Congratulations to our client, IHI Corporation, and its consortium partners, Sumitomo Corporation and Toshiba Corporation, on the official inauguration of the commercial production of the first unit of the Matarbari Power Plant in Bangladesh! This is a landmark achievement for Bangladesh, as it is the country’s first ultra-supercritical coal-fired power plant. Ultra-supercritical coal-fired power plants operate at higher temperatures and pressures than traditional coal-fired power plants, resulting in higher efficiency and lower emissions. The Matarbari Power Plant is a significant project for ..read more

Congratulations to our client, China Road and Bridge Corporation, on the opening of the Patenga Container Terminal in Chattogram, Bangladesh! We are proud to have acted as CRBC’s retainer on this landmark project, which is one of the largest and most important infrastructure projects in Bangladesh. The new container terminal will significantly increase the capacity of Chattogram Port to handle cargo, from 2.8 million TEUs (twenty-foot equivalent units) per year to 4.8 million TEUs per year. The terminal also features several advanced technologies, including automated stacking cranes and ship-t ..read more

Rahman’s Chambers is delighted to congratulate our client, Penta-Ocean Construction Co., Ltd., on the opening of the channel of Matarbari Deep Sea Port. This is a landmark project that will have a significant impact on the Bangladesh economy and improve the lives of millions of Bangladeshis. Penta-Ocean Construction Co., Ltd. played a vital role in the development of the constructing the access channel and reclaiming land. The company’s expertise and commitment to quality were essential to the success of the project We are proud to have supported Penta-Ocean Construction Co., Ltd. in its eff ..read more

Summary: The government is offering tax rebates on deposits for the Universal Pension Scheme to encourage investment.  Content: An official from the National Pension Authority has confirmed that they have sent a letter to the National Board of Revenue (NBR) asking for appropriate action to be taken. It has been suggested that the board will issue an order relating to this matter by the end of the week. If approved, individuals who deposit funds into the scheme, which was launched in August of this year, will be eligible for a rebate on their applicable taxes, as determined by the governme ..read more

Summary: The Multilateral Investment Guarantee Agency (MIGA) is considering providing guarantees for short-term trade finance facilities to Bangladesh for essential imports. The guarantee amount could range from $500 million to $1 billion. This move comes after the government was not interested in MIGA’s previous offer of a $1 billion guarantee at a 6% interest rate six months ago. Content: International commercial lenders have expressed interest in funding finance facilities that will be supported by guarantees from the World Bank’s Multilateral Investment Guarantee Agency (MIGA). These guara ..read more

Summary: The Bangladesh Bank report warns that the financial sector’s stability is at risk due to the increasing number of non-performing loans. On October 5, the quarterly report for April-June 2023 was published by the central bank, in which it made the observation. Content: The report reveals that the gross NPL ratio to total loans increased from 8.8% in March 2023 to 10.1% in June 2023. This rise remains a concern, and defaulted loans require closer monitoring. According to the data released by BB on October 1, the amount of defaulted loans surged from Tk 1,31,620 crore in March 2023 to Tk ..read more

Summary: The draft regulatory order has been approved by Finance Minister AHM Mustafa Kamal and is presently under vetting at the law ministry. As per the latest updates, the government is expected to revoke the newly introduced 15% tax on profits or capital gains earned from the sale of land under the income tax law. Content: According to sources at the finance ministry, the National Board of Revenue (NBR) is planning to issue an order that will waive taxes for individual taxpayers in order to reduce their financial burden. The draft regulatory order has been approved by Finance Minister AHM ..read more

Summary: Next month (November), contractors are expected to be appointed by the Chittagong Port Authority (CPA) for the construction of Matarbari Deep-sea Port. It is anticipated that the evaluation of tenders submitted for the construction work of the port will be completed soon. Afterwards, the authorities will proceed with the appointment of contractors for both sides, namely Chittagong Port and Roads and Highways Department (RHD). This development marks a crucial milestone in the journey towards the completion of the Matarbari Deep-sea Port, and it is expected to significantly boost the re ..read more

We offer our heartiest congratulations to our esteemed Clients, China Communications Constructions Company (CCCC) Ltd and all its subsidiaries and affiliates in Bangladesh on this monumental occasion of the inauguration of the Bangabandhu Sheikh Mujibur Rahman Tunnel under the Karnaphuli River, the first of its kind in Bangladesh, which will inevitably lead to more positive changes on both sides of the river, sparking economic growth and improving communication on a national scale. Picture Credit: The Finance Today The post Inauguration of the Bangabandhu Sheikh Mujibur Rahman Tunnel. first ap ..read more

Summary Japan became the twelfth State Party to the United Nations Convention on International Settlement Agreements Resulting from Mediation, also referred to as the “Singapore Convention on Mediation”, by depositing the instrument of accession at the UN Headquarters in New York. Content The accession by Japan was effected on 1st October 2023; However, the Convention will become effective for Japan on the 1st of April, 2024. Japan also made a reservation in accordance with article 8(1) (b) of the Convention when acceding to it. The Singapore Convention promotes mediation as an effective metho ..read more