Mohammad Suman

Mobile phone calls and metro rail commutes among other daily activities may cost more in the next fiscal year as the government looks to increase taxes to boost its revenue collections.

The National Board of Revenue seeks to impose 25 percent import duty on cars for lawmakers, reversing a practice of tax exemptions that amounted to Tk 5,147 crore over the last 15 years.

State-run Power Grid Company of Bangladesh Ltd (PGCBL) imported 68 kilograms of tower bolts, nuts and washers from India for a whopping $2,39,695 or Tk 2.63 crore, which is 1,619 times the contract value.

Bangladesh’s first and only sandpaper plant is struggling to expand its footprint owing to unhealthy competition from importers, who are allegedly under-invoicing prices of the abrasive paper.

The National Board of Revenue has suspended all imports and exports by Abdul Monem Group and all its subsidiaries, including Abdul Monem Sugar Refinery, over misuse of bond facilities and non-payment of applicable duty and fines worth Tk 674.35 crore.

It also instructs banks to freeze the Group's bank accounts

Five companies are enjoying an oligopoly in the sugar market, which was worth more than Tk 9,000 crore in fiscal year 2022-23, as they have expanded their refining capacities to meet increasing demand.

Data from the National Board of Revenue (NBR) shows that nearly 25.7 lakh tonnes of soybean and palm oil were imported in 2023, with the four companies accounting for 80 percent of the total amount.

Earlier, there was a provision for the service providers to be appointed by a committee appointed by the board, said Rahman. Now the company which can provide this service at a low cost will be given the job, he explained.

The National Board of Revenue (NBR) has issued a gazette notification stipulating that imports have to be declared well in advance of the previous deadline for notifying of their arrival, all to reduce false declarations and enable quick releases.

On January 9, 2024, a small shipment weighing 344.5 kilograms arrived at Chattogram port. The shipment worth $250,863 (Tk 2.75 crore) contained 19 pieces of small tools such as hammer, metal pipe cutter and silicon guns imported for state-owned Coal Power Generation Company Bangladesh Limited (CPGCBL), which is constructing Matarbari power plant in Cox’s Bazar.

Consumers were not spared even during the fasting month of Ramadan, a time to show self-restraint, even though there have been a lot of promises and drives on the part of the government. Therefore, while devotees perform their religious duty, the escalated prices of essentials have continued to give them hard times.

Sugar prices have gone up at both the wholesale and retail levels amid hoarding by traders on speculation of reduced supply after the fire incident at S Alam Refinery, one of the largest raw sugar importers and refiners in Bangladesh.

The automobile industry of Bangladesh is seeing a notable shift towards electric vehicles (EVs) with BYD Auto Co Ltd, the world’s biggest EV maker, set to launch its Seal model on the domestic market.

The government is considering further incentives while emphasising ICT and advanced technology in order to increase the production of value-added products as part of preparations for graduation from least developed country (LDC) status, Chairman of the National Board of Revenue (NBR) Abu Hena Md Rahmatul Muneem said yesterday.

In order to boost supplies and contain prices of essential goods during the month of Ramadan, the government took measures to alleviate the burden on consumers by reducing value added tax and import duties on four commodities -- edible oil, sugar, dates and rice on February 8.

The prices of all types of steel products have gone up by Tk 5,000 to Tk 15,000 per tonne within the span of a week after the customs department increased the assessment value by a large margin, traders said.

With Ramadan less than two months away, the prices of chickpeas, dried peas, dates, and soybean oil have increased in Dhaka and Chattogram.

Chinese state-owned company Sinohydro Corporation Limited imported equipment, vehicles and accessories worth about $103 million or Tk 1,145 crore in the last nine years under duty-waiver facility.

The import of 30 goods, which are in high demand in industry, farming and households, through Custom House, Chattogram has dropped in volume by 26 percent in the first five months of fiscal year 2023-24 compared to the same period of last year.