Traders from Dhaka’s Dhanmondi, Mohammadpur, Shyamoli, and Adabar areas have called for simplified VAT management, better law and order, and measures to ease business operations at a discussion organized by the Dhaka Chamber of Commerce & Industry (DCCI) on Saturday.
Held at Tokyo Square Convention Centre in Mohammadpur, the meeting addressed issues including inflation, high interest rates, traffic congestion, and tax complexities. DCCI President Taskeen Ahmed presided over the event.
In his opening remarks, Ahmed highlighted the challenges facing the country’s economy, such as weak law enforcement, complex VAT and tax systems, and limited access to credit. He emphasized the need for a stable business environment and proposed automation in revenue management, rationalized tax rates, and a user-friendly VAT return app.
“Businesses are willing to pay taxes, but they want an end to harassment,” Ahmed said. He urged for government support to ensure timely credit access and streamlined export-import processes, which are vital for industrial growth.
Support for SMEs
Representing Bangladesh Bank, Additional Director Mohammad Mostafizur Rahman announced initiatives to support small and medium enterprises (SMEs), including a Taka 25,000 crore fund offering loans at reduced interest rates. “Loan periods have been extended to seven years to accommodate the time required to establish factories,” he added.
Rahman also noted that women entrepreneurs can access loans at a rate as low as 5%, and agro-entrepreneurs benefit from similarly favorable terms.
Revenue Collection and VAT
Md. Milon Sheikh, Additional Commissioner of Customs, Excise, and VAT (West), reported a 15-20% increase in VAT collection in Mohammadpur and adjacent areas. He acknowledged the complexity of VAT laws but encouraged businesses to learn about the system for their benefit.
He supported the idea of a VAT return app to reduce human intervention and associated harassment, adding that such automation could enhance efficiency and compliance.
Law and Order Improvements
Md. Alamgir Kabir, Additional Deputy Commissioner of Police (Tejgaon Zone), said that the law and order situation had improved, citing recent police operations that led to the arrest of over 130 individuals involved in extortion and other crimes. Kabir assured traders of police support during the Eid-ul-Adha shopping season.
On traffic congestion, Additional Deputy Commissioner of Police (Traffic, Tejgaon Zone) Tania Sultana stressed public cooperation and adherence to traffic rules. She noted the limited resources available to manage the vast Tejgaon zone.
Traders’ Concerns and Proposals
During the open discussion, business representatives from various associations demanded easier VAT return submissions, expanded VAT registration, reduced loan interest rates, and measures to control extortion and traffic congestion.
DCCI Senior Vice President Razeev H Chowdhury, Vice President Md. Salem Sulaiman, and other board members also attended the event. Additionally, 27 businesses received their DCCI membership certificates during the program.
The event highlighted the need for collaboration between businesses and authorities to foster a more conducive environment for trade and investment.
