands of the country were also present on the occasion.

Bank Asia MD receives Gandhi Peace Award

BUSINESS REPORT

Syed Anisul Huq, President and Managing Director of Bank Asia, was conferred 'Mahatma Gandhi Peace Award 2008' for his life-long contribution to the Banking sector and philanthropic activities for promoting peace and harmony in society.

Justice Habibur Rahman Khan, Chairman of Truth and Accountability Commission, handed over the peace award to Syed Anisul Huq at a simple ceremony organised by "Mahatma Gandhi Gobeshona Parishad" at the Bangladesh China Friendship Conference Centre (BCFCC) in the city on September 11, 2008.

Born in Kishoreganj, Syed Anisul Huq started his career in 1966 in the Habib Bank Limited, and served for Agrani Bank Asia and Arab Bangladesh Bank in different high capacities. Before joining in Bank Asia as President and Managing Director he held the position of President and Managing Director, Southeast Bank. Joining the Bank Asia he ensured transparency and accountably in the bank, and introduced various corporate social responsibility (CSR) activities that include 'treatment of all born blind children in Bangladesh' and 'higher education scholarship for brilliant students'.

Turkish Ambassador tells: Trade volume between Dhaka and Ankara not satisfactory

BUSINESS REPORT

Ambassador of Turkey to Bangladesh Sakir Torunlar has said that the trade relations between Bangladesh and Turkey are not at the satisfactory level.

"Together we must try to bring the trade volume to US$1 billion level," he said while speaking at an Iftar party hosted by

Turkey-Bangladesh Chamber of Commerce and Industry (TBCCI) at Radisson Water Garden Hotel in the city recently.

Ambassador Sakir Torunlar said, "Normally ambassadors are occupied with dealing with political issues between countries. But there is no political problem between Bangladesh and Turkey. So, I am willing to focus on improving the economic relations between two countries. I am going to give my full effort in this regard."

FBCCI president Annisul Huq and leading businessmen of Bangladesh and Turkey attended the Iftar party. Besides, chairmen of Uttara Group, AK Khan Group and Paradise Group also attended the iftar party.

A press release of the TBCCI said aiming to improve business relations between Bangladesh and Turkey it arranges Iftar parties during every Ramadan. TBCCI management selected Radisson Hotel as this year's venue. After the arrival of the guests a video demonstrating the activities of TBCCI and visit to Turkey by 22 businessmen from Bangladesh was shown. President of TBCCI Fikret Cicek delivered a speech welcoming the guests.

The TBCCI President said, "As TBCCI we started operation in 2007. Within a year Bangladeshi businessmen in our chamber increased substantially. We could see it today, though this is our second Iftar party only we proudly host many business elite of Bangladesh. Last June we arranged a group of 22 businessmen and we represented Bangladesh in one-week Turkey-Asia Pacific Foreign Trade Bridge II at Istanbul's WOW Convention Center where 465 businessmen from 22 countries of the Asia Pacific region found the opportunity to discuss joint business projects. As TBCCI we are honored for successfully representing Bangladesh at this summit and to show the real high potential of Bangladeshi businesspeople at international arena. I would like to heartily thank to FBCCI president Annisul Huq for his sincere endeavor which really made this trip this much successful. On behalf of TBCCI I would like to state our gratefulness for your kind response and encouraging support to our chamber. '

Annisul Huq said, "Recently I have visited Turkey through the invitation of TBCCI. What I have seen in Turkey was much more than I expected. Turkey is a very modem country and its people were very courteous to us. We have a very strong historical bond with Turkish people. Turkey is a country that we have to develop bilateral relations."

The TBCCI management presented a crest to the FBCCI President as a sign of their thankfulness for his support to the recent Turkey summit. Annisul Huq was also one of the participants in the Bangladeshi delegation and he delivered a speech at the inauguration ceremony. He also visited Abdullah Gul, President of Turkey. Crest was presented to Huq by Sakir Torunlar, Ambassador of Turkey.

AKTEL gets 'The Financial Mirror- Robintex Business Award '07-08

BUSINESS REPORT

AKTEL, one of the largest cellular phone operators in Bangladesh has been recognised as the best performer in telecommunication sector with a prestigious award 'The Weekly Financial Mirror-Robintex Business Performance Award 2007-08' for its Best Network, Highly praiseworthy Corporate Social Responsibility and Sustained cellular telephony service provider. Recently, a function was held in this regard at the Bangladesh China Friendship Conference Center.

Javed Tariq, Head of Corporate Affairs of AKTEL received the award on behalf of the company. This recognition will continue to inspire to develop innovative & need based products and value added services for AKTEL subscribers across the country.

AKTEL is also devoted to the development of many social interests throughout the greater Bangladesh based on four major areas of CSR. The areas are in the field of Education, Health, Protect Environment and Poverty gap reduction.

Kamal Uddin Ahmed, Chairman, BOI was the chief guest and distributed the awards among the recipients. Abu Sakhawat, MD of Robintex Group and Shajahan Bhuiyan Razu, Managing Editor of Financial Mirror were also present on the occasion.

EBL holds fire drill

BUSINESS REPORT

Eastern Bank Limited and Fire Service and Civil Defence Authority jointly organised a fire extinguishing and rescue drill at its Head Office at Jiban Bima Bhaban at Dilkusha Commercial Area in the city on September 15, 2008.

All officers and staff members of EBL took part in the drill under the supervision of Fire Service personnel.

Through the drill, they demonstrated how to get out of the building when fire breaks out, how to help colleagues and how to extinguish the fire.

Ali Reza Iftekhar, Managing Director and CEO, EBL thanked the Fire Service and Civil Service Authority and others for taking part in the drill.

Abdur Rashid, Deputy Director, Fire Service and Civil Defence spoke on the occasion highlighting the importance of such drills.

Govt wants more income tax to achieve autarky : 316 taxpayers honoured on Nat'l Tax Day

BUSINESS REPORT

The country will have to rely on income tax for meeting public expenses in the wake of gradual decline in the share of customs duty in the government's revenue earning, said Finance Adviser Dr AB Mirza Azizul Islam.

'There is no alternative to mobilising domestic resources and accordingly collection of income tax should be increased,' he said speaking at a reception given to 316 taxpayers at the Bangladesh-China Friendship Conference Centre in the city on Monday.

The National Board of Revenue organised the function to honour the taxpayers who fell in its 'long-term taxpayer' and 'highest taxpayer' categories on the occasion of National Income Tax Day, the first of its kind to encourage people to pay tax.

The board also brought out a colourful rally in the city. NBR chairman Abdul Mazid inaugurated the rally participated by officials and employees of the board.

'We have to decide now or never whether our next generation will live on loan and aid or stand on their own foot. If we opt for the second, we have no other way but to pay our taxes in due time and at due rates,' the NBR chairman told the reception.

'We have to lay emphasis on income tax collection as this is not only a main source of revenue collection but also a weapon for ensuring social justice,' the finance adviser said, admitting that the government could not take proper initiatives for collecting adequate revenue from the internal resources.

Mirza Azizul Islam however mentioned that the government had taken certain steps to make tax payment easier and smoother for taxpayers' convenience.

The steps are: simplification of the income-tax return system, introducing universal self-assessment system, cutback on the company tax rate and discretionary powers of tax officials, and training of NBR officials on automation system.

Certificates and crests were handed over to 12 taxpayers - six from each of the two categories.

The six taxpayers in the long-term category who received the tokens of honour are Sayedur Rahim from Dhaka division, Samson H Chowdhury from Rajshahi division, Mohammad Neamat Ullah from Chittagong, Khandokar Sakhawat Hossain from Khulna, Abdul Hamid Miah from Sylhet and Akhteruzzaman from Barisal division.

The six highest taxpayers are Rahim Uddin Bharasha from Rajshahi division, Mohammad Yunus Ali from Dhaka, Mohammad Jalal Uddin from Sylhet, Kazi Mozaharul Huq from Khulna, Mashiur Rahman Chowdhury from Chittagong, and Manirul Islam Talukder from Barisal division.

CAARP rehabilitating 37,000 fish farmers in five Sidr-affected dists

UNB, Barisal

Cyclone Affected Aquaculture Rehabilitation Project (CAARP) taken by the World Fish Center-Bangladesh (WFC-BD) with the financial assistance from USAID is rehabilitating around 37,500 small and marginal fish cultivators of five Sidr-affected districts, including Barisal.

The project assistances include distribution of fish and fish-fries of different varieties and shrimp among the cultivators according to their needs and sizes of their water bodies.

Apart from the fish distribution, the project will also supply different types of fish-feed, limestone, TSP, urea, equipments and medicines and will provide fish and pond management training among the fish farmers.

It is also helping the cultivators in building necessary constructions surrounding the fish cultivation spots.

Financial assistance is also being given to the people engaged in

pisciculture and fish cultivation under the project, which is being implemented in cooperation with 11 local NGOs, including Association of Voluntary Assistance for Society (AVAS), Chardradwip Development Society (CDS), Community Development and Health Care Center (CDHC) and Nazrul Sriti Sangha (NSS).

WFC-BD Principal Coordinator Naseem Ahmed Aleem, CAARP aquaculture expert Zakir Hossain and project managers Dr. Manjurul Karim and Kurat-E-Kabir said that their organisation would like to do something for the coastal people regarding positive changes of their livelihood.

They further said that the project was an unparallel and challenging one but has a great opportunity to recover the livelihood of the poor fish farmers affected by the last year's cyclone Sidr.