Older, scaled firms poised to get major tax benefits

United Commercial Bank PLC (UCB) turned 43 on June 26. Incorporated in Bangladesh in 1983, the bank has grown into one of the country’s largest first-generation private commercial banks.

Bangladeshi agritech startup iFarmer has won a US$250,000 award from the OPEC Fund for International Development for helping smallholder farmers gain access to finance, agricultural inputs, advisory services, weather information and markets.

The Bangladesh Standards and Testing Institution (BSTI) on June 23 issued a gazette notification making the use of the BSTI label or logo mandatory for seven new products to be marketed.

The Bangladesh Institute of Labour Studies (BILS) has urged the government to withdraw the proposed mandatory Taxpayer Identification Number (TIN) requirement for opening bank accounts, saying it would pose an unnecessary barrier for millions of low-income workers.

Bangladesh has secured about $3.11 billion in emergency budget support from four development partners, including the World Bank and the Asian Development Bank, this month to cushion the economic fallout from the US and Israel’s war on Iran.

Ministries instructed to review projects with less than 30% progress and scrap those no longer viable

Garment exports from Bangladesh to the European Union (EU) fell 19.33 percent year-on-year to €6.09 billion in the January-April period of 2026 due to intense international competition and weaker demand

The facility is expected to add 550-600 million cubic feet of gas per day to the national grid

First Bangladeshi startup to receive the honour

The products are fortified maize (corn) oil; saris; woven dress fabrics for women and girls made of man-made fibres and their blends; LED luminaires; plastic feeding bottles; toys; and autoclaved aerated concrete blocks

The following is a recap of those major stories as covered by Star Business

Recognising the urgency, DBA President Saiful Islam led swift coordination between BSEC and BEXIMCO Pharmaceuticals' management to urge the necessary steps in the wider interests of investors

The funding includes $300 million as emergency support for food security

The US delegation also exchanged views on the amended labour law and labour policy reform initiatives in Bangladesh

Separate cargo villages should be built outside airports with modern storage facilities to tackle the ongoing cargo backlogs, Commerce Minister Khandakar Abdul Muktadir said yesterday.

The Bangladesh Bank yesterday organised a day-long campaign at its headquarters to promote the use of Bangla QR codes for digital payments, with the interoperable system set to become mandatory from July 1 for all merchant payment points.

Repaying a huge amount of accumulated debt has become one of the biggest challenges in rebuilding the country’s economy and creating a new financial framework, as the government’s fiscal space remains limited, Finance Minister Amir Khosru Mahmud Chowdhury said yesterday.

Business leaders have urged the government to withdraw the proposed 0.2 percent advance income tax (AIT) on supplies made to retailers, saying it would create complications for businesses and increase compliance costs.

Bangladesh’s Annual Development Programme (ADP) expenditure fell to a five-year low of 48.23 percent in the July-May period of the current fiscal year due to poor project readiness, procurement and land acquisition delays, and weak coordination among implementing agencies.