Dhaka Chamber of Commerce and Industry (DCCI) President Taskeen Ahmed stressed the need for simplifying the tax and VAT system, also simplifying the system according to the size, nature, and capacity of the businesses by removing complexity and bottlenecks in the import-export procedures and fixing a realistic VAT rate.
He also said that despite being one of the ancient business hubs for trade and commerce for hundreds of years, the entrepreneurs of Old Dhaka have been facing various problems due to increasing traffic congestion, lack of infrastructure, and tax and VAT issues.
He was speaking at a view exchange meeting on Saturday in the capital with traders, business leaders of different specialized associations of Old Dhaka, and representatives of several other business organizations.聽聽
He said that businesses, especially small entrepreneurs of Old Dhaka, one of the oldest and largest business hubs of the country, have been facing various challenges in recent times due to unbearable traffic congestion, water logging, weak infrastructure, inadequate access to finance to SMEs, deteriorated law and order situation, increased dollar price, delay in import and export procedures, high rate of interest on loan, increased vat and tax rate and complex revenue structure.
Md. Selim Al Mamun, director (research), Chief Economist Unit of Bangladesh Bank, said that from 2022 to 2024, the dollar rate depreciated by 35 per cent in the local market, which caused instability in currency management. However, the central bank is working to stabilize the exchange rate.
鈥淚mport and export have increased by 3.5 per cent and 10.9 per cent respectively in the last six months and remittances have reached $16 billion in the last seven months. He said Bangladesh Bank has already formed a taskforce to bring back the siphoned money,鈥� he added.
Additional Commissioner of Customs Excise and VAT Commissionerate (South, Dhaka), NBR, Manash Kumar Barman, said the government has already taken the initiative to automate the VAT system through the VAT online registration process, with a view to easing the VAT payment return system and reducing harassment.
He later urged the entrepreneurs not to pay VAT to anyone without a receipt.
Md. Jashim Uddin, Deputy Commissioner of Police (Lalbagh Division), DMP, said traffic police will be deployed at eight important spots to ease traffic congestion in Old Dhaka.
He urged the businessmen to come forward and recruit volunteers with them as well.
He also suggested that traders get police help transporting cash during the upcoming Ramadan.
Participating in the open discussion session, the representatives of the sectoral trade associations of old Dhaka emphasized introducing a package VAT system on essential commodities to contain inflation.
Representatives from businesses, government agencies, and other DCCI leaders also spoke at the event.
