Recipe of Tandoori Roti

Tandoori roti is made with whole-wheat flour and traditionally cooked in a clay oven or tandoor. This recipe uses a regular home oven with pizza or baking stone witch provides a similar effect to the tandoor.

Recipe make 4 Rotis

Ingredients:

1 cup whole-wheat flour
1/4 cup all purpose flour (maida)
1/4 teaspoon baking soda
1/2 teaspoon salt
1/4 teaspoon sugar
1 1/2 tablespoon oil
1/4 cup yogurt
About 1/4 cup of water as needed
Also needed:

1/4cup whole-wheat flour for rolling
2 tablespoons ghee (clear butter)
Method:

Mix the flour, baking soda, sugar, and salt together.
Next add the oil and yogurt and mix to make crumbly dough.
Add water as needed and mix to make smoother dough.
Knead the dough for about a minute. Set the dough aside and cover it with a damp cloth.
Let the dough rest for at least 30 minutes.
Heat the oven to 500 degrees with a pizza stone (baking stone) for about thirty minutes so the stone becomes hot. Using a baking/pizza stone will help to give roti close to same kind of heat as tandoor.
Next turn the oven to high broil.
Divide the dough into four equal parts.
Roll each dough piece into a smooth ball and press flat. Take each ball and press it into the dry flour on both sides makes it easy to roll.
Roll each dough piece into 6-inch circles.
If the dough sticks to the rolling pin or rolling surface, lightly dust the dough with dry flour.
Before putting the rolled dough into the oven, lightly wet your palms and take the rolled dough and flip them between your palms before placing them onto your baking/pizza stone in the oven.
You can place about 2 pieces of rolled dough on the baking/pizza stone at a time. The roti will take about 2 minutes to cook, depending upon your oven. After the roti is baked, there should be golden brown color on top.
Take roti out of the oven and brush lightly with clear butter (ghee).
Wait for 2 to 3 minutes before baking the next roti to allow the oven to reheat.
Serve the roti hot
Serving Suggestions:
Serve roti with dal, or any gravy base dish and a side of sukhi subji complimented with chilled yogurt raita.

Enterprise resource planning (ERP)

Enterprise resource planning (ERP) is a company-wide computer software system used to manage and coordinate all the resources, information, and functions of a business from shared data stores.[1]

An ERP system has a service-oriented architecture with modular hardware and software units and "services" that communicate on a local area network. The modular design allows a business to add or reconfigure modules (perhaps from different vendors) while preserving data integrity in one shared database that may be centralized or distributed.

Origin of the term

MRP vs. ERP — Manufacturing management systems have evolved in stages over the past 30 years from a simple means of calculating materials requirements to the automation of an entire enterprise. Around 1980, over-frequent changes in sales forecasts, entailing continual readjustments in production, as well as inflexible fixed system parameters, led MRP (Material Requirement Planning) to evolve into a new concept : Manufacturing Resource Planning (or MRP3) and finally the generic concept Enterprise Resource Planning (ERP)[2]

The initials ERP originated as an extension of MRP (material requirements planning; later manufacturing resource planning) and CIM (Computer Integrated Manufacturing). It was introduced by research and analysis firm Gartner in 1990. ERP systems now attempt to cover all core functions of an enterprise, regardless of the organization's business or charter. These systems can now be found in non-manufacturing businesses, non-profit organizations and governments.

To be considered an ERP system, a software package must provide the function of at least two systems. For example, a software package that provides both payroll and accounting functions could technically be considered an ERP software package
Examples of modules in an ERP which formerly would have been stand-alone applications include: Product lifecycle management, Supply chain management (e.g. Purchasing, Manufacturing and Distribution), Warehouse Management, Customer Relationship Management (CRM), Sales Order Processing, Online Sales, Financials, Human Resources, and Decision Support System.

Overview of ERP Solutions
Some organizations — typically those with sufficient in-house IT skills to integrate multiple software products — choose to implement only portions of an ERP system and develop an external interface to other ERP or stand-alone systems for their other application needs. For example, one may choose to use human resource management system from one vendor, and perform the integration between the systems themselves.
This is common to retailers[citation needed], where even a mid-sized retailer will have a discrete Point-of-Sale (POS) product and financials application, then a series of specialized applications to handle business requirements such as warehouse management, staff rostering, merchandising and logistics.
Ideally, ERP delivers a single database that contains all data for the software modules, which would include:
Manufacturing
Engineering, bills of material, scheduling, capacity, workflow management, quality control, cost management, manufacturing process, manufacturing projects, manufacturing flow
Supply chain management
Order to cash, inventory, order entry, purchasing, product configurator, supply chain planning, supplier scheduling, inspection of goods, claim processing, commission calculation
Financials
General ledger, cash management, accounts payable, accounts receivable, fixed assets
Project management
Costing, billing, time and expense, performance units, activity management
Human resources
Human resources, payroll, training, time and attendance, rostering, benefits
Customer relationship management
Sales and marketing, commissions, service, customer contact and call center support
Data warehouse and various self-service interfaces for customers, suppliers, and employeesAccess control - user privilege as per authority levels for process executionCustomization - to meet the extension, addition, change in process flow
Enterprise resource planning is a term originally derived from manufacturing resource planning (MRP II) that followed material requirements planning (MRP).[3] MRP evolved into ERP when "routings" became a major part of the software architecture and a company's capacity planning activity also became a part of the standard software activity.[citation needed] ERP systems typically handle the manufacturing, logistics, distribution, inventory, shipping, invoicing, and accounting for a company. ERP software can aid in the control of many business activities, including sales, marketing, delivery, billing, production, inventory management, quality management and human resource management.
ERP systems saw a large boost in sales in the 1990s as companies faced the Y2K problem in their legacy systems. Many companies took this opportunity to replace their legacy information systems with ERP systems. This rapid growth in sales was followed by a slump in 1999, at which time most companies had already implemented their Y2K solution.[4]
ERPs are often incorrectly called back office systems indicating that customers and the general public are not directly involved. This is contrasted with front office systems like customer relationship management (CRM) systems that deal directly with the customers, or the eBusiness systems such as eCommerce, eGovernment, eTelecom, and eFinance, or supplier relationship management (SRM) systems.
ERPs are cross-functional and enterprise wide. All functional departments that are involved in operations or production are integrated in one system. In addition to manufacturing, warehousing, logistics, and information technology, this would include accounting, human resources, marketing and strategic management.
ERP II means open ERP architecture of components. The older, monolithic ERP systems became component oriented.[citation needed]
EAS — Enterprise Application Suite is a new name for formerly developed ERP systems which include (almost) all segments of business, using ordinary Internet browsers as thin clients.[citation needed]
Best practices are incorporated into most ERP vendor's software packages. When implementing an ERP system, organizations can choose between customizing the software or modifying their business processes to the "best practice" function delivered in the "out-of-the-box" version of the software.
Prior to ERP, software was developed to fit the processes of an individual business. Due to the complexities of most ERP systems and the negative consequences of a failed ERP implementation, most vendors have included "Best Practices" into their software. These "Best Practices" are what the Vendor deems as the most efficient way to carry out a particular business process in an Integrated Enterprise-Wide system.[5] A study conducted by Lugwigshafen University of Applied Science surveyed 192 companies and concluded that companies which implemented industry best practices decreased mission-critical project tasks such as configuration, documentation, testing and training. In addition, the use of best practices reduced over risk by 71% when compared to other software implementations.[6]
The use of best practices can make complying with requirements such as IFRS, Sarbanes-Oxley or Basel II easier. They can also help where the process is a commodity such as electronic funds transfer. This is because the procedure of capturing and reporting legislative or commodity content can be readily codified within the ERP software, and then replicated with confidence across multiple businesses who have the same business requirement.[citation needed]

Implementation
Businesses have a wide scope of applications and processes throughout their functional units; producing ERP software systems that are typically complex and usually impose significant changes on staff work practices. [7] Implementing ERP software is typically too complex for "in-house" skill, so it is desirable and highly advised to hire outside consultants who are professionally trained to implement these systems. This is typically the most cost effective way. There are three types of services that may be employed for - Consulting, Customization, Support.[8] The length of time to implement an ERP system depends on the size of the business, the number of modules, the extent of customization, the scope of the change and the willingness of the customer to take ownership for the project. ERP systems are modular, so they don't all need be implemented at once. It can be divided into various stages, or phase-ins. The typical project is about 14 months and requires around 150 consultants. [9] A small project (e.g., a company of less than 100 staff) may be planned and delivered within 3-9 months; however, a large, multi-site or multi-country implementation may take years.[citation needed] The length of the implementations is closely tied to the amount of customization desired. [10]
To implement ERP systems, companies often seek the help of an ERP vendor or of third-party consulting companies. These firms typically provide three areas of professional services: consulting, customization and support. The client organisation may also employ independent program management, business analysis, change management and UAT specialists to ensure their business requirements remain a priority during implementation.
Data migration is one of the most important activities in determining the success of an ERP implementation. Since many decisions must be made before migration, a significant amount of planning must occur. Unfortunately, data migration is the last activity before the production phase of an ERP implementation, and therefore receives minimal attention due to time constraints. The following are steps of a data migration strategy that can help with the success of an ERP implementation: [11]
Identifying the data to be migrated
Determining the timing of data migration
Generating the data templates
Freezing the tools for data migration
Deciding on migration related setups
Deciding on data archiving

Process preparation
ERP vendors have designed their systems around standard business processes, based upon best business practices. Different vendor(s) have different types of processes but they are all of a standard, modular nature. Firms that want to implement ERP systems are consequently forced to adapt their organizations to standardized processes as opposed to adapting the ERP package to the existing processes.[12] Neglecting to map current business processes prior to starting ERP implementation is a main reason for failure of ERP projects.[13] It is therefore crucial that organizations perform a thorough business process analysis before selecting an ERP vendor and setting off on the implementation track. This analysis should map out all present operational processes, enabling selection of an ERP vendor whose standard modules are most closely aligned with the established organization. Redesign can then be implemented to achieve further process congruence. Research indicates that the risk of business process mismatch is decreased by:
linking each current organizational process to the organization's strategy;
analyzing the effectiveness of each process in light of its current related business capability;
understanding the automated solutions currently implemented.[14] [15]
ERP implementation is considerably more difficult (and politically charged) in organizations structured into nearly independent business units, each responsible for their own profit and loss, because they will each have different processes, business rules, data semantics, authorization hierarchies and decision centers.[16] Solutions include requirements coordination negotiated by local change management professionals or, if this is not possible, federated implementation using loosely integrated instances (e.g. linked via Master Data Management) specifically configured and/or customized to meet local needs.
A disadvantage usually attributed to ERP is that business process redesign to fit the standardized ERP modules can lead to a loss of competitive advantage. While documented cases exist where this has indeed materialized, other cases show that following thorough process preparation ERP systems can actually increase sustainable competitive advantage.[17][18]

Configuration
Configuring an ERP system is largely a matter of balancing the way you want the system to work with the way the system lets you work. Begin by deciding which modules to install, then adjust the system using configuration tables to achieve the best possible fit in working with your company’s processes.
Modules — Most systems are modular simply for the flexibility of implementing some functions but not others. Some common modules, such as finance and accounting are adopted by nearly all companies implementing enterprise systems; others however such as human resource management are not needed by some companies and therefore not adopted. A service company for example will not likely need a module for manufacturing. Other times companies will not adopt a module because they already have their own proprietary system they believe to be superior. Generally speaking the greater number of modules selected, the greater the integration benefits, but also the increase in costs, risks and changes involved.
Configuration Tables – A configuration table enables a company to tailor a particular aspect of the system to the way it chooses to do business. For example, an organization can select the type of inventory accounting – FIFO or LIFO – it will employ or whether it wants to recognize revenue by geographical unit, product line, or distribution channel.
So what happens when the options the system allows just aren’t good enough? At this point a company has two choices, both of which are not ideal. It can re-write some of the enterprise system’s code, or it can continue to use an existing system and build interfaces between it and the new enterprise system. Both options will add time and cost to the implementation process. Additionally they can dilute the system’s integration benefits. The more customized the system becomes the less possible seamless communication becomes between suppliers and customers.

Consulting services
Many organizations did not have sufficient internal skills to implement an ERP project. This resulted in many organizations offering consulting services for ERP implementation. Typically, a consulting team was responsible for the entire ERP implementation including planning, training, testing, implementation, and delivery of any customized modules. Examples of customization includes additional product training; creation of process triggers and workflow; specialist advice to improve how the ERP is used in the business; system optimization; and assistance writing reports, complex data extracts or implementing Business Intelligence.
For most mid-sized companies, the cost of the implementation will range from around the list price of the ERP user licenses to up to twice this amount (depending on the level of customization required). Large companies, and especially those with multiple sites or countries, will often spend considerably more on the implementation than the cost of the user licenses -- three to five times more is not uncommon for a multi-site implementation.[citation needed]
Unlike most single-purpose applications, ERP packages have historically included full source code and shipped with vendor-supported team IDEs for customizing and extending the delivered code. During the early years of ERP the guarantee of mature tools and support for extensive customization was an important sales argument when a potential customer was considering developing their own unique solution in-house, or assembling a cross-functional solution by integrating multiple "best of breed" applications.

"Core system" Customization vs Configuration
Increasingly, ERP vendors have tried to reduce the need for customization by providing built-in "configuration" tools to address most customers' needs for changing how the out-of-the-box core system works. Key differences between customization and configuration include:
Customization is always optional, whereas some degree of configuration (e.g. setting up cost/profit centre structures, organisational trees, purchase approval rules, etc.) may be needed before the software will work at all.
Configuration is available to all customers, whereas customization allows individual customer to implement proprietary "market-beating" processes.
Configuration changes tend to be recorded as entries in vendor-supplied data tables, whereas customization usually requires some element of programming and/or changes to table structures or views.
The effect of configuration changes on the performance of the system is relatively predictable and is largely the responsibility of the ERP vendor. The effect of customization is unpredictable and may require time-consuming stress testing by the implementation team.
Configuration changes are almost always guaranteed to survive upgrades to new software versions. Some customizations (e.g. code that uses pre-defined "hooks" that are called before/after displaying data screens) will survive upgrades, though they will still need to be re-tested. More extensive customizations (e.g. those involving changes to fundamental data structures) will be overwritten during upgrades and must be re-implemented manually.
By this analysis, customizing an ERP package can be unexpectedly expensive and complicated, and tends to delay delivery of the obvious benefits of an integrated system. Nevertheless, customizing an ERP suite gives the scope to implement secret recipes for excellence in specific areas while ensuring that industry best practices are achieved in less sensitive areas.

Extension
In this context "Extension" refers to ways that the delivered ERP environment can be extended with third-party programs. It is technically easy to expose most ERP transactions to outside programs, e.g.
Scenarios to do with archiving, reporting and republishing (these easiest to achieve, because they mainly address static data);
Transactional data capture scenarios, e.g. using scanners, tills or RFIDs, are relatively easy (because they touch existing data);
....however because ERP applications typically contain sophisticated rules that control how master data can be created or changed, some scenarios are very difficult to implement.

Maintenance and support services
Maintenance and support services involves monitoring and managing an operational ERP system. This function is often provided in-house using members of the IT department, or may be provided by a specialist external consulting and services company.

Advantages
In the absence of an ERP system, a large manufacturer may find itself with many software applications that cannot communicate or interface effectively with one another. Tasks that need to interface with one another may involve:
Integration among different functional areas to ensure proper communication, productivity and efficiency
Design engineering (how to best make the product)
Order tracking, from acceptance through fulfillment
The revenue cycle, from invoice through cash receipt
Managing inter-dependencies of complex processes bill of materials
Tracking the three-way match between purchase orders (what was ordered), inventory receipts (what arrived), and costing (what the vendor invoiced)
The accounting for all of these tasks: tracking the revenue, cost and profit at a granular level.
ERP Systems centralize the data in one place. This eliminates the problem of synchronizing changes and can reduce the risk of loss of sensitive data by consolidating multiple permissions and security models into a single structure.
Some security features are included within an ERP system to protect against both outsider crime, such as industrial espionage, and insider crime, such as embezzlement. A data-tampering scenario, for example, might involve a disgruntled employee intentionally modifying prices to below-the-breakeven point in order to attempt to interfere with the company's profit or other sabotage. ERP systems typically provide functionality for implementing internal controls to prevent actions of this kind. ERP vendors are also moving toward better integration with other kinds of information security tools.[19]

Disadvantages
Problems with ERP systems are mainly due to inadequate investment in ongoing training for the involved IT personnel - including those implementing and testing changes - as well as a lack of corporate policy protecting the integrity of the data in the ERP systems and the ways in which it is used.
Disadvantages
Customization of the ERP software is limited.
Re-engineering of business processes to fit the "industry standard" prescribed by the ERP system may lead to a loss of competitive advantage.
ERP systems can be very expensive (This has led to a new category of "ERP light" solutions)
ERPs are often seen as too rigid and too difficult to adapt to the specific workflow and business process of some companies—this is cited as one of the main causes of their failure.
Many of the integrated links need high accuracy in other applications to work effectively. A company can achieve minimum standards, then over time "dirty data" will reduce the reliability of some applications.
Once a system is established, switching costs are very high for any one of the partners (reducing flexibility and strategic control at the corporate level).
The blurring of company boundaries can cause problems in accountability, lines of responsibility, and employee morale.
Resistance in sharing sensitive internal information between departments can reduce the effectiveness of the software.
Some large organizations may have multiple departments with separate, independent resources, missions, chains-of-command, etc, and consolidation into a single enterprise may yield limited benefits.
The system may be too complex measured against the actual needs of the customers.
ERP Systems centralize the data in one place. This can increase the risk of loss of sensitive information in the event of a security breach.

FMRP NEWS

http://www.fmrp.org/
Issue: January - March 2007
• Activities of the Components and Working Groups
• Important Event
• Seminars / Workshops
• Training Corner
• New Initiatives
• Staff News
• Social Events

Staff News:
Examination Success of Ms Jhuma Laila
Congratulations to Ms Jhuma Laila. Jhuma, an Associate Member (ACA) of the Institute of Chartered Accountants of Bangladesh (ICAB). Jhuma passed the final part of professional examinations of the Institute of Chartered Accountants of Bangladesh at the sitting in November-December 2006 in Dhaka. She is now an ACA and already applied for full membership of ICAB. Jhuma is one of the 17 lady Chartered Accountants in Bangladesh and one of the 4 lady Chartered Secretaries in Bangladesh.

Activities of the Components and Working Groups
Component 4 (C-4):
Component 4 has continued to support the CGA in the preparation of the GoB monthly accounts and in improving the quality of the accounting information presented from the computerised accounting systems.

Assistance has been provided in reviewing accounting information recorded and presented to ensure that it has been appropriately classified.

Progress with the bank reconciliation process at the GoB accounting offices continues to be closely monitored and additional support and training is being provided where required, including liaison and instruction to the banking institutions to supply information in the format required to allow reconciliations to take place.

Component 4 has been working with Component 6 and Financial Systems Management Unit (FSMU) to commence the piloting of iBAS-TAS including planning for training and rollout over the upcoming months. They started piloting iBAS-TAS training at CAO - Fisheries and Livestock, and at DAO - Mymensingh.

Component 2 and 4
Initial work has commenced on February 25, 2006 on the preparation of a Cash Management Development Plan (CMDP). The purpose is to support the GoB to design a strategy and associated processes for managing cost effectively the government's short term cash flows and cash balances, both within government and between government and other sectors. The CMDP should assist in the overall improvement of the treasury, debt and cash management function of the GoB. The primary objective is to support the process for improved planning of cash management and ensure that government cash flow forecasts are compatible with cash inflows and borrowing plans.

Important Event :
Dr. Tareque joins as Finance Secretary
Dr. Mohammad Tareque joined as Secretary, Finance Division, Ministry of Finance on January 22, 2007. Born in 1956, Dr. Tareque joined Bangladesh Civil Service in 1981. He possesses a brilliant academic record. He did his Masters in Economics from Dhaka University. He obtained MAPE and PhD from the University of Boston, Massachusetts, USA. He has a long experience in research work on different issues and has 49 publications / research and analytical papers in his credit. His area of specialisation is Fiscal Economics and Public Expenditure Management.

Dr. Tareque held important positions within GoB and international agencies including Prime Minister's Office, Asian Development Bank, Bangladesh Public Administration Training Centre (BPATC) etc. He has been associated with reform programmes of GoB in the economic and financial sector and played a prominent role in formulating policy in this regard. A distinguished Civil Servant Dr. Tareque played a pioneering role in introducing MTBF in line ministries. Under his able leadership a wide area network (WAN) based integrated Budget and Accounting System (iBAS) with a central database in the Ministry of Finance and back up support at CGA office is also going to be operational very soon across the country. With his leadership as Finance Secretary the FMRP reform programmes will get further momentum.

Seminars / Workshops:

Seminar on 'Public Expenditure Management' A half day seminar on 'Public Expenditure Management' organised by FMRP C-2 was conducted over 4 days to an audience of a number of mid and high level management personnel of GoB. These seminars were delivered between the March 12 and March 15, 2007 in CIRDAP Auditorium, Dhaka. Dr. Mohammad Tareque, Secretary, Finance Division, Ministry of Finance inaugurated the seminar. The keynote speaker was Mr. Ranjit Kumar Chakraborty, Project Director, FMRP and the sessions were chaired by Mr. Al-Mamoon Md. Sanaul Huq, Controller General of Accounts, Mr. S. M. Zahurul Islam, Secretary, Ministry of Environment and Forest and Mr. Muhammad Abdul Mazid, Member, Planning Commission, respectively. The objective of the seminar was to update high officials across the government about the latest reforms in public financial management and involve them in strengthening public expenditure management process.
A total number of 251 high officials of GoB including 41 female participated in the seminar.
workshop on 'Reforms in the Civil Accounts and Karmadokkhota' The office of CGA and C-5 jointly organised a workshop on 'Reforms in the Civil Accounts' and 'Karmadokkhota' (KDK) in February 07, 2007 at FIMA Conference Room. Mr. Asif Ali, CAG chaired the program. The main objectives of this programme were to analyse the implementation status of the strategic plans of CAG office; role of FIMA and FMRP C1 and C5 and their links with the strategic plans of the CAG.
In the first half of the workshop Mr. Al- Mamoon Md. Sanaul Huq, CGA, presented the keynote paper on Civil Accounts Reform. The second half of the workshop focused on Karmadokkhota which provided some valuable recommendations for 'On the Job Training' in government offices. Further workshops are planned outside Dhaka in the next few months.

BEHIND THE GLOBAL MARKETS’ MELTDOWN

Chart 1. Financial profits as a percent of total profits (five-year moving average)

Source: Table B-91. Corporate Profits by Industry, 1959–2007, Economic Report of the President, 2008.

The first principles, we must not forget the financial booms and busts are not a new phenomenon. What is alarming about the current meltdown is that it is in the nature of seismic earth-shaking proportions. AS international financial markets continue to tumble and national economies slip into recession, the fear of a global meltdown has begun to haunt people everywhere. The global financial crisis has its origins in the U.S. subprime mortgage crisis of August 2007. It seemed initially that it would only affect developed countries, but the so-called “decoupling phenomenon,” which predicted that developing countries would remain unaffected, has not occurred. Instead the crisis has become a global phenomenon, as the following measures indicate.

Grounds
Any explanation of the current financial turbulence begins with the housing bubble fuelled by low interest rates, increased global liquidity and predatory lending by the financial giants. According to some estimates, the annual issuance of US sub-prime mortgage backed securities increased from a mere $56 billion in 2000 to a massive $508 billion in 2005, comprising something of the order of 20 percent of total US mortgages. By 2006, the housing bubble was beginning to unravel, as higher interest rates and rising oil and food prices - and a generalized decline in consumer confidence - were starting to take their toll.

In the September 2006 Global Financial Stability Report the IMF executive board directors expressed worries that the rapid growth of hedge funds and credit derivatives could have a systematic impact on financial stability, and that a slowdown of the U.S. economy and a cooling of its housing market could lead to greater “financial turbulence,” which could be “amplified in the event of unexpected shocks.” The whole context is that of a financialization so out of control that unexpected and severe shocks to the system and resulting financial contagions are looked upon as inevitable.

This scenario, which was already beginning to be played out at the time that the above passage was written, of stagnant and falling home prices, a flood of defaults, and a global economic crisis due to financial contagion and a drop in U.S. consumption, has now become a concrete reality. Since the collapse of the subprime mortgage market in July 2007, financial distress and panic have spread uncontrollably not only across countries but also across financial markets themselves, infecting one sector after another: adjustable rate mortgages, commercial paper (unsecured short-term corporate debt), bond insurers, commercial mortgage lending, corporate bonds, auto loans, credit cards, and student loans.

What Paul Sweezy just over a decade ago called “the financialization of the capital accumulation process” has been the main force lifting economic growth since the 1970s.3 The transformation in the system that this has brought about is reflected in the rapid growth since the 1970s of financial profits as a percent of total profits (see chart 1). The fact that such financialization of capital appears to be taking the form of bigger and bigger bubbles that burst more frequently and with more devastating effect, threatening each time a deepening of stagnation—i.e., the condition, endemic to mature capitalism, of slow growth, and rising excess capacity and unemployment/underemployment—is thus a development of major significance.

Growth
Expectations of growth rates for 2008 have fallen in most countries. In October 2007, world growth was predicted to be 4.8 percent. The International Monetary Fund now predicts that it will be 3.7 percent. Expectations for 2008 growth for advanced economies now stand at 1.4 percent, down 0.8 percentage points from predictions made in October 2007. Expectations for emerging and developing country growth in 2008 now stand at 6.6 percent, also down 0.8 points from a year ago.

Expectations of 2009 growth fell everywhere between January and November. Projections of world growth for 2009 slumped from 4.4 percent in January to 2.2 percent today—effectively a global recession. Every G7 country aside from Canada is expected to contract next year and the United States and United Kingdom are already in recession. Every BRIC country (Brazil, Russia, India, and China) has seen growth expectations fall by between 1 and 3 percentage points.
Stock markets

As expectations of growth have fallen and credit has remained frozen, stock markets have been adversely affected. Dramatic drops in developed countries have been well documented, but since reaching highs in 2007 or early 2008, stock markets have fallen in every G20 country—aside from South Africa—with an average fall of 45 percent. The BRIC countries have faced dramatic collapses in their stock markets during 2008 following rapid expansion in the preceding three to four years. Stock markets for these countries are now at or below their 2005 values. Indeed, the Russia Trading System has lost 76 percent of its value so far in 2008.
Policy responses

The global credit crisis combined with collapsing share prices and the looming risk of recession have led to calls for dramatic policy interventions, including coordinated interest rate cuts, bailouts for the banking sector, and large fiscal stimulus packages. The communiqué from the world leaders’ summit on November 15 said that G20 countries would, “Recognize the importance of monetary policy support, as deemed appropriate to domestic conditions [and] use fiscal measures to stimulate domestic demand to rapid effect, as appropriate, while maintaining a policy framework conducive to fiscal sustainability.” These tools, however, have not been available to all countries. Stimulative monetary policy has only been possible in a handful of countries. Interest rate changes across a range of G20 countries in December 2007, June 2008, and December 2008.

The United States undertook the most dramatic interest rate cut from 4.5 percent to 1.0 percent. The United Kingdom and Canada also cut their rates throughout the year. China has adopted an alternative form of simulative monetary policy and cut its reserve requirement ratios in recent months. But other countries, particularly in the developing world, have seen their interest rates rise as capital flight has taken hold and hot money has sought less-risky havens such as Treasury Bills. Brazil, South Africa, and Russia, for example, all have interest rates above 10 percent which continue to rise.

Capital flight has also had a profound impact on exchange rates. In every G20 country aside from China and Japan, exchange rates have depreciated, including falls since January of over 20 percent for Australia, Brazil, Canada, India, South Africa, South Korea, Turkey, and the United Kingdom. Many currencies have faced a particularly dramatic slide in recent weeks. For example, in the month of October alone, the South African rand lost 25 percent of its value.

More countries have been able to announce rescue packages for their domestic financial sectors. Policy measures have included deposit insurance, short-term loan guarantees, the purchase of shares in financial institutions, and the removal of bad assets from bank balance sheets. The $700 billion that Congress has made available to Treasury Secretary Henry Paulson to buy preferred stock in struggling banks has been well documented, but many other countries have provided bailouts. This includes a $100 billion liquidity injection in Russia, $19 billion for emergency bank use in the United Arab Emirates, and $8 billion released into the banking sector in India by cutting the reserve requirement ratio.

In addition to these bailouts, sovereign governments are being encouraged to use fiscal stimulus packages to kick start their domestic economies. China announced a $586 billion package worth 14 percent of gross domestic product on November 8 [although this number has been challenged]. Britain announced on November 24 a package of tax cuts and speeded up investment measures worth 1.1 percent of GDP. The United States is expected to follow suit with a stimulus package worth 2 to 4 percent of GDP by January at the latest. Australia, Chile, Germany, Italy, Japan, South Korea, and Taiwan are other countries that have been able to announce stimulus packages.

Many other countries, without either reserves or the ability to increase borrowing by issuing government bonds, have their hands tied. Iceland, Hungary, Ukraine, and Pakistan have already been forced to rely on the IMF’s lending facility.
Conclusion

The U.S. subprime mortgage crisis, which became a developed country banking crisis, is now a global economic meltdown. Global growth projections have fallen, stock markets have plummeted, and currencies have lost value against the dollar. Meanwhile, the call has increased for coordinated monetary policy interventions, bank bailouts, and fiscal stimulus packages.

As outlined in this briefing paper, these policy interventions are only available to the handful of countries which have the ability to defend themselves from capital flight or can fund their fiscal deficits. With the notable exception of China, most middle-income countries have struggled to make the necessary policy interventions. Least-developed countries look on with concern as necessary expansions in development assistance are threatened. Options for these countries are running out, but the costs of inaction could be even more catastrophic.

Momo (Steamed Dumpling)

Ingredients (Makes 30 momos)
4 cups: Wheat flour
750 gm: Meat minces
2 large: Onion, chopped
1 thumb-sized: Ginger, finely chopped

Coriander leaves
1 Teaspoon: Salt

Method
Mix well wheat flour with 2 cups of water and knead into a stiff paste, roll out on a floured board till it is very thin. The rolled dough should be about 2 feet square.
Cut in circle with the rim of tea cup.
Place a circle of dough on your left hand, slightly stretch the edges and place about a teaspoon of filling in the centre.
Then with your right thumb and forefinger pleat the dough together over the centre of the meat, forming a pin-wheel design. Your left thumb is used to tuck the minced meat down as you go, and the dumpling turns on your palm as you pleat around it. A special steamer locally called moktu is required.
Filled up dumplings are placed on oiled racks, slightly separated in the moktu.
Bottom of the moktu is filled with water and steam the dumplings for 20-25 min.
Momo is ready to serve hot.
Momo is eaten with meat/vegetable soup, and tomato achar.

Why is Christmas Day on the 25th December?

No one knows the real birthday of Jesus! No date is given in the Bible, so why do we celebrate it on the 25th December? The early Christians certainly had many arguments as to when it should be celebrated! Also, the birth of Jesus probably didn't happen in the year 1AD but slightly earlier, in about 5, 6 or 7BC (there isn't a 0AD - the years go from 1BC to 1AD!).
Christmas was first celebrated as a proper day, on the 25th December, in the 5th century, in the time of the Roman Emperor Constantine (he was the first Christian Roman Emperor). He first bought the Roman pagan 'sun-day' (the first day of the week) and the 'sabbath' (the Christians holy day) together to what we now call Sunday.
This date was probably chosen because the Winter Solstice and the ancient pagan Roman midwinter festivals called 'Saturnalia' and 'Dies Natalis Solis Invicti' took place in December.
The Winter Solstice is the day where there is the shortest time between the sun rising and the sun setting. It happens between December 22nd and December 25th. To pagans this meant that the winter was over and spring was coming and they had a festival to celebrate it and worshipped the sun for winning over the darkness of winter. (The Winter Solstice in Scandinavia and some other parts of northern Europe is called Yule and is where we get Yule Logs from.)
The Roman Festival of Saturnalia took place between December 17th and 23rd and honoured the Roman god Saturn. Dies Natalis Solis Invicti means 'birthday of the unconquered sun' and was held on December 25th (when the Romans thought the Winter Soltice took place). As the days grew longer from this day on, it was thought to be the birthday of the sun and the God Jupiter! (In Roman mythology, Saturn was the father of Jupiter.)! And before the Romans, the Greeks had celebrated the birthday of the God Zeus (the Romans called Zeus Jupiter) on December 25th.
The early Christians gave the festival a new meaning - to celebrate the birth of the Son of God 'the unconquered Son'!
There is another good reason why the 25th may have chosen. The 25th March was also a sacred day to the pagans, when they celebrated the coming of spring and new life. The early Christians took over this day as the day when Mary was told that she would have a very special baby, Jesus. This is called the Annunciation and is still celebrated by Christians on the 25th March. Nine months after the 25th March is the 25th December!
But that's not the only day that Christmas is celebrated around the world. Most of the world uses the 'Gregorian Calendar' implemented by Pope Gregory XIII in 1582. Before that the 'Roman' or Julian Calendar was used (named after Julius Caesar). The Gregorian calendar is more accurate that the Roman calendar which had too many days in a year! When the switch was made 10 days were lost, so that the day that followed the 4th October 1582 was 15th October 1582!
Many Orthodox Churches still use the Julian Calendar and so celebrate Christmas on the 7th January. And the Armenian Church celebrates it on the 10th January!! In some part of the UK, January 6th is still called 'Old Christmas' as this would have been the days that Christmas would have celebrated on, if the calendar hadn't been changed. Some pople didn't want to use the new calendar as they thought it 'cheated' them out of 10 days!
Christians believe that Jesus is the light of the world, so the early Christians thought that this was the right time to celebrate the birth of Jesus. They also took over lots of other things from the Winter Solstice and gave them Christian meanings, like Holly, Mistletoe and even Christmas Carols!
St Augustine was the person who really started Christmas in the U.K. by introducing Christianity in the 6th century. He came from countries that used the Roman Calendar, so western countries celebrate Christmas on the 25th December. Then people from Britain and Western Europe took Christmas on the 25th December all over the world!
The name 'Christmas' comes from the Mass of Christ (or Jesus). A Mass service (which is sometimes called Communion or Eucharist) is where Christians remember that Jesus died for us and then came back to life. The 'Christ-Mass' service was the only one that was allowed to take place after sunset, so people had it at Midnight! So we get the name Christ-Mass, shortened to Christmas.
Christmas is also sometimes called Xmas. Some people don't think it's correct to call Christmas 'Xmas' as that takes the 'Christ' (Jesus) out of Christmas. But that is not quite right! In the Greek language and alphabet, the letter that looks like an X is the Greek letter chi (pronounced 'kye' - it rhymes with 'eye') which is the first letter of the Greek word for Christ, Christos.
The symbol of a fish is sometimes used by Christians (you might see a fish sticker on a car or someone wearing a little fish badge). This comes from the time when the first Christians had to meet in secret, as the Romans wanted to kill them (before Emperor Constantine became a Christian). Jesus had said that he wanted to make his followers 'Fishers of Men', so people started to use that symbol.
When two Christians met, one person drew half a basic fish shape (often using their foot in the dust on the ground) and the other person drew the other half of the fish. The Greek word for fish is 'Ikthus' or 'Ichthys'. There are five Greek letters in the word. It can also make up a sentence of Christian beliefs 'Ie-sous Christos Theou Huios So-te-r' which in English means "Jesus Christ, Son of God, Saviour". The second letter of these five letter is X or Christos!
So Xmas can also mean Christmas!
It's also quite likely that Jesus wasn't born in the winter but in the spring! It can get very cold in the winter in Israel and it is thought that the Roman census that made Mary and Joseph go to Bethlehem would have most likely taken place during the spring at the time of the Jewish Passover festival (which normally takes during March or April). At this festival many pilgrims, from all over the country, came to visit Jerusalem (which is about six miles from Bethlehem).
Also during the winter, it's less likely that the shepherds would have been keeping sheep out on the hills (as those hills can get quite a lot of snow sometimes!); but lots of lambs would have been needed during the Passover Festival, to be sacrified in the Temple in Jerusalem.
So whenever you celebrate Christmas, remember that you're celebrating a real event that happened about 2000 years ago, that God sent his Son into the world as a Christmas present for everyone!
As well as Christmas and the solstice, there are some other festivals that are held in late December. The Jewish festival of Lights, Hanukkah starts on the 25th of Kislev (the month in the Jewish calendar that occurs at about the same time as December) and the festival of Kwanzaa, celebrated by some Africans and African Americans takes place from December 26th to January 1st.

Vote for Cox's Bazar & Sundarban

Let's do something for our country. I think you already heard about the new 7 natural wonders of the world. Among several categories of wonders, Cox's Bazar Beach & Sundarban has been nominated as contestant.

You will be happy to know Cox's bazar & sundarban are in the top list. We need to explore our opportunity to be a member of the natural wonders so that our country can earn revenue from these beautiful tourist spot. It's a contest & need your vote. Pls. vote in favor of these two. For vote, you simply need to browse the following link.

http://www.new7wonders.com/nature/en/vote_on_nominees/

Now follow the following procedure:

• Write your e-mail id


• Confirm your e-mail id


• Vote-1: Select Asia. Then select Cox's Bazar.


• Vote-2: Select Asia. Then select sundar Ban.


• Vote the other fields as you prefer.


• Write the anti-spam words in the box (if required)


• Click the submit button


• Complete other fields (required)


• & submit your vote.

You will get one mail from the new7wonders team and have to click on the link to confirm your vote.

About the Chartered Accountants

At a time when organisations are increasingly focused on the bottom line, professionals with accounting qualifications are very much in demand. Not only in accounting firms, but at all levels of business and government, Chartered Accountants are valued for their commercial acumen and analytical thinking in diverse fields.

Becoming a Chartered Accountant opens doors. Whether it's in public practice or commerce, a career in Chartered Accounting gives professionals the chance to work in key strategic roles – all with great earning potential. Because the Chartered Accountant designation is recognised internationally, these professionals are also able to include overseas work experience as options in their career choices.

Chartered Accountants bring their analytic expertise to fields as diverse as strategic planning, market analysis, compliance, change management and the use of information technology. The one thing they all have in common is meeting the high academic, professional, and ethical standards for membership of The Institute of Chartered Accountants - the most-respected national professional accountancy body. These high standards are the reason Chartered Accountants are highly regarded by business, regulators, and members of the general public. Their analytical thinking is highly prized in an environment where organisations compete for an edge. It’s one of the reasons Chartered Accountants are among the best-paid professionals in the country.

On qualifying, they commit to the highest standards of integrity and professionalism and undertake continuing professional education throughout their careers. In return, Chartered Accountants enjoy some of the best professional development opportunities available, become part of an elite professional network and enjoy the career support and status Institute membership provides. Just as importantly, they get the recognition and rewards of an internationally recognised professional designation.

Income Tax Bangladesh for Assessment Year-2008-09

Among direct taxes, income tax is one of the main sources of revenue. It is a progressive tax system. Income tax is imposed on the basis of ability to pay. The more a taxpayer earns the more he should pay''- is the basic principle of charging income tax. It aims at ensuring equity and social justice.

Income Tax Authorities:
Income Tax Authorities are :-
National Board of Revenue,
Director General of Inspection (Tax),
Commissioner of Taxes (Appeals),
Commissioner of Taxes (LTU)
Director General (Training),
Director General Central Intelligence Cell (CIC),
Commissioner of Taxes,
Additional Commissioner of Taxes (Appeal/Inspecting),
Joint Commissioner of Taxes(Appeal/Inspecting ),
Deputy Commissioner of Taxes,
Assistant Commissioner of Taxes,
Extra Assistant Commissioner of Taxes,
Inspectors of Taxes.

Sources of Income:
For the purpose of computation of total income and charging tax thereon, sources of income can be classified into 7 categories, which are as follows :
Salaries
Interest on securities
Income from house property
Income from agriculture
Income from business or profession
Capital gains
Income from other sources.

Tax Rate (Assessment Year- 2008-09) :

Other than Company :
For individuals other than female taxpayers, senior taxpayers of 70 years and above and retarded taxpayers, tax payable for the
First 1,65,000/- Nil

Next 2,75,000/- 10%

Next 3,25,000/- 15%

Next 3,75,000/- 20%

Rest Amount 25%

For female taxpayers, senior taxpayers of age 70 years and above and retarded taxpayers, tax payable for the
First 1,80,000/- Nil

Next 2,75,000/- 10%

Next 3,25,000/- 15%

Next 3,75,000/- 20%

Rest Amount 25%

Minimum tax for any individual assessee is Tk. 2,000

Non-resident Individual 25%(other than non-resident Bangladeshi)

For Companies
Publicly Traded Company 27.5%
Non-publicly Traded Company 37.5%
Bank, Insurance & Financial Company 45%
Mobile Phone Operator Company 45%

If any publicly traded company declares more than 20% dividend, 10% rebate on total tax is allowed.

Tax Rebate for investment :

Rate of Rebate:
Amount of allowable investment is either up to 25% of total income or Tk. 5,00,000/- whichever is less. Tax rebate amounts to 10% of allowable investment.

Types of investment qualified for the tax rebate are :-
Life insurance premium
Contribution to deferred annuity
Contribution to Provident Fund to which Provident Fund Act, 1925 applies
Self contribution and employer's contribution to Recognized Provident Fund
Contribution to Super Annuation Fund
Investment in approved debenture or debenture stock, Stocks or Shares
Contribution to deposit pension scheme
Contribution to Benevolent Fund and Group Insurance premium
Contribution to Zakat Fund
Donation to charitable hospital approved by National Board of Revenue
Donation to philanthropic or educational institution approved by the Government
Donation to socioeconomic or cultural development institution established in Bangladesh by Aga Khan Development Network

Who should submit Income Tax Return ?

If total income of any individual other than female taxpayers, senior taxpayers of 70 years and above and retarded taxpayers during the income year exceeds Tk 1,65,000/-.

If total income of any female taxpayer, senior taxpayer of 70 years and above and retarded taxpayer during the income year exceeds Tk 1,80,000/-.

If any person was assessed for tax during any of the 3 years immediately preceding the income year.

A person who lives in any city corporation/paurashava/divisional HQ/district HQ and owns a building of more than one storey and having plinth area exceeding 1,600 sq. feet/owns motor car/owns membership of a club registered under VAT Law.

If any person subscribes a telephone.

If any person runs a business or profession having trade license.

Any professional registered as doctor, lawyer, income tax practitioner, Chartered Accountant, Cost & Management Accountant, Engineer, Architect and Surveyor etc.

Member of a Chamber of Commerce and Industries or a trade Association.

Any person who participates in a tender.

A person who has a Taxpayer's Identification Number (TIN).

Candidate for Union Parishad, Paurashava, City Corporation or Parliament.

Time to Submit Income Tax Return:
For Company By fifteenth day of July next following the income year or, where the fifteenth day of July falls before the expiry of six months from the end of the income year, before the expiry of such six months.

For Other than Company Unless the date is extended, by the Thirtieth day of September next following the income year.Consequences of Non-Submission of Return

imposition of penalty amounting to 10% of tax on last assessed income subject to a minimum of Tk. 1,000/-

In case of a continuing default a further penalty of Tk. 50/- for every day of delay.

Assessment Procedures :
For a return submitted under normal scheme, assessment is made after hearing.

For returns submitted under Universal Self Assessment Scheme, the acknowledgement slip is determined to be an assessment order. Universal Self Assessment is of course subject to audit.

Appeal against the order of DCT : A taxpayer can file an appeal against DCT's order to the Commissioner (Appeals)/Additional or Joint Commissioner of Taxes (Appeals) and to the Taxes Appellate Tribunal against an Appeal order.

Tax withholding functions : In Bangladesh withholding taxes are usually termed as Tax deduction and collected at source. Under this system both private and public limited companies or any other organization specified by law are legally authorized and bound to withhold taxes at some point of making payment and deposit the same to the Government Exchequer. The taxpayer receives a certificate from the withholding authority and gets credits of tax against assessed tax on the basis of such certificate.

Heads of Income Subject to deduction or collection of income tax at source with specified rates of deduction.

No. Heads Section/Rule Rate Chalan in the name of
1
Salaries
Section 50
deduction at average rate
Respective Zone
2
Discount on the real value of Bangladesh Bank Bills
Section 50A
deduction at normal rate or maximum rate whichever is greater.
LTU
3
Interest on securities
Section 51
10%on interest or discount
LTU
4
Supply of goods and execution of contracts and sub-contracts
Section 52(Rule 16)
nil up to 1 lac, 1-5 lacs (1%), 5-15 lacs (2.5%), 15-25 lacs 3.5% and 25 lacs and above (4%)
Zone-2 (Partly) & LTU
5
Indenting commission /Shipping agency commission
Section 52 (Rule 17)
3.5% of the total receipt of indenting commission & 5% of total Shipping agency commission receipt
Zone-2
6
Royalty, Fees for professional or technical services
Section 52 A
10% of the fees
Zone-8
7
Stevedoring agency & Security service
Section 52 AA
7.5% of the fees
Ctg. Zone-2
8
C & F agency commission
Section 52 AAA
7.5% of the fees
Zone-2
9
Sale of bandrolls ( for biri)
Section 52B
6% of the value of bandrolls.
Respective Zone
10
Compensation for acquisition of property
Section 52C
6% of the compensation money
Zone-2
11
Interest on saving instruments
Section 52D
10% of the amount of interest (Current rate)
Zone-2
12
Collection of tax from brick manufacturers
Section 52F
1 Sec. = Tk.10,000/ for each brick field.1.5 Sec. = Tk.12,000/ for each brick field.2 Sec. = Tk.18,000/ for each brick field.
Respective Zone
13
Commission on Letter of Credits
Section 52I
5% of the amount of commission.
LTU
14
Issuing & Renewal of trade licence
Section 52K
Tk 500/- For renewal of each Lincence
Zone-3
15
Trustee fees
Section 52L
10%

16
Frieght Forward agency Com.
Section 52M
7.5%

17
Rental power
Section 52N
4%

18
Import of goods
Section 53 (Rule17A)
3% of the value of imports.
Zone-2
19
Income from house property (house rent)
Section 53A (Rule17B)
No deduction if monthly rent is below 20,000/-3% (if monthly rent is 20,000-40,000 Tk.) and 5% (if monthly rent is above 40,000 Tk.)
Zone-2 Dha & Other outside Zone
20
Shipping business of resident
Section 53AA
5% of freight
Zone-2,ctg
21
Export of manpower
Section 53B (Rule 17C)
10% of the service charges.
Zone-2, dhk & ctg
22
Export of Knitwear
Section 53BB
0.25%
Zone-5
23
Member of Stock Exchange
Section 53BBB
0.015%
Zone-7
24
Export of goods except Knitweare & Woven garments
Section 53BBBB
0.25%
Zone-5
25
Sale of goods by public auction
Section 53C (Rule 17D)
5% of the sale price
Zone-2
26
Courier Service (Non-resident)
Section 53CC
7.5%
Zone-6
27
Payment to film actors and actresses
Section 53D (Rule 17E)
5% of the amount paid exceeding Tk. 36000/-
Zone-2
28
Cash subsidy
Section 53DD
5%
Zone-5
29
Commission Fees or discount paid to distributors
Section 53E (Rule 17G)
7.5% of the amount of commission.
Zone-2 & LTU
30
Commission or charges paid to the agents of foreign buyers
Section 53EE
4 % on the amount of commission or charges.
Dhk.Zone-6, Ctg.Zone-3 and Zone of Respective Division
31
Interest on bank deposits
Section 53F (Rule 17H)
10% of the amount of interest.
Zone-1
32
Real Estate & Developers
Section 53FF
In case of Bldg. 250 per sq. meterIn case of land 5% of deed value
Zone-5
33
Insurance commission
Section 53G
3% on the amount of commission
LTU
34
Commission paid to the Surveyors of General Insurances
Section 53GG
7.5% on the amount of commission.
Dhk.Zone-2, Ctg.Zone-3 and Zone of Respective Division
35
Transfer of property
Section 53H (Rule 17I)
5% of the value of the property.
Survey Zone

Interest on Post Office Savings Bank Account
Section 53I
No deduction if the amount of interest does not exceeds Tk.1,50,000 and if exceeds then 10% on the amount of interest .
Zone-2
36
Rent of vacant land, plant and machinery
Section 53J (Rule 17BB)
No deduction if monthly rent is below 15,000/-3% (if monthly rent is 15,000 -30,000 Tk.) and 5% (if monthly rent is above 30,000 Tk.)
Zone-2

37
Advertising bill of news paper, magazine, private television channel
Section 53K
3% of the value of the property.
Zone-5
38
Dividend
Section 54
(1) Resident individual 10%, non-resident individual 25% (2) Company 15%
LTU (only LTU’s files) all others Zone-2
39
Income from lottery
Section 55
20% of the amount won.
Zone-2
40
Income of non-resident Other than non-resident Bangladeshi}
Section 56
Compny - rate applicable to the com. Other than company - maximum rate.
Zone-6

Major areas for final settlement of tax liability : Tax deducted at source for the following cases is treated as final discharge of tax liabilities. No additional tax is charged or refund is allowed in the following cases:-
Supply or contract work
Band rolls of hand made cigarettes
Import of goods
Transfer of properties
Export of manpower
Real Estate Business
Export value of garments
Local shipping business
Royalty, technical know-how fee
Insurance agent commission.
Auction purchase
Payment on account of survey by surveyor of a general insurance company
Clearing & forwarding agency commission.
Transaction by a member of a Stock Exchange.
Courier business
Export cash subsidy

Tax Recovery System : In case of non-payment of income tax demand the following measures can be taken against a taxpayer for realization of tax:-

Imposition of penalty
Attachment of bank accounts, salary or any other payment.
Filing of Certificate case to the Special Magistrate.

Advance Payment of Tax : Every taxpayer is required to pay advance tax in four equal installments falling on 15th September; 15th December; 15th March and 15th June of each year if the latest assessed income exceeds Taka three lakh. Penalty is imposed for default in payment of any installment of advance tax.

Fiscal incentives :Following are fiscal incentives available to a taxpayer:-

a) Tax holiday : Tax holiday is allowed for industrial undertaking, tourist industry and physical infrastructure facility established between 1st July 2008 to 30th June 2011 in fulfillment of certain conditions.

Industrial Undertaking Eligible for Tax holiday : (i) An industry engaged in production of textile, textile machinery, jute goods, high value garments, pharmaceuticals, melamine, plastic products, ceramics, sanitary ware, steel from iron ore, MS Rod, CI Sheet, fertilizer, insecticide & pesticide, computer hardware, petro-chemicals, agriculture machinery, boilers, compressors, basic raw materials of drugs, chemicals and pharmaceuticals. (ii) An industry engaged in agro-processing, ship building, diamond cutting. Physical Infrastructure Eligible for Tax holiday: Sea or river port, container terminals, internal container depot, container freight station, LNG terminal and transmission line, CNG terminal and transmission line, gas pipe line, flyover, mono rail, underground rail, telecommunication other than mobile phone, large water treatment plant & supply through pipe line, waste treatment plant, solar energy plant, export processing zone. Tourism Industry Eligible for Tax holiday : Residential hotel having facility of three star or more.

b) Accelerated depreciation: Accelerated depreciation on cost of machinery is admissible for new industrial undertaking in the first year of commercial production 50%, in the second year 30% and in the third year 20%.c) Income derived from any Small and Medium Enterprise (SME) engaged in production of any goods and having an annual turnover of not more than taka twenty four lakh is exempt from tax.d) Industry set up in EPZ is exempt from tax for a period of 10 years from the date of commencement of commercial production.e) Income from fishery, poultry, cattle breeding, dairy farming, horticulture, floriculture, mushroom cultivation and sericulture are exempt from tax up to 30th June, 2011, subject to investing at least 10% of the exempted income that exceeds one lakh Taka, in government bonds.f) Income derived from export of handicrafts is exempted from tax up to 30th June, 2011.g) An amount equal to 50% of the income derived from export business is exempted from tax.h) Listed companies are entitled to 10% tax rebate if they declare dividend of 20% or more.i) Income from Information Technology Enabled Services (ITES) business is exempted up to 30th June, 2011.

Avoidance of Double Taxation Agreement :
There are agreements on avoidance of double taxation between Bangladesh and 28 countries which are:-
(1) United Kingdom of Great Britain and Northern Ireland, (2) Singapore (3) Sweden (4) Republic of Korea 5) Canada (6) Pakistan (7) Romania (8) Sri Lanka (9) France (10) Malaysia (11) Japan (12) India (13) Germany (14) The Netherlands (15) Italy (16) Denmark (17) China (18) Belgium (19) Thailand (20) Poland (21) Philippines (22) Vietnam (23) Turkey (24) Norway (25) USA (25) Indonesia (27) Switzerland (28) Oman

Tips for Job Interview

Interviews and Interviewers

Summary:
The Screening Interview
The Decision Interview

There are two major categories of job interviews
The first, “the screening interview” is used to screen someone in or out and the second, “the decision interview” is used for making the actual hiring decision. Usually each type of interview is conducted by a different kind of interviewer.

The Screening Interview

This type of interview is typically conducted by either a professional recruiter (or search firm representative) or a Human Resources specialist who is often a trained interviewer.

The screening interviewer’s job is not to decide if you are the best person for the job but to judge whether you come fairly close to a profile of the hypothetically ideal candidate they have created.
These interviewers tend to proceed in a logical, systematic fashion. Because they often must make a written report of their findings and their opinions, they collect facts. They know what information they need and will ask the right questions to get it, collecting and using facts to arrive at a conclusion that they can justify at a later date if necessary.

Be direct and concise in your replies and be sure you understand exactly what information they are looking for before answering a question. If you are not sure, restate the question and ask if you have it right. Wherever possible, frame your answers in a positive light as negative answers tend to induce probing and sometimes an adversarial atmosphere. Don’t give extra information unless you know that it will help you in the interview.

The Decision Interview

The decision interview is usually conducted by the immediate boss or by a person with the authority to hire you.

The boss is rarely a trained interviewer. This is both good news and bad news – good news because you will probably know more about interviewing than the interviewer and will be able, therefore, to control the interview. Its bad news in that the right questions are not asked and unexpected questions may be directed at you in what seems an illogical sequence.

The boss is usually interested in the following:
Can you do whatever he/she wants done?
Will you solve her/his problems? Are you motivated to do that?
How do you fit in the organisation? Will she/he be comfortable seeing you every day?

This meeting with the boss, while an interview, is also a selling opportunity. To be successful, you need to be an attentive listener and observer using all of your senses to build rapport and to choose the words the boss will relate to when framing your questions and answers. In the absence of the direction that a trained interviewer gives, many interviewees make the mistake of reciting all of their skills and accomplishments. This approach pushes the responsibility for sorting through this mass of information for the relevant parts onto the boss and that’s a poor sales approach.

You need to ask questions to find out what the boss would like to have done and what problems need to be solved. Then you can choose from among your accomplishments, those that illustrate that you have solved similar problems.

Interview Preparation
There are some basic steps you need to take to prepare effectively for an interview:
They are:
Research the company and the interviewer
Match your strengths to the company profile
Prepare questions to ask
Prepare answers to difficult questions
Practice aloud

Research the Company & the Interviewer: The first step in preparing for an interview is to research the company and, if possible, the interviewer.

Match Your Strengths to the Company Profile: Once you have the relevant company information, you will need to work out the best way to convey what you can do and to demonstrate how you will add value to the organisation.

Prepare Questions to Ask: Take the time to develop relevant and insightful questions for each particular interview.

Prepare Answers to Difficult Questions: In addition to asking insightful questions, you’ll want to be prepared to answer questions.

Summary:
Prepare Answers to Difficult Questions
PURPOSE: Is the person prepared? Organised and Concise?
PURPOSE: Is this person mature and self-aware?
PURPOSE: Is the person motivated? What are his/her values, attitudes? Is there a fit between the applicant and the organisation?
PURPOSE: Does the person match job and criteria?
PURPOSE: How does the person handle stress? What is their confidence level?
PURPOSE: What is this person’s market value?

Prepare Answers to Difficult QuestionsIn addition to asking insightful questions, you’ll want to be prepared to answer questions.

Although many of your interactions will be quite informal and seemingly unstructured, there will be some interviewers who are quite incisive in their style, asking penetrating and often difficult questions. Recruiters tend to be this way; they have limited time and are skilled at getting to the point.

You cannot anticipate every question. But if you prepare your responses and practice answering the difficult questions that appear below, you will be better equipped for the interview.

Although there may be multiple purposes underlying the questions asked by an interviewer, we have listed only one purpose for each question below.

PURPOSE: Is the person prepared? Organised and Concise?
Interviewer’s Purpose and Questions
Consider When Answering
Tell me about yourself
Be on guard against the interviewer who gives you free reign. Don’t spend too much time answering (1-2 minutes). Avoid details, don’t ramble. Touch on four areas
-Born/Raised
-Education/Military Background
-Work Experience
-Current Work Situation

Did you bring your resume?
Yes. (Be prepared with two or three extra copies)

What do you know about our organisation?
Highlight products, services, revenues, problems, people and history. “But I would love to know more, particularly from your point of view. Do we have time to cover that now?”
According to your definition of success, how successful have you been so far?
Be prepared to define success for yourself and then respond.

PURPOSE: Is this person mature and self-aware?
Interviewer’s Purpose and Questions
Consider When Answering

In your current or last position, what were your most significant accomplishments? In your career so far?
Refer to the accomplishment statements you prepared when you were matching your strengths to the company profile.

Had you thought of leaving your present position before? If yes, what do you think held you there?
No job is perfect. Yet, there are pluses in every position. Refer to positive aspects of the job, mention it was a learning experience.

Would you describe a few situations in which your work was criticised?
Give only one, and tell how you have corrected or plan to correct your work.

If I spoke with your previous boss, what would he or she say are your greatest strengths and weaknesses?
Be consistent with what you think they would say as a referee. Position the weakness in a positive way with examples.

How would you describe your personality?
Keep your answer short and relevant to the job and the organisation’s culture.

What are your strong points?
Present three. Relate them to that particular company and job opening.

What are your weak points?
Don’t say you have none – give only one. Position it in a positive answer such as, “I am sometimes impatient and do all the work myself when we are working against tight deadlines.”

How did you do in school?
Emphasise your best and favourite subjects.If our grades were average, talk about leadership activities or jobs you took to finance your education.

PURPOSE: Is the person motivated? What are his/her values, attitudes? Is there a fit between the applicant and the organisation?
Interviewer’s Purpose and Questions
Consider When Answering

In your current or last position, what features did you like most? Least?
Give only one of each and make it brief.

What do you look for in a job?
Positive answers outlining fulfilment, outcomes and ability to satisfy the needs of the employer.
How long would it take you to make a meaningful contribution to our firm?
An ideal answer would be, "Not long, because of my experience, transferable skills and ability to learn and adapt."

How long would you stay with us?
An ideal answer would be, "As long as the situation is mutually satisfactory and the job is interesting and challenging. As long as I feel that I’m contributing and that my contribution is recognised."

If you have never been a supervisor, how do you feel about assuming those responsibilities?
Be honest. If you don’t want to supervise, emphasise that you can contribute more as an individual player. If you want to supervise, say so and be enthusiastic.

Why do you want to become a supervisor?
"To grow and develop professionally, to help others develop, to build a team and to share what I have learned."

What do you see as the most difficult task in being a supervisor?
Getting things planned and done through others.

Why are you leaving your present job?
Refer to a difference in style or opinion. Never be negative. Keep it short. When possible, give a "group" answer (eg "Our office is closing; the whole organisation is being reduced in size.") Stick to one response; don’t change answers during the interview.
Describe what would be an ideal working environment.
An ideal answer would indicate: Where I can manage process and people, and relate the statement to the particular company.

How would you evaluate your present firm?
Be positive. Refer to the valuable experience you have gained.

Do you prefer working with figures or with words?
Be aware of the job requirements – position your answer in that context.

How would your colleagues describe you?
Refer to your strengths and skills.

What do you think of your boss?
If you like him or her, say so and tell why. If you don’t like him or her, find something positive to say.

Why do you want to work in a company of this size? Of this type?
Explain how this size or type of company works well for you.

If you had your choice of jobs and companies, where would you go?
Refer to job preferences. Say that this job and this company are very close to what best suits you.

Why do you want to work for us?
You would like to be part of a company project and solve a company problem.You like what you’ve learned about the company, its policies, goals and management.

What was the last book you read? Movie you saw? Sporting event you attended?
Think this through ahead of time. Select one of the books you’ve read that matches the company culture and make sure you have read it.

What are you doing, or what have you done to reach your career objectives?
Talk about formal studies, workshops, seminars. Also talk about reading, professional memberships, mentors, advisers.

What was wrong with your last company?
Choose your words carefully. Don’t be negative. Say that no company is perfect; that it had both strengths and weaknesses. Emphasise “mismatches”, not failings.

What kind of hours are you used to working?
As many hours as it takes to get the job done, then ask, “What’s an average working day or week here?”

PURPOSE: Does the person match job and criteria?
Interviewer’s Purpose and Questions
Consider When Answering

What would you do for us?
Relate past experience which represents success in solving problems which may be similar to those of the prospective employer.

What has your experience been in supervising people?
Give examples from accomplishments.

Are you a good supervisor? Give an example.

Why do you feel you have management potential?
Draw from your successes.“Because I have been told that I have management potential during evaluations; because I know what skills are necessary to be a manager and I know that I have them.”

Did you ever fire anyone? If so, what were the reasons, and how did you handle it?
If you haven’t, say so, but add that you could do it if necessary. Cite another example where you carried out an unpleasant but necessary task.

How have you helped your company?
Refer to accomplishments.

What is the most money you have ever accounted for? Largest budget responsibility?
Refer to accomplishments. If you haven’t had budget responsibility, say so, but refer to an accomplishment that demonstrates the same skill.

Describe some situations in which you have worked under pressure or met deadlines.
Refer to accomplishments. Everyone has had a few of these pressure situations in a career.

In your present position, what problems have you identified that had previously been overlooked?
Refer to accomplishments.

Give an example of your creativity.
Refer to accomplishments.

Give examples of your leadership abilities.
Draw examples from accomplishments.

What are your career goals?
Talk first about doing the job for which you are applying, then talk about longer-range plans.

What position do you expect to have in two years?
An ideal answer: “A position similar to the one we’re discussing, or the next step up.”

What are your objectives?
Refer back to question 43 on goals. Long range – keep these answers fairly general; Short range – be more specific. Talk about a position like this with growth opportunities, maybe having more responsibilities or moving into management.

PURPOSE: How does the person handle stress? What is their confidence level?
Interviewer’s Purpose and Questions
Consider When Answering

Why should we hire you?
Relate past experience which demonstrates success in solving problems which may be similar to those of the prospective employer.

You may be over-qualified or too experienced for the position we have to offer.
“A strong company needs a strong person.” “Experienced people are at a premium today.”
Explain that an employer will get faster return on investment because you have more experience than required.

Why haven’t you found a new position before now?
An ideal answer: “Finding the right job takes time. I’m not looking for just any job.”

Any objections to psychological tests?
“No, I don’t mind.”

If you could start again, what would you do differently?
No need to be too self-revealing.“Everyone would make some changes, but I’ve learned and grown from all my decision.”

How would you structure this job?
“Not easy to answer without knowing more than I do about the job. I’d move carefully in making changes.”

How much do you expect, if we offer this position to you?
Be careful. If you don’t know the market value, return the question by saying that you would expect a fair salary based on the job responsibilities, your experience and skills, and the market value of the job. Then ask what salary range has been set for the job.

If you know the market value of the job, that may be the key answer. “My understanding is that a job like the one you’re describing may be in the range of $___. Is that in the ball park for you?”

PURPOSE: What is this person’s market value?
Interviewer’s Purpose and Questions
Consider When Answering

What kind of salary are you worth?
Actively probe the interviewer about the job and specific responsibilities and problems. In time you should get an idea of how important the job is to the company and its willingness to pay. Sum up and evaluate. Then when the interviewer opens the discussion of salary, you will be in a much better position to determine what the job is probably worth to both the employer and you.
Strive to delay all mention of money until the end of the interview. If your minimum requirement is sought early, try to counter with the “need to learn more about the scope of the job” since the service you can provide is the principal question, not income. If they insist, provide a range or broad area.

What other types of job or companies are you considering?
“I’m looking at similar positions in several companies.” You don’t have to be specific.

How have you kept up in your field?
Discuss reading, seminars or courses in or out of work, discussions with co-workers.

Practice Loud: Start by writing rough notes of how you would introduce your background, ask your questions and answer the interviewer’s questions.