Tax operations declared as "essential services" in Bangladesh
Bangladesh's Ministry of Labor and Employment issued a gazette notification in this regard Tuesday.
According to the notification, tax operations are declared as essential operations for meeting revenue collection targets of the government and for keeping the financial management of the government dynamics.
The Bangladeshi interim government last month through an ordinance created two new divisions by abolishing the country's National Board of Revenue in an apparent move to modernize tax administration and boost revenue collection.
The ordinance stated that the Revenue Policy Division will monitor the implementation of tax laws while the Revenue Management Division will mainly look into revenue collection.
The restructuring reportedly followed a key condition set by the International Monetary Fund to separate tax policy from administration.
The Washington-based lender has long pushed for tax reforms to raise Bangladesh's tax-to-GDP ratio, one of the lowest in Asia.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysian Reserve
22 minutes ago
- Malaysian Reserve
MAPCO Enters Indianapolis Market with Acquisition of Circle K Stores, Bringing Award-Winning Loyalty Program and Trusted Fuel
INDIANAPOLIS, July 1, 2025 /PRNewswire/ — MAPCO, a leading convenience store and fuel retailer across the Southeastern U.S., today announced its strategic expansion into the greater Indianapolis area through the acquisition of several Circle K locations. This marks MAPCO's official entry into Indiana, bringing top-tier fuel, fresh food, and its award-winning MYReward$ loyalty program to a new customer base. The newly acquired locations will be rebranded as MAPCO stores in the coming months, offering residents and commuters a clean, convenient, and customer-first experience. Shoppers can look forward to grab-and-go meals, fresh coffee, quality fuel, and exclusive savings through MYReward$ — a program that lets customers earn points on every purchase and redeem them for discounts at the pump or in-store. 'We are incredibly excited to introduce MAPCO to the vibrant Indianapolis community,' said Chrisinda Nelson, Marketing Manager at MAPCO. 'This expansion allows us to serve new customers with the same trusted quality, local focus, and exceptional service that have defined the MAPCO experience for years.' MAPCO plans to retain existing staff at these sites and invest in local operations, contributing to job retention and neighborhood vitality. The company remains committed to delivering its 'Better Break' promise — creating more convenient, rewarding stops for every journey. About MAPCO MAPCO operates hundreds of stores across the Southeastern United States and is owned by American-based Majors Management. Ranked among the nation's top convenience retailers, MAPCO offers quality-guaranteed fuel, a growing selection of fresh food, and a customer-first loyalty experience. MAPCO is deeply committed to its communities, actively demonstrating this through the MAPCO Giveback program, which provides vital support to local little league teams, emergency responders, non-profits, and various other community needs. Learn more at Media Contact: Chrisinda NelsonMarketing
The Star
2 hours ago
- The Star
Fed Chair Powell sticks to wait-and-see stance on interest rates
NEW YORK, July 1 (Xinhua) -- U.S. Federal Reserve Chair Jerome Powell on Tuesday reiterated his wait-and-see stance on interest rates while admitting that the Trump administration's tariffs prevented the Fed from lowering interest rates early. "As long as the economy is in solid shape, we think the prudent thing to do is to wait and see what those effects might be," said Powell at the European Central Bank (ECB) Forum on Central Banking in the Portuguese resort town of Sintra. U.S. inflation is likely to go up later this summer despite uncertainties on the timing and magnitude of price increase from the duties, according to Powell. The Fed would have already cut interest rates in 2025 if not for the shockwaves from tariffs announced by U.S. President Donald Trump, according to Powell. "In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs," said Powell. The Fed has kept the target of federal funds rates unchanged at 4.25 percent to 4.5 percent this year. The Fed's wait-and-see mode has drawn fierce criticism from Trump, who has urged lowering interest rates to reduce the U.S. burden of paying interest on hefty debts. Powell and the entire Board of Governors of the Federal Reserve System should be ashamed of themselves for not cutting interest rates, according to Trump's post on social media on Monday. "The Board just sits there and watches, so they are equally to blame," added Trump.
BusinessToday
2 hours ago
- BusinessToday
Solution Group To Distribute Cervical Cancer Vaccine In Malaysia
Solution Group Berhad announced through an exclusive international distribution agreement with China-based Xiamen Innovax Biotech Co., Ltd. for the supply of INNOVAX's recombinant Human Papillomavirus (HPV) Bivalent Vaccine, Cecolin. This collaboration marks a strategic move for SGB into the biologics and vaccine distribution sector, complementing its existing healthcare initiatives. INNOVAX is a prominent biotechnology company specialising in the development, manufacturing, and marketing of innovative vaccines. Headquartered in Xiamen, China, INNOVAX is known for its unique Escherichia coli -based recombinant vaccine system. This platform was instrumental in the development of the world's first Hepatitis E Vaccine, Hecolin®, launched in China in 2012, and its Cervical Cancer Vaccine, Cecolin (HPV16&18 bivalent), approved in 2019. Under the terms of the exclusive distribution agreement, SOLBIO is granted the rights to register, import, commercialise, and distribute Cecolin in Malaysia. Key highlights of the agreement include minimum order quantity commitments for three years after product registration, with SOLBIO also responsible for regulatory registration, import licensing, and pharmacovigilance. Both companies will jointly work on ensuring cold chain logistics compliance, market development, and product education. The agreement commenced on July 1, 2025, and has an initial term of three years, with potential for renewal. Cecolin, developed using Escherichia coli expression technology, is designed for the prevention of cervical cancer. The vaccine has notably received prequalification from the World Health Organization (WHO), signifying its adherence to global standards of quality, safety, and efficacy. Related
