Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Small traders have urged the government to address issues like the latest hike in VAT and taxes, law and order, customs, traffic jam, high price of dollar and trade license renewal fees for the betterment of the country's economy.
They also expressed their dissatisfaction over the delay in LC adjustment, unstable dollar value, high rate of interest on bank loans, harassment in payment of VAT, complexity of trade license renewal process and high fees.
They hoped that the government would look into these matters so that small traders or shopkeepers could do their businesses smoothly.
They made the observations at a view-exchange meeting organised by Dhaka Chamber of Commerce and Industry (DCCI) at the DCCI Gulshan Office on Thursday.
Office bearers and members from different market and bazaar associations of Gulshan, Mohakhali, Banani and Badda areas attended this interactive meeting.
In his welcome speech, DCCI President Taskeen Ahmed said at present, due to challenging situation of global trade, entrepreneurs are facing an increasingly difficult situation to survive in the competition, as well as the complexity of tax and VAT system has become a major challenge for businessmen.
He also said that due to the regular changes in taxes and VAT structure, additional burden of advance income tax adjustment issue and regulatory duty, existing obstacles in import-export activities are creating additional economic pressure on the country's private sector.
He also said that due to the recent unstable law and order and deteriorating traffic situation, the environment conducive to trade and investment is being hampered.
"The limited access of credit for SME entrepreneurs, the high rate of interest on loans, unstable dollar rate are hampering our local industrialisation."
"In such a situation, it is essential to take coordinated initiatives of the public and private sectors and implement them effectively for the development of the country's overall economy," he opined.
Deputy Commissioner of Police (Gulshan Division) Md Tarek Mahmud said that after the recent political transformation, reform in the police department is also going on.
He said that Bangladesh Police is a hard-working force which is firmly committed to improving public trust and the law and order.
"We have zero tolerance to any miscreants whether he has any political affiliation or not," he added.
He urged all sections of people, including traders, to help the police department by providing information to free them from extortion, harassment and encroachment of footpaths and hoped that the prevailing impasse would be resolved soon with the collective efforts of all.
Md Sayedul Islam, additional director (foreign exchange policy department) of Bangladesh Bank, said that the fixation of LC margin actually depends on the relationship between the bank and the customer and the issue of letter of credit (LC) margin is not the same for all products as well.
Mohammad Ariful Islam, first secretary (VAT Implementation), the NBR, said the NBR has been given a large revenue target to collect which is a challenging task, indeed.
He, therefore, sought cooperation from all, including businessmen, to achieve this challenging target.
He said that recently an initiative has been taken to register gold traders and the NBR is working to expand the scope of tax net at the grass-roots level.
He also informed that the NBR is working towards implementing an integrated revenue management system that is automated and transparent.
Participating in the open discussion, Md Abu Taher, vice-president of Gulshan-1 DNCC South Paka Market Traders' Association, said that it takes about three months from LC opening date to its final settlement and for this system sometimes traders are facing a shortage of capital.
Firoz Alam Swapan, president of Mohakhali Bazar Traders' Association, pointed out the issue of increased VAT rate and high fees of trade license renewal and its delay.
Mohammad Al Amin, partner of Amin Hossain and Co., said that under section 163 of the Income Tax Act, delayed adjustment of AIT is a challenge for the businessmen.
Mahfizul Haque, proprietor of Hasan Hardware, said the arrival of consumers to shops decreased significantly due to unbearable traffic congestion, unabated auto-rickshaw and deteriorating law and order situation.
Md Alamgir Hossain, general secretary of Metropolitan Shopping Plaza Market Association, said a number of shop owners have been attacked by miscreants recently but the police stations concerned did not show the desired response.
DCCI senior vice-president Razeev H Chowdhury, vice-president Md Salem Sulaiman were also present in the meeting.
Meanwhile, 25 business entities got DCCI membership on the occasion. The DCCI president handed over the certificates to the owners of newly enrolled members of the DCCI.
Md Sayedul Islam, additional director (Foreign Exchange Policy Department), Mohammad Ariful Islam, first secretary of NBR (VAT Implementation), and Md Tarek Mahmud, deputy commissioner of Police (DMP), Gulshan Zone, were present.