Bangladesh introduces 10-year tax exemption for renewable energy projects

Workers from the Dhaka Electric Supply Company Limited repair an electrical transformer in Dhaka on June 13, 2021. (AFP)
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Updated 02 November 2024
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Bangladesh introduces 10-year tax exemption for renewable energy projects

  • Policy grants 100 percent tax exemption for renewable energy plants in first 5 years
  • Bangladesh’s renewable energy output is among the lowest in the world

DHAKA: Bangladesh is introducing a 10-year tax exemption package for renewable energy production — a move expected to help boost clean electricity generation, which is still hampered by high production costs.

The National Board of Revenue issued a notification earlier this week for projects that will begin commercial operations by mid-2030.

The policy grants 100 percent tax exemption for renewable energy plants in the first five years, 50 percent in the next three years, and 25 percent in the following two years.

“Companies whose commercial production will start between July 1, 2025 and June 30, 2030, are exempted from the tax,” NBR chairman Abdur Rahman Khan said in a statement specifying the waivers.

The policy backtracks on the previous government’s 2023 decision to withdraw full tax exemptions for the renewable energy sector, which discouraged local and foreign investors.

“It’s a very timely and good initiative ... it will create confidence among the investors,” Dr. S.M. Nasif Shams, director of the Institute of Energy at Dhaka University and secretary of the Bangladesh Solar Energy Society, told Arab News.

“It’s a good sign that within such a short span of time this interim government came up with this decision for boosting the renewable energy sector. It also complies with Prof. Yunus’ ‘three zero’ concept which he promotes around the world.”

Bangladesh’s caretaker government took office in August when ex-Prime Minister Sheikh Hasina quit and fled the country amid violent protests.

It is headed by Muhammad Yunus, Nobel Peace Prize laureate and economics professor who invented microcredit, who has been advocating work toward a world of zero poverty, zero unemployment and zero carbon emissions.

While Bangladesh aims to achieve its net-zero emissions goal by 2050, currently its clean electricity generation capacity is 1.38 GW or only about 5 percent of the total, which comes mostly from fossil fuels — mainly natural gas.

The country has been struggling for years with energy crises as demand grows about 7 percent a year amid increasing household and industry use, increasing Bangladesh’s dependence on imports as local production is insufficient, with the renewable energy output being among the lowest in the world.

Attracting investors with tax waivers could help with the high costs of building clean energy plants — currently one of the main obstacles to developing the renewable sector in the country.

“This decision will help the country’s economy a lot, as well as it will save the environment in a sustainable way,” Shams said.

“We have to go for renewable energy ... There is no alternative for us.”


China says top military official Miao Hua suspended, under investigation

Updated 16 sec ago
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China says top military official Miao Hua suspended, under investigation

  • Latest senior apparatchik to fall in a sweeping crackdown on graft in the country’s armed force
  • Unconfirmed reports say defense minister Dong Jun was also placed under investigation for corruption
BEIJING: China said Thursday that top military official Miao Hua had been removed from office and was suspected of “serious violations of discipline,” the latest senior apparatchik to fall in a sweeping crackdown on graft in the country’s armed forces.
The ruling Chinese Communist Party “has decided to suspend Miao Hua from duty pending investigation,” Wu Qian, spokesman of China’s Ministry of Defense, told a press briefing.
Wu did not provide further details about the charges against Admiral Miao, a member of Beijing’s powerful Central Military Commission.
But “serious violations of discipline” are commonly used by officials in China as a euphemism for corruption.
The announcement follows reports, unconfirmed by Beijing, that Defense Minister Dong Jun has been placed under investigation for corruption.
If confirmed, Dong would be the third Chinese defense minister in a row to be probed for graft.

India’s parliament suspended temporarily after row over allegations against Adani group

Updated 40 min 29 sec ago
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India’s parliament suspended temporarily after row over allegations against Adani group

  • The problem is that India’s states are unprepared for the rapid rise in renewable generating capacity, lack adequate transmission infrastructure and storage

NEW DELHI: Both houses of Indian parliament were suspended temporarily on Thursday within minutes of opening as opposition lawmakers disrupted proceedings for the third day this week seeking a discussion on allegations against the Adani Group.

US authorities have accused Gautam Adani, his nephew Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian solar power supply contracts, and misleading US investors during fund raises there.

“We want a discussion on this in parliament. It is going to be the third day that we are demanding a reply from the prime minister” on the Adani issue, Manickam Tagore, a lawmaker from the main opposition Congress party, which has been leading the protests against the business group, told news agency ANI.

Many of India’s opposition parties accuse Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) of favoring Adani and blocking investigations against him in India, accusations both have denied.

Congress leader Rahul Gandhi, who has been a vocal critic of Adani, said Gautam Adani, 62, should be arrested.

While the government has not made any comment on the indictment, Modi’s BJP has said it had no reason to defend Adani, adding that the party was not against industrialists and considered them partners in nation-building efforts.

“Let him defend himself,” BJP spokesperson Gopal Krishna Agarwal said on Tuesday, adding that the law would take its course.


Landslides in Indonesia’s Sumatra kill at least 27, rescuers search for missing

Updated 28 November 2024
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Landslides in Indonesia’s Sumatra kill at least 27, rescuers search for missing

  • Torrential rain in the province since last week had caused flash floods and landslides in four different districts
  • Extreme weather is expected in Indonesia toward the end of 2024, as the La Nina phenomenon increases rainfalls across the tropical archipelago

JAKARTA: Indonesian rescuers are searching for passengers trapped in a minibus buried in mud after flash floods and landslides hit several locations in North Sumatra province, killing at least 27, an official said on Thursday.
Torrential rain in the province since last week had caused flash floods and landslides in four different districts, Indonesia’s disaster agency has said.
A landslide in a village in Deli Serdang on Wednesday killed seven and injured 20, Hadi Wahyudi, North Sumatra police spokesperson told Reuters.
Rescuers were looking for missing people, including those trapped in a minibus and other vehicles on a hilly interprovince road hit by a mudslide, he said, adding he could not give an estimate for the number of affected people.
In other places, rescuers have found 20 dead during a search that started over the weekend. They are still searching for two missing.
“Today, we’re focusing our search to find missing people and clearing the roads affected by the landslides,” said Hadi, adding excavators were deployed.
The landslides and flash floods damaged houses, mosques, and rice fields.
Heavy rains also triggered floods in the provincial capital of Medan, forcing a delay in votes for a regional election in some polling stations.
Extreme weather is expected in Indonesia toward the end of 2024, as the La Nina phenomenon increases rainfalls across the tropical archipelago, the country’s weather agency has warned.


The Australian Senate debates the world’s first social media ban for children under 16

Updated 28 November 2024
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The Australian Senate debates the world’s first social media ban for children under 16

  • The bill that would make social media platforms liable for fines of up to $33 million for systemic failures to prevent young children from holding accounts

MELBOURNE: The Australian Senate was debating a ban on children younger than 16 years old from social media Thursday after the House of Representatives overwhelmingly supported the age restriction.
The bill that would make platforms including TikTok, Facebook, Snapchat, Reddit, X and Instagram liable for fines of up to 50 million Australian dollars ($33 million) for systemic failures to prevent young children from holding accounts.
It is likely to be passed by the Senate on Thursday, the Parliament’s final session for the year and potentially the last before elections, which are due within months.
The major parties’ support for the ban all but guarantees the legislation will become law. But many child welfare and mental health advocates are concerned about unintended consequences.
Unaligned Sen. Jacqui Lambie complained about the limited amount of time the government gave the Senate to debate the age restriction, which she described as “undercooked.”
“I thought this was a good idea. A lot of people out there thought it was a good idea until we looked at the detail and, let’s be honest, there’s no detail,” Lambie told the Senate.
Opposition Sen. Maria Kovacic said the bill was not radical but necessary.
“The core focus of this legislation is simple: It demands that social media companies take reasonable steps to identify and remove underage users from their platforms,” Kovacic told the Senate.
“This is a responsibility these companies should have been fulfilling long ago, but for too long they have shirked these responsibilities in favor of profit,” she added.
Sen. David Shoebridge, from the minor Greens party, said mental health experts agreed that the ban could dangerously isolate many children who used social media to find support.
“This policy will hurt vulnerable young people the most, especially in regional communities and especially the LGBTQI community, by cutting them off,” Shoebridge told the Senate.
The House of Representatives on Wednesday overwhelmingly carried the bill 102 votes to 13.
Communications Minister Michelle Rowland urged senators to pass the bill which she said reflected the Australian community’s view.
“The ... government is on the side of supporting parents and protecting young people,” Rowland told the House.
Once the legislation becomes law, the platforms would have one year to work out how they could implement the ban before penalties are enforced.
The platforms complained that the law would be unworkable, and urged the Senate to delay the vote until at least June next year when a government-commissioned evaluation of age assurance technologies made its report on how young children could be excluded.
Critics argue the government is attempting to convince parents it is protecting their children ahead of general elections due by May. The government hopes that voters will reward it for responding to parents’ concerns about their children’s addiction to social media. Some argue the legislation could cause more harm than it prevents.
Criticisms include that the legislation was rushed through Parliament without adequate scrutiny, is ineffective, poses privacy risks for all users, and undermines parental authority to make decisions for their children.
Opponents of the bill also argue the ban would isolate children, deprive them of the positive aspects of social media, drive them to the dark web, discourage children too young for social media to report harm and reduce incentives for platforms to improve online safety.


Explosions heard in Ukraine’s Odesa, Kropyvnytskyi – media reports

Updated 28 November 2024
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Explosions heard in Ukraine’s Odesa, Kropyvnytskyi – media reports

  • Odesa regional governor Oleh Kiper urged residents to stay in shelter in a message on the Telegram app

Explosions were heard in the Ukrainian Black Sea port city of Odesa and the city of Kropyvnytskyi in central Ukraine on Thursday morning amid reports of a Russian cruise missile attack, Ukrainian news outlet Zerkalo Tyzhnya and other local media reported.
Odesa regional governor Oleh Kiper urged residents to stay in shelter in a message on the Telegram app.