The small and medium capital traders demanded easier VAT and tax management, easy access to finance, and an improved law and order situation.
They demanded it in a view exchange meeting regarding contemporary issues organized by the Dhaka Chamber of Commerce and Industry on Saturday in the capital, with small traders from the Dhanmondi, Mohammadpur, Shaymoli and Adabar areas.
In the meeting, Taskeen Ahmed, president of the DCCI, said that despite its international geopolitical impact, the overall trade and investment situation is not satisfactory due to the weak law and order situation.
Moreover, the high rate of interest on bank loans, lack of access to finance, higher VAT and tax rates, and the complex management system, harassment, lack of automation, and unbearable traffic congestion have adversely impacted the typical business atmosphere.
He urged the government to address the challenges, including foreign exchange management, delays in the export-import process, and a weak law-and-order situation.
He also said that, under the current circumstances, there is no alternative to building a safe, stable, and predictable business environment.
He added that the Dhaka Chamber has already proposed fully automating overall revenue management and rationalising tax rates in the upcoming budget.
鈥榃e urged the government to introduce single digit VAT rate and fixing 1 per cent VAT for the informal sector and introducing a VAT return app,鈥� he added.
He also urged for easy access to credit, automation in export-import activities, and timely policy support.
He also said that businessmen want to pay tax without any harassment.
Mohammad Mostafizur Rahman, additional director (SME and special programmes department) of Bangladesh Bank, said that recently the central bank issued a circular to increase the SME sector鈥簊 credit flow and extended the term loan period to 7 years from the existing 2 years.
Additional Commissioner of Customs, Excise and VAT Commissionerate, Dhaka (West), Md Milon Sheikh said that VAT collection has increased by about 15 per cent to 20 per cent this year, especially in Mohammadpur and adjacent areas, and 98 per cent of the small businesses in this area have been registered for VAT.
Regarding a proposal to create a mobile app for online VAT registration, he termed it a good move and said that the government should surely consider it.
Md Alamgir Kabir, additional deputy commissioner of Police (Tejgaon Zone) of Dhaka Metropolitan Police, said the law-and-order situation in this area has improved significantly in the last two months, while the number of cases has decreased.
He said that if the small traders of different markets in this zone wanted any help from the police during the upcoming Eid-ul-Adha, the police will be happy to provide all possible support.
Additional deputy commissioner of police (traffic, Tejgaon zone) Tania Sultana stressed the need for increasing public awareness and follow traffic rules to resolve traffic congestion, since the police never create traffic congestion.
Representatives from various markets, shopping malls, and trade bodies were also present.
At the event, 27 business entities of Dhaka got DCCI鈥檚 membership.
