Dhaka: Experts at a view-exchanging meeting today emphasized that a coordinated effort between the government and the private sector is essential to bring stability to the country’s overall financial sector. They made this observation during a meeting with small traders from the Gulshan area, organized by the Dhaka Chamber of Commerce and Industry (DCCI) at its office in the city, as mentioned in a press release.
According to Bangladesh Sangbad Sangstha, small traders at the meeting expressed dissatisfaction over several issues, including delays in LC adjustment, unstable dollar value, high bank loan interest rates, VAT payment harassment, increased VAT and tax on various products, complexities in trade license renewal, high fees, deteriorating law and order, and unbearable traffic congestion. They hoped the government would address these issues to ensure smooth business operations for small traders and shopkeepers.
Public sector attendees included Md Sayedul Islam, Additional Director of the Foreign Exchange Policy Department, First Secretary of NBR (VAT Implementation) Mohammad Ariful Islam, and Deputy Commissioner of Police (DMP), Gulshan Zone, Md Tarek Mahmud. Dhaka Chamber President Taskeen Ahmed highlighted the challenges faced by Bangladesh’s entrepreneurs due to global trade conditions and the complexities of the tax and VAT system. He noted that regular changes in taxes and VAT structure, advance income tax adjustment issues, and regulatory duties are adding economic pressure on the private sector.
Ahmed further stated that the unstable law and order situation and traffic congestion are hindering a conducive environment for trade and investment. He emphasized the need for coordinated public and private sector initiatives to develop the country’s economy. Md Tarek Mahmud assured that the Bangladesh Police is working to improve public trust and law and order, with zero tolerance for miscreants, regardless of political affiliation. He urged citizens to assist the police by providing information to combat extortion, harassment, and footpath encroachment.
Md Sayedul Islam explained that LC margin fixation depends on the bank-customer relationship and varies by product. He mentioned that traders have suffered due to global unrest affecting the dollar’s value, but the central bank is working to stabilize it. He reiterated the need for coordinated efforts to stabilize the financial sector. Mohammad Ariful Islam highlighted the challenges of achieving the NBR’s revenue target and called for cooperation from all stakeholders. He mentioned initiatives to register gold traders and expand the tax net.
During the open discussion, traders voiced concerns over LC settlement delays, high VAT rates, and trade license renewal fees. They also highlighted the impact of traffic congestion and law and order issues on consumer footfall. Some traders reported attacks by miscreants and inadequate police response, stressing the need for strong rule of law enforcement. DCCI Senior Vice President Razeev H Chowdhury and Vice President Md. Salem Sulaiman also attended the meeting.