A view-exchanging meeting with the small traders of the Gulshan area, organized by DCCI, was held at DCCI's Gulshan Office in the city. Photo: DCCI

 
DHAKA, Feb 06, 2025 (BSS) - Experts at a view-exchanging meeting today laid 
emphasis on coordinated effort of the government and the private sector is 
necessary to bring stability in the country's overall financial sector.
 
They made the observation at the view-exchanging meeting with the small 
traders of capital's Gulshan area organized by Dhaka Chamber of Commerce and 
Industry (DCCI) at DCCI's Gulshan Office in the city, said a press release.
 
During the meeting, small traders expressed their dissatisfaction over the 
delay in LC adjustment, unstable dollar value, high rate of interest on bank 
loans, harassment in payment of VAT, increase of vat and tax on various 
products, complexity of trade license renewal process and high fees, 
deteriorating law and order situation and unbearable traffic congestion in 
the city roads.
 
They also hoped that the government will look into these matters so that the 
small traders or shop keepers can do their businesses smoothly. 
 
Md Sayedul islam, Additional Director (Foreign Exchange Policy Department), 
First Secretary of NBR (VAT Implementation) Mohammad Ariful Islam, and Deputy 
Commissioner of Police (DMP), Gulshan Zone, Md Tarek Mahmud were present on 
the occasion from the public sector.   
 
In his welcome speech, Dhaka Chamber President Taskeen Ahmed said at present, 
due to challenging situation of global trade, Bangladesh's 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.
 
In particular, 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 opined.
 
The DCCI president also said that due to the recent unstable law and order 
situation and deteriorating traffic situation, the conducive environment for 
trade and investment is being hampered. 
 
Taskeen Ahmed also said limited access of credit for SME entrepreneurs, high 
rate of interest on loans, unstable dollar rate are hampering our local 
industrialization. 
 
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. 
 
Md Tarek Mahmud said that after the recent political transformation, reform 
in the police department is also going on. Bangladesh Police is a hard 
working force and to improve the trust of the people and the law and order 
situation, this force is firmly committed.
 
"We have zero tolerance to any miscreants whether he has any political 
affiliation or not," he added. 
 
He, however, appealed to 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 said that the fixation of LC margin actually depends on the 
relationship between the bank and the customer and the issue of LC margin is 
not the same for all products as well. 
 
"Our local traders have suffered a lot due to the unusual fluctuations in the 
value of the US dollar that happened due to global unrest caused by the Covid 
pandemic, the Russia-Ukraine war, but the central bank is working to keep the 
value of the dollar stable," he said. 
 
He later said a coordinated effort of the government and the private sector 
is necessary to bring stability in the country's overall financial sector. 
 
Mohammad Ariful Islam 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 the gold 
traders and the NBR is working to expand the scope of tax net at the 
grassroots 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 & Co., said that under section 163 
of 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 the 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 concerned police stations did not show the desired response. 
 
He therefore stressed for strong enforcement of rule of law in the current 
situation. 
 
Md Anwar Hossain, Chairman of Mowla Traders, said high interest rates on 
loans, deteriorating law and order situation, difficulties in LC payments, 
harassment in paying VAT, etc. are hampering trade and commerce of small 
traders. 
 
DCCI Senior Vice President Razeev H Chowdhury, Vice President Md. Salem 
Sulaiman were also present in the meeting.