National
NBR Chief Announces ‘No tax exemption on offshore loan interest after Dec’
The National Board of Revenue (NBR) Chairman, Abu Hena Md Rahmatul Muneem, announced the discontinuation of tax exemption on foreign loan interest after this year. Addressing offshore borrowers at a pre-budget meeting in the capital, Muneem urged them to prepare for tax payments, emphasizing that the concession provided until December would cease thereafter.
“We have provided you with breathing space until December. After this, there will be no such concession. Begin negotiations accordingly,” warned the NBR chairman during the meeting held at the NBR Building in Agargaon.
Muneem emphasized that Bangladesh aims to transition from being a tax-evading haven and is on track to graduate to a developing country. In the fiscal year 2023-24 budget, the NBR had imposed a 20% tax on interest payments for offshore loans from July. This led businesses to shy away from new loans, focusing instead on repaying existing ones, resulting in a decline in short-term foreign loans and a reduction in the country’s forex reserves.
The tax primarily targeted offshore bank interest and was intended to spare local borrowers. However, reports from bank sources suggested that foreign lenders were indirectly passing the tax burden onto local borrowers. In response to concerns, the NBR introduced an exemption facility until February, later extending it to 31 December 2024 to boost dollar inflow.
During the pre-budget meeting, the Bangladesh Export Processing Zone Authority (BEPZA) sought various tax benefits, prompting the NBR chairman to highlight concerns about the misuse of facilities granted to industries under BEZA. Muneem stated, “I can’t take more risks by giving more benefits,” expressing reluctance in the face of evidence indicating misuse.
Representatives from organizations such as Business Initiative Leading Development (BUILD) and Bangladesh Hi-tech Park Authority presented proposals during the meeting. Additionally, the NBR engaged with the Bangladesh China Chamber of Commerce and Industry (BCCCI), India Bangladesh Chamber of Commerce and Industry (IBCCI), Women Entrepreneurs Network for Development Association (WEND), Anti-Tobacco Media Alliance (ATMA), and other organizations on the day.
The Bangladesh Meteorological Department (BMD) has forecasted light to moderate rain or thundershowers accompanied by temporary gusty winds at most places across the Rangpur, Rajshahi, Mymensingh, Dhaka, Khulna, Barishal, Chattogram, and Sylhet divisions. Some areas may experience moderately heavy to very heavy rainfall, according to their latest weather bulletin released on Thursday.
Day and night temperatures are expected to remain nearly unchanged across the country.
The highest rainfall in the country over the past 24 hours was recorded in Kumarkhali, with 104mm of rain by 6 a.m. on Thursday.
The axis of the monsoon trough extends from India’s Madhya Pradesh, Odisha, and West Bengal to Assam, passing through Bangladesh, with one of its associated troughs stretching into the North Bay of Bengal.
The monsoon remains active over Bangladesh and moderate to strong over the North Bay region.
The Bangladesh Meteorological Department (BMD) has forecasted that the mild heat wave currently affecting parts of the country, including the capital, is expected to subside in most areas within the next 24 hours, starting from 9 am today.
“A mild heat wave is sweeping across the divisions of Rangpur, Rajshahi, Dhaka, Mymensingh, and Sylhet, as well as the districts of Jashore, Chuadanga, and Kushtia. It is likely to ease in most regions,” the department reported.
In addition, BMD predicted light to moderate rainfall or thundershowers, accompanied by temporary gusty winds, across most of Rangpur, Rajshahi, Dhaka, Mymensingh, Khulna, Barishal, Chattogram, and Sylhet divisions. Some areas are expected to experience moderate to very heavy rainfall.
Temperatures across the country may drop by 1-2 degrees Celsius during both day and night.
On Monday, Dinajpur in the Rangpur division recorded the country’s highest temperature at 38.6°C, while Bandarban in the Chattogram division saw the lowest temperature at 24.6°C early today.
Meanwhile, rainfall recorded in the past 24 hours, ending at 6 am today, reached 66 mm in Nikli of Dhaka Division.
The sunset in Dhaka is at 5:53 pm today, and sunrise is expected at 5:49 am tomorrow.
Two separate murder cases were filed today in connection with the deaths of a private service holder and a Madrasa student during the anti-discrimination student movement.
The first case was lodged by Ridwan Ahmed with Panchlaish police station, accusing former ministers Dr. Hasan Mahmud, Barrister Mohibul Hasan Chowdhury Naufel, and 127 others for the death of his nephew Sujan, 14. Sujan, the son of Belal Hossain from Beramara village in Noakhali’s Sadar Thana, was a student at Al Jamirul Hayat Madrasa in the city’s Chandgaon area. He was fatally shot in the Muradpur area on July 18.
The second case was filed by Jamal Uddin at Doublemooring police station, accusing 225 individuals, including Dr. Hasan Mahmud and Education Minister Barrister Mohibul Hasan Chowdhury Naufel, for the killing of his elder brother Alam, a private service holder, on August 5.
