TohidA/MONA · Datasets at Hugging Face

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish a technical committee comprising officials from the Ministries of Finance and Agriculture, Bangladesh Chemical Industries Corporation, and other agencies, as necessary, to monitor commitments and payments.

1

First Review Prior action

M

Macroeconomic criticality: To strengthen governance and reduce fiscal risks

3

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Float a tender for an internationally-affiliated firm to conduct an external audit on Bangladesh Bank's (BB) end-June 2012 accounts, with the audit opinion to be signed by both the audit firm's international or regional head office and local affiliate.

1

Program Prior Action

M

Macroeconomic criticality: To strengthen central bank operations. Completed. Tender floated in February 2012.

3

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Selection of a global audit firm for full external audit of Bangladesh Bank (BB) for the financial year 2012-13.

2

Second Review Prior action

M

Macroeconomic crititicality: To strengthen internal operations and controls of Bangladesh Bank

3

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

24.1

5.1. Public enterprise pricing and subsidies

Adjust retail electricity and petroleum prices to contain budgetary transfers to the Bangladesh Petroleum Corporation (BPC) and the Bangladesh Power Development Board (BPDB) to Tk 150 billion in FY12.

1

Program Prior Action

M

Macroeconomic criticality: To reduce operating losses of BPC and BPDB and overall subsidy costs in the budget.

3

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

PA

25

6. Financial sector

Lift the remaining lending caps on commercial bank loans, except on agricultural loans and short-term pre-shipment credits for exports.

1

Program Prior Action

M

Macroeconomic criticality: To increase interest rate flexibility and deepen financial markets. Completed. Caps lifted in Janauary 2012.

3

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit a new VAT law to the National Parliament consistent with tax modernization plans and medium-term.

1

06/30/2012

NM

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. Law submitted on July 8, but required further revisions in line with program commitments.

3

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Remove tax concessions and exemptions in the FY13 Finance Bill equivalent to at least 0.5 percent of GDP in FY13.

2

06/30/2012

NM

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. An estimated 0.3 percent of GDP were removed.

3

2

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Approval by the Minister of Finance of a VAT implementation plan and timetable and a new organizational structure of the NBR.

1

09/30/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. Rescheduled for completion because of delays in passage of the new VAT law. Draft plan prepared (with IMF technical assistance) in December 2012.

3

1

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Approval by the Minister of Finance of a VAT implementation plan and timetable and a new organizational structure of the NBR.

1

03/31/2013

M

At R1, rescheduled.

3

1

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Automate taxpayer identification number issuance, including links to the national identification number system.

2

12/31/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. Rescheduled because of delays in the project tendering process and the need to ensure consistency with the tax modernization strategy.

3

2

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Automate taxpayer identification number issuance, including links to the national identification number system.

2

06/30/2013

M

At R1, rescheduled.

3

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Selection of a vendor for a tax automation system for VAT.

3

12/31/2013

MOD-DATE

Introduced at R2. Macroeconomic criticality: To strengthen tax revenue administration. At R3, rescheduled.

3

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Selection of a vendor for a tax automation system for VAT.

3

06/30/2014

SB

At R3, new test date. Rescheduled from December 2013 in view of delays in the inclusion of a funding allocation for the VAT implementation project in the Annual Development Program.

3

2014-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.2

1.2. Revenue administration, including customs

Publication of the tender for the selection of the VAT automation software vendor.

4

12/31/2013

SB

Introduced at R3. Macroeconomic criticality: To strengthen tax revenue administration

3

4

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.5

1.5. Debt Management

Issue notification for revised terms of reference for the Cabinet's Hard Term Loan Committee.

1

06/30/2013

M

Introduced at R2. Macroeconomic criticality: To strengthen external public debt management

3

1

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish budget management wings/branches in all line ministries and issue a circular to ensure uniform budget implementation and reporting standards.

1

06/30/2012

MD

Introduced at R0. Macroeconomic criticality: To strengthen budget monitoring and controls. At R1, Not met. Budget management wings/branches were established by June 2012, but circular issued on August 2, 2012.

3

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Issue guidelines and procedures on budget monitoring and reporting in accordance with the Public Money and Budget Management Act.

2

06/30/2013

M

Introduced at R1. Macroeconomic criticality: To strengthen budget monitoring and controls. At R2, met (ahead of schedule). Guidelines issued in March 2013.

3

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Complete efficiency audits by the Office of the Auditor General of the Bangladesh Petroleum Corporation, Bangladesh Power Development Board and Bangladesh Chemical Industries Corporation.

3

06/30/2013

M

Introduced at R1. Macroeconomic criticality: To minimize fiscal transfers and risks

3

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Complete a full external audit for the financial year 2012-13 of the Bangladesh Petroleum Corporation by a global audit firm in association with a local firm.

4

09/30/2014

SB

Introduced at R3. Macroeconomic criticality: To strengthen financial management at the largest state-owned enterprise

3

4

2014-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

21.1

2.1. Central bank operations and reforms

Reduce the outstanding balances of foreign exchange overdrafts provided by BB to zero.

1

06/30/2012

M

Introduced at R0. Macroeconomic criticality: To increase transparency and safeguard foreign reserves

3

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

21.1

2.1. Central bank operations and reforms

Submit amendments to the Bank Companies Act (BCA) to the National Parliament, giving BB the sole legal supervisory and regulatory authority over all commercial banks and expanding fit and proper criteria for all commercial banks to major shareholders, board members, and executive officers.

2

09/30/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To strengthen risk management and improve bank governance. At R1, Not met. Rescheduled for completion, with additional time needed by BB and the Ministry of Finance to finalize a set of amendments consistent with program commitments.

3

2

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

21.1

2.1. Central bank operations and reforms

Submit amendments to the Bank Companies Act (BCA) to the National Parliament, giving BB the sole legal supervisory and regulatory authority over all commercial banks and expanding fit and proper criteria for all commercial banks to major shareholders, board members, and executive officers.

2

03/31/2013

M

At R1, rescheduled.

3

2

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

21.1

2.1. Central bank operations and reforms

Review and adopt the amendments to foreign exchange regulations and reporting routines for all current account transactions, guided by the September 2013 roadmap adopted by BB and the Ministry of Finance.

3

12/31/2014

SB

Introduced at R3. Macroeconomic criticality: To strengthen the trade and investment climate

3

2014-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Engage and complete a full external audit for the financial year of 2012-13 of BB by a global audit firm.

1

12/31/2013

SB

Introduced at R1. Macroeconomic criticality: To strengthen internal operations and controls

3

1

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Appointment of a certified chartered accountant as an advisor to the Audit Committee of the BB Board.

2

03/31/2014

SB

Introduced at R3. Macroeconomic criticality: To strengthen internal operations and controls

3

2

2014-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Adopt an automatic adjustment mechanism for retail petroleum prices to ensure full pass-through of international prices.

1

12/31/2012

NM

Introduced at R0. Macroeconomic criticality: To eliminate operating losses of BPC and reduce overall subsidy costs in the budget. At R1, Not met. Price adjustments will continue to be made, as necessary, to ensure the wedge between domestic and international prices is consistent with containing fuel subsidies.

3

1

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue new BB regulations on loan classification and loan-loss provisioning in line with international best practices, to take full effect by June 2014.

1

06/30/2012

M

Introduced at R0. Macroeconomic criticality: To strengthen the financial sector

3

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue a BB order, consistent with the amended BCA, establishing a limit on a commercial bank's shareholdings in the stock market to 25 percent of its total regulatory capital.

2

09/30/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To strengthen banks' financial position. At R1, Not met. Rescheduled because of delays in finalizing amendments to the BCA.

3

2

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue a BB order, consistent with the amended BCA, establishing a limit on a commercial bank's shareholdings in the stock market to 25 percent of its total regulatory capital.

2

03/31/2013

MOD-DATE

At R1, rescheduled.

3

2

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue a BB order, consistent with the amended BCA, establishing a limit on a commercial bank's shareholdings in the stock market to 25 percent of its total regulatory capital.

2

06/30/2013

MD

At R2, rescheduled to end-June 2013. At R3, Not met by the deadline. The demutualization model and plan were approved in September 2013 following passage of the Demutualization Act in April 2013, which allowed a maximum of five months for the approval process.

3

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Approval by the Securities and Exchange Commission of a demutualization model and plan for the Dhaka and Chittagong stock exchanges.

3

12/31/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To strengthen the financial sector. At R1, Not met. Rescheduled because of legal need for prior passage of a new Demutualization Act.

3

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Approval by the Securities and Exchange Commission of a demutualization model and plan for the Dhaka and Chittagong stock exchanges.

3

06/30/2013

MD

At R1, rescheduled. At R3, Not met by the deadline. The demutualization model and plan were approved in September 2013 following passage of the Demutualization Act in April 2013, which allowed a maximum of five months for the approval process.

3

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Complete special diagnostic examinations by BB at the four largest state-owned commercial banks focused on asset quality, liquidity management, and internal audit and controls.

4

06/30/2013

M

Introduced at R1. Macroeconomic criticality: To strengthen financial sector soundness

3

4

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Finalize a bank resolution framework, comprising a contingency plan and lender of last resort policy at BB.

5

09/30/2013

M

Introduced at R1. Macroeconomic criticality: To reduce systemic risks

3

5

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Revise the memoranda of understanding with the four largest state-owned commercial banks to address key shortcomings identified by the special diagnostic examinations.

6

09/30/2013

M

Introduced at R2. Macroeconomic criticality: To strengthen the banking system

3

6

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

An internal control and compliance policy to be approved by each of the boards of the four largest state-owned commercial banks.

7

12/31/2013

SB

Introduced at R3. Macroeconomic criticality: To strengthen the banking system

3

7

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

A detailed action plan for automation at the state-owned commercial banks to be approved by the Ministry of Finance.

8

03/31/2014

SB

Introduced at R3. Macroeconomic criticality: To strengthen the banking system

3

8

2014-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

N/A

2013-11-27

P1

R3

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

Complete a review of the Foreign Exchange Regulation Act.

1

09/30/2013

M

Introduced at R1. Macroeconomic criticality: To strengthen the trade and investment climate

3

1

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

20

1. General government

Issue a government circular to line ministries indicating that shortfalls in externally-funded ADP budget will not be substituted with taka funding.

1

Program Prior Action

M

Macroeconomic criticality: To achieve fiscal targets. Completed. Circular issued in January 2012.

4

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

20

1. General government

Rationalize primary issuances by raising Treasury bill-bond ratio at auction to 50:50.

2

First Review Prior action

M

Macroeconomic criticality: To reduce financial repression

4

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Approval by the Cabinet of Ministers of a new value added tax (VAT) law consistent with National Board of Revenue (NBR) tax modernization plans and medium-term revenue targets.

1

Program Prior Action

M

Macroeconomic criticality: To increase tax revenue. Completed. Cabinet approved law in March 2012.

4

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Passage of a new value added tax (VAT) law by the National Parliament consistent with tax modernization plans and medium-term revenue targets.

2

First Review Prior action

M

Macroeconomic criticality: To increase tax revenue

4

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

20.2

1.2. Revenue administration, including customs

Final approval by the Executive Committee of National Economic Council (ECNEC) of the Development Project Proposal (DPP) for the VAT implementation project.

1

Third Review Prior action

M

Macroeconomic criticality: To strengthen tax revenue administration

4

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

20.3

1.3. Expenditure measures, including arrears clearance

Adopt a plan setting out the schedule of subsidy cost disbursements to Bangladesh Petroleum Corporation (BPC) through June 2013 and issuing instructions for BPC to procure the associated foreign exchange from BB.

1

Second Review Prior action

M

Macroeconomic criticality: To bring subsidy costs on-budget and reduce BPC's dependency on expensive short-term external credit

4

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

20.5

1.5. Debt Management

Establish a technical committee to monitor external nonconcessional borrowing.

1

Second Review Prior action

M

Macroeconomic criticality: To strengthen external public debt management

4

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

20.5

1.5. Debt Management

Cash and Debt Management Committee (CDMC) decision to place limits on the amount of government borrowing from BB through the current overdraft facility.

2

Third Review Prior action

M

Macroeconomic criticality: To strengthen public financial management

4

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish a technical committee comprising officials from the Ministries of Finance and Agriculture, Bangladesh Chemical Industries Corporation, and other agencies, as necessary, to monitor commitments and payments.

1

First Review Prior action

M

Macroeconomic criticality: To strengthen governance and reduce fiscal risks

4

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Float a tender for an internationally-affiliated firm to conduct an external audit on Bangladesh Bank's (BB) end-June 2012 accounts, with the audit opinion to be signed by both the audit firm's international or regional head office and local affiliate.

1

Program Prior Action

M

Macroeconomic criticality: To strengthen central bank operations. Completed. Tender floated in February 2012.

4

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

21.2

2.2. Central bank auditing, transparency, and financial controls

Selection of a global audit firm for full external audit of Bangladesh Bank (BB) for the financial year 2012-13.

2

Second Review Prior action

M

Macroeconomic crititicality: To strengthen internal operations and controls of Bangladesh Bank

4

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

24.1

5.1. Public enterprise pricing and subsidies

Adjust retail electricity and petroleum prices to contain budgetary transfers to the Bangladesh Petroleum Corporation (BPC) and the Bangladesh Power Development Board (BPDB) to Tk 150 billion in FY12.

1

Program Prior Action

M

Macroeconomic criticality: To reduce operating losses of BPC and BPDB and overall subsidy costs in the budget.

4

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

PA

25

6. Financial sector

Lift the remaining lending caps on commercial bank loans, except on agricultural loans and short-term pre-shipment credits for exports.

1

Program Prior Action

M

Macroeconomic criticality: To increase interest rate flexibility and deepen financial markets. Completed. Caps lifted in Janauary 2012.

4

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submit a new VAT law to the National Parliament consistent with tax modernization plans and medium-term.

1

06/30/2012

NM

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. Law submitted on July 8, but required further revisions in line with program commitments.

4

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Remove tax concessions and exemptions in the FY13 Finance Bill equivalent to at least 0.5 percent of GDP in FY13.

2

06/30/2012

NM

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. An estimated 0.3 percent of GDP were removed.

4

2

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Approval by the Minister of Finance of a VAT implementation plan and timetable and a new organizational structure of the NBR.

1

09/30/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. Rescheduled for completion because of delays in passage of the new VAT law. Draft plan prepared (with IMF technical assistance) in December 2012.

4

1

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Approval by the Minister of Finance of a VAT implementation plan and timetable and a new organizational structure of the NBR.

1

03/31/2013

M

At R1, rescheduled.

4

1

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Automate taxpayer identification number issuance, including links to the national identification number system.

2

12/31/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To increase tax revenue. At R1, Not met. Rescheduled because of delays in the project tendering process and the need to ensure consistency with the tax modernization strategy.

4

2

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Automate taxpayer identification number issuance, including links to the national identification number system.

2

06/30/2013

M

At R1, rescheduled.

4

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Selection of a vendor for a tax automation system for VAT.

3

12/31/2013

MOD-DATE

Introduced at R2. Macroeconomic criticality: To strengthen tax revenue administration. At R3, rescheduled.

4

3

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Selection of a vendor for a tax automation system for VAT.

3

06/30/2014

SB

At R3, new test date. Rescheduled from December 2013 in view of delays in the inclusion of a funding allocation for the VAT implementation project in the Annual Development Program.

4

3

2014-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Publication of the tender for the selection of the VAT automation software vendor.

4

12/31/2013

M

Introduced at R3. Macroeconomic criticality: To strengthen tax revenue administration. At R4, met.

4

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.5

1.5. Debt Management

Issue notification for revised terms of reference for the Cabinet's Hard Term Loan Committee.

1

06/30/2013

M

Introduced at R2. Macroeconomic criticality: To strengthen external public debt management

4

1

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.5

1.5. Debt Management

Adopt guidelines for the credit risk assessment, approval and issuance of loan guarantees provided by the central government.

2

07/31/2014

SB

Introduced at R4. Macroeconomic criticality: To strengthen public debt management

4

2

2014-07-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish budget management wings/branches in all line ministries and issue a circular to ensure uniform budget implementation and reporting standards.

1

06/30/2012

MD

Introduced at R0. Macroeconomic criticality: To strengthen budget monitoring and controls. At R1, Not met. Budget management wings/branches were established by June 2012, but circular issued on August 2, 2012.

4

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Issue guidelines and procedures on budget monitoring and reporting in accordance with the Public Money and Budget Management Act.

2

06/30/2013

M

Introduced at R1. Macroeconomic criticality: To strengthen budget monitoring and controls. At R2, met (ahead of schedule). Guidelines issued in March 2013.

4

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Complete efficiency audits by the Office of the Auditor General of the Bangladesh Petroleum Corporation, Bangladesh Power Development Board and Bangladesh Chemical Industries Corporation.

3

06/30/2013

M

Introduced at R1. Macroeconomic criticality: To minimize fiscal transfers and risks

4

3

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Complete a full external audit for the financial year 2012-13 of the Bangladesh Petroleum Corporation by a global audit firm in association with a local firm.

4

09/30/2014

SB

Introduced at R3. Macroeconomic criticality: To strengthen financial management at the largest state-owned enterprise

4

2014-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Reduce the outstanding balances of foreign exchange overdrafts provided by BB to zero.

1

06/30/2012

M

Introduced at R0. Macroeconomic criticality: To increase transparency and safeguard foreign reserves

4

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Submit amendments to the Bank Companies Act (BCA) to the National Parliament, giving BB the sole legal supervisory and regulatory authority over all commercial banks and expanding fit and proper criteria for all commercial banks to major shareholders, board members, and executive officers.

2

09/30/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To strengthen risk management and improve bank governance. At R1, Not met. Rescheduled for completion, with additional time needed by BB and the Ministry of Finance to finalize a set of amendments consistent with program commitments.

4

2

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Submit amendments to the Bank Companies Act (BCA) to the National Parliament, giving BB the sole legal supervisory and regulatory authority over all commercial banks and expanding fit and proper criteria for all commercial banks to major shareholders, board members, and executive officers.

2

03/31/2013

M

At R1, rescheduled.

4

2

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Review and adopt the amendments to foreign exchange regulations and reporting routines for all current account transactions, guided by the September 2013 roadmap adopted by BB and the Ministry of Finance.

3

12/31/2014

SB

Introduced at R3. Macroeconomic criticality: To strengthen the trade and investment climate

4

3

2014-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Engage and complete a full external audit for the financial year of 2012-13 of BB by a global audit firm.

1

12/31/2013

MD

Introduced at R1. Macroeconomic criticality: To strengthen internal operations and controls. At R4, completed on January 19, 2014.

4

1

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Appointment of a certified chartered accountant as an advisor to the Audit Committee of the BB Board.

2

03/31/2014

M

Introduced at R3. Macroeconomic criticality: To strengthen internal operations and controls. At R4, met.

4

2

2014-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Adopt an automatic adjustment mechanism for retail petroleum prices to ensure full pass-through of international prices.

1

12/31/2012

NM

Introduced at R0. Macroeconomic criticality: To eliminate operating losses of BPC and reduce overall subsidy costs in the budget. At R1, Not met. Price adjustments will continue to be made, as necessary, to ensure the wedge between domestic and international prices is consistent with containing fuel subsidies.

4

1

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue new BB regulations on loan classification and loan-loss provisioning in line with international best practices, to take full effect by June 2014.

1

06/30/2012

M

Introduced at R0. Macroeconomic criticality: To strengthen the financial sector

4

1

2012-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue a BB order, consistent with the amended BCA, establishing a limit on a commercial bank's shareholdings in the stock market to 25 percent of its total regulatory capital.

2

09/30/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To strengthen banks' financial position. At R1, Not met. Rescheduled because of delays in finalizing amendments to the BCA.

4

2

2012-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue a BB order, consistent with the amended BCA, establishing a limit on a commercial bank's shareholdings in the stock market to 25 percent of its total regulatory capital.

2

03/31/2013

MOD-DATE

At R1, rescheduled.

4

2

2013-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Issue a BB order, consistent with the amended BCA, establishing a limit on a commercial bank's shareholdings in the stock market to 25 percent of its total regulatory capital.

2

06/30/2013

MD

At R2, rescheduled to end-June 2013. At R3, Not met by the deadline. The demutualization model and plan were approved in September 2013 following passage of the Demutualization Act in April 2013, which allowed a maximum of five months for the approval process.

4

2

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Approval by the Securities and Exchange Commission of a demutualization model and plan for the Dhaka and Chittagong stock exchanges.

3

12/31/2012

MOD-DATE

Introduced at R0. Macroeconomic criticality: To strengthen the financial sector. At R1, Not met. Rescheduled because of legal need for prior passage of a new Demutualization Act.

4

3

2012-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Approval by the Securities and Exchange Commission of a demutualization model and plan for the Dhaka and Chittagong stock exchanges.

3

06/30/2013

MD

At R1, rescheduled. At R3, Not met by the deadline. The demutualization model and plan were approved in September 2013 following passage of the Demutualization Act in April 2013, which allowed a maximum of five months for the approval process.

4

3

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Complete special diagnostic examinations by BB at the four largest state-owned commercial banks focused on asset quality, liquidity management, and internal audit and controls.

4

06/30/2013

M

Introduced at R1. Macroeconomic criticality: To strengthen financial sector soundness

4

2013-06-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Finalize a bank resolution framework, comprising a contingency plan and lender of last resort policy at BB.

5

09/30/2013

M

Introduced at R1. Macroeconomic criticality: To reduce systemic risks

4

5

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Revise the memoranda of understanding with the four largest state-owned commercial banks to address key shortcomings identified by the special diagnostic examinations.

6

09/30/2013

M

Introduced at R2. Macroeconomic criticality: To strengthen the banking system

4

6

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

An internal control and compliance policy to be approved by each of the boards of the four largest state-owned commercial banks.

7

12/31/2013

M

Introduced at R3. Macroeconomic criticality: To strengthen the banking system. At R4, met.

4

7

2013-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

A detailed action plan for automation at the state-owned commercial banks to be approved by the Ministry of Finance.

8

03/31/2014

M

Introduced at R3. Macroeconomic criticality: To strengthen the banking system. At R4, met.

4

8

2014-03-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

An assessment by BB of compliance by the state-owned commercial banks (SOCBs) with the Internal Control and Compliance policies approved in December 2013.

9

12/31/2014

SB

Introduced at R4. Macroeconomic criticality: To further improve governance at the SOCBs

4

9

2014-12-31

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2014-05-29

P1

R4

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

Complete a review of the Foreign Exchange Regulation Act.

1

09/30/2013

M

Introduced at R1. Macroeconomic criticality: To strengthen the trade and investment climate

4

1

2013-09-30

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20

1. General government

Issue a government circular to line ministries indicating that shortfalls in externally-funded ADP budget will not be substituted with taka funding.

1

Program Prior Action

M

Macroeconomic criticality: To achieve fiscal targets. Completed. Circular issued in January 2012.

5

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20

1. General government

Rationalize primary issuances by raising Treasury bill-bond ratio at auction to 50:50.

2

First Review Prior action

M

Macroeconomic criticality: To reduce financial repression

5

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20.1

1.1. Revenue measures, excluding trade policy

Approval by the Cabinet of Ministers of a new value added tax (VAT) law consistent with National Board of Revenue (NBR) tax modernization plans and medium-term revenue targets.

1

Program Prior Action

M

Macroeconomic criticality: To increase tax revenue. Completed. Cabinet approved law in March 2012.

5

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20.1

1.1. Revenue measures, excluding trade policy

Passage of a new value added tax (VAT) law by the National Parliament consistent with tax modernization plans and medium-term revenue targets.

2

First Review Prior action

M

Macroeconomic criticality: To increase tax revenue

5

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20.1

1.1. Revenue measures, excluding trade policy

Amendments to the 2012 VAT and Supplementary Duty Act, restricted to none, either or both of, but in any case no more than: (i) an increase in the enlistment threshold for the turnover tax from Tk 2.4 million to Tk 3 million per year of annual turnover, and (ii) adding one or two additional items to the list of exemptions from VAT.

3

Combined Fifth and Sixth Reviews Prior Action

M

Macroeconomic criticality: to maintain the integrity of the 2012 VAT Act Met. The VAT and Supplementary Duty Act was amended to increase the enlistment threshold from Tk 2.4 million to Tk 3 million. This was passed by Parliament on September 2, 2015.

5

3

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20.2

1.2. Revenue administration, including customs

Final approval by the Executive Committee of National Economic Council (ECNEC) of the Development Project Proposal (DPP) for the VAT implementation project.

1

Third Review Prior action

M

Macroeconomic criticality: To strengthen tax revenue administration

5

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20.3

1.3. Expenditure measures, including arrears clearance

Adopt a plan setting out the schedule of subsidy cost disbursements to Bangladesh Petroleum Corporation (BPC) through June 2013 and issuing instructions for BPC to procure the associated foreign exchange from BB.

1

Second Review Prior action

M

Macroeconomic criticality: To bring subsidy costs on-budget and reduce BPC's dependency on expensive short-term external credit

5

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20.5

1.5. Debt Management

Establish a technical committee to monitor external nonconcessional borrowing.

1

Second Review Prior action

M

Macroeconomic criticality: To strengthen external public debt management

5

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20.5

1.5. Debt Management

Cash and Debt Management Committee (CDMC) decision to place limits on the amount of government borrowing from BB through the current overdraft facility.

2

Third Review Prior action

M

Macroeconomic criticality: To strengthen public financial management

5

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20.6

1.6. Expenditure auditing, accounting, and financial controls

Establish a technical committee comprising officials from the Ministries of Finance and Agriculture, Bangladesh Chemical Industries Corporation, and other agencies, as necessary, to monitor commitments and payments.

1

First Review Prior action

M

Macroeconomic criticality: To strengthen governance and reduce fiscal risks

5

1

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20.6

1.6. Expenditure auditing, accounting, and financial controls

Submission to Parliament of legislation allowing audit firms to conduct audits of BPC's accounts.

2

Combined Fifth and Sixth Reviews Prior Action

M

Modified from previous sb "Complete a full external audit for the financial year 2012-13 of the Bangladesh Petroleum Corporation by a global audit firm in association with a local firm." at R5R6

5

2

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20.6

1.6. Expenditure auditing, accounting, and financial controls

Approval by the Cabinet Committee on Government Purchases (CCGP) of the combined tender for procuring hardware, software, networking and support services for the VAT.

3

Combined Fifth and Sixth Reviews Prior Action

M

Macroeconomic criticality: to provide critical inputs for VAT implementation. Procurement was approved by CCGP on July 22, 2015. Modified from previous sb "Selection of a vendor for a tax automation system for VAT." at R5R6

5

3

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20.6

1.6. Expenditure auditing, accounting, and financial controls

Approval by the Cabinet Committee on Government Purchases (CCGP) of the procurement for the project management consultancy (PMC) for the VAT.

4

Combined Fifth and Sixth Reviews Prior Action

M

Macroeconomic criticality: to provide critical inputs for VAT implementation. Procurement of PMC was approved by CCGP on June 17, 2015.

5

4

2023-09-23

N/A

682

BANGLADESH

513

ECF

2012-04-11

2,012

2015-04-10

2,015

2015-10-31

N/A

2015-10-21

P1

R5R6

L

PA

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Public announcement via Gazette notification of the revised VAT launch date of July 1, 2016 for the new VAT law.

1

Combined Fifth and Sixth Reviews Prior Action

M

Macroeconomic criticality: to prepare general public for launch of new VAT system. The gazette notification was issued on April 19, 2015.

5

1

2023-09-23

N/A