Govt probes Beximco loan securities from banks

The National Board of Revenue (NBR) has exempted the advance tax (AT) on the import of raw materials for cancer drug manufacturing, aiming to reduce production costs and drug prices. Previously, a 5% AT was imposed, but it has now been reduced to 2% or eliminated altogether.

Samuel S Chowdhury, chairman of Square Pharmaceuticals, plans to buy 15 lakh shares worth over Tk 32 crore within 30 working days through the Dhaka Stock Exchange (DSE). As of November 30, 2023, he held a 9.32% stake, which will rise to 9.49% after the purchase.

Bangladesh's pharmaceutical exports saw steady growth in the first eight months of FY24-25, earning $145.46 million, a 7.1% increase from $135.81 million in the same period of the previous year. Growth was driven by rising demand in developed markets like the US, Australia, and Europe.

The government has provided Tk 525.46 crore to Beximco Group to settle dues for workers and officials of 14 closed textile and garment units. The funds, allocated by the finance division, will be disbursed as a loan, which Beximco must repay later.

The Appellate Division of the Supreme Court has allowed independent directors appointed by the Bangladesh Securities and Exchange Commission (BSEC) to resume duties at Beximco, Beximco Pharmaceuticals, and Shinepukur Ceramics.

The National Board of Revenue (NBR) has reduced the source tax on the import of raw materials used in cancer drug production from 5% to 2%, aiming to lower production costs and make oncology medicines more affordable. This move is expected to benefit both pharmaceutical manufacturers and patients by reducing drug prices.