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“Will be paid adequate compensation”
Nor “Would be paid…….”
Is the decision already made? Has Hasina got the proposal off the Chinese which includes approval of Phulbari?
The question is when will we find out!!!
Positions taken.
Https://primenewsbd.net/get-news/29555
Chinese and Indian companies operating in Bangladesh, particularly those in the energy and power sector, have enjoyed numerous benefits for an extended period. However, they are now poised to encounter obstacles. Despite the government's intentions to assist them, they may find themselves deprived of financial advantages due to the International Monetary Fund's (IMF) stipulations.
For the past 15 years, the government has been extending various financial benefits to companies from China and India. However, due to the loan conditions imposed by the IMF, the government is now hesitant to continue offering these policy incentives. Despite its desire to provide such facilities, the government finds itself compelled to withdraw from them.
According to reliable sources, last week, the 1320 MW Bangladesh-China Power Company (Pvt.) Limited (BCPCL), also known as the Payra Thermal power plant, which is owned by the China Bangladesh Joint Venture Company, has applied for an extension of the Advance Income Tax (AIT) deduction at the import level on imported coal until June of next year.
The AIT deduction benefit on imported coal for the ultra-supercritical system power plant is set to expire in June of this year. Recently, BCPCL has submitted a request to the National Board of Revenue (NBR) seeking an extension of the deadline for AIT deduction on coal. The two Chinese companies involved in the BCPCL joint venture are China National Machinery Import and Export Corporation and China's state-owned China General Technology.
In addition, both the NBR and the Power Department have provided various policy and financial benefits for the government's procurement of power from the 1600 MW power plant of Adani Power Limited, constructed in Jharkhand, India last year. These benefits include special opportunities aimed at enhancing profits through a 25-year contract.
At that time, the opponents of the Adani contract called for its revision or even cancellation, citing this power contract as ‘against the interest’ of the country. At present, Bangladesh is importing about 1500 MW of electricity from Adani Power Limited.
Meanwhile, the IMF’s extended loan facility has called for all sorts of reforms to boost NBR’s revenue. The international body has asked to revoke NBR’s voluntary power to grant tax holiday benefits. Under this power, tax officials of NBR can grant tax holiday benefits to any taxpayer individual or company.
IMF believes that only the national parliament can have such power. Apart from that, a list of which sectors will get tax holiday benefits in the current budget has been announced. But beyond this list, the budget said that the NBR can give tax holiday benefits to any sector if it wants. IMF said, this power also need not be in NBR’s hands.
Besides, companies in the gas extraction sector get a special tax benefit called ‘Depression Allowance’. Although the companies do no
My excitement peaked once news started coming out about the change in GoB stance.
I’ve added quite a lot since.
On Covid, yes I’ve been manufacturing the next version for the German government. That’s my day job though.