Dhaka: Businessmen in a view-exchange meeting today urged the government for ensuring easier VAT management as well as improved law and order situation for conducting smooth business operations. They expressed concerns over the geopolitical impacts on trade and investment, citing high interest rates on bank loans, limited access to finance, and complex VAT and tax systems as significant barriers to business growth.
According to Bangladesh Sangbad Sangstha, the interactive meeting was organized by the Dhaka Chamber of Commerce and Industry (DCCI) and took place at the Tokyo Square Convention Centre in Mohammadpur. The event gathered small traders from Dhanmondi, Mohammadpur, Shaymoli, and Adabar areas to discuss the recent trade and investment scenario and related issues.
The meeting, chaired by DCCI President Taskeen Ahmed, highlighted the necessity of building a stable and predictable business environment. Ahmed emphasized the need for full automation of revenue management, rationalization of tax rates, an
d the introduction of a single-digit VAT rate. He also called for a 1% VAT rate for the informal sector and the development of a VAT return app, which he believes will enhance the business environment and boost government revenue collection.
Ahmed further stressed the importance of easy access to credit, automation in export-import operations, and timely government policy support to sustain industrial growth. He assured the attendees that businessmen are willing to pay taxes and VAT but seek to avoid any harassment.
Addressing the law and order situation, Ahmed underlined the importance of ensuring the rule of law for uninterrupted business operations. Additionally, Mohammad Mostafizur Rahman, Additional Director of Bangladesh Bank, highlighted measures taken by the central bank, including extending the term loan period and creating a Taka 25,000 crore fund for SME entrepreneurs, offering favorable interest rates to women and agro-entrepreneurs.
Md. Milon Sheikh, Additional Commissioner of Customs, Excise,
and VAT Commissionerate, reported a 15-20% increase in VAT collection in Mohammadpur and nearby areas, with 98% of small businesses now registered for VAT. He supported the proposal for a mobile app for online VAT registration, stating it would minimize human contact and reduce harassment.
The open discussion session saw contributions from various trade association leaders and business owners, who called for simplified VAT processes, improved law and order, reduced traffic congestion, and easier access to finance for SMEs.
DCCI Senior Vice-President Razeev H Chowdhury, Vice President Md. Salem Sulaiman, and other board members were present at the event, which also celebrated the addition of 27 new business entities to DCCI’s membership, with certificates handed over by President Taskeen Ahmed.