DHAKA, Feb 06, 2022 (BSS) - Dhaka Chamber of Commerce and Industry (DCCI) President Rizwan Rahman today underscored the need for ensuring automation of overall taxation, VAT and revenue information management system to ensure transparency and accountability.

He said, `A predictable and compliant tax culture would increase tax net and foreign investment and highlight the importance of simplified VAT refund process'.

DCCI President made the remarks at a press conference titled,  "The contemporary economic situation and  DCCI’s plan of action for the year 2022 "at DCCI auditorium here today.

For a smooth LDC graduation process, Rizwan Rahman stressed the need  for improvement of country competitiveness, rational elimination of non-tariff barriers, and formulating national way forward strategies for local and export market competitiveness. 

He said that this year the Chamber will prioritize the CMSME sector including export diversification, blue economy, economic diplomacy, infrastructure, private investment and FDI, export diversification, skills development, digital engagement, taxation and LDC graduation. 

He continued,  the world is still suffering from Covid outbreak, so strengthening CMSME sector should get priority especially in terms of easy access to finance. 

To cope up with the growing demand of future skilled workforce, he urged for investing more in research and development.

Terming blue economy as an emerging sector for Bangladesh, he said Bangladesh’s ocean economy stands for 3.1 percent of the country’s overall GDP.

Shipbuilding, tourism, sustainable fishing, gas and mineral explorations are largely unutilized, he added.

He urged for creating a national blue economy development and implementation roadmap.

To have a strong position in the economic diplomacy, he suggested to develop negotiation skills on international trade, WTO matters and relevant International laws for win-win FTAs and PTAs.

He said, "Our major export destinations are Europe and America covering almost 67% of our total export".

But after the LDC graduation export will face a challenge and for that we have to formulate export diversification strategy engaging all stakeholders,' he told.

Tariff rationalization, reduction of non-tariff barriers in cross-border trade and minimizing anti-export bias are also important in this regard, he said.

Regarding a question of a journalist about harassment by the tax officials, he said that automation is the solution and also suggested to form an Accountability Commission under PPP model.

DCCI Senior Vice President Arman Haque and Vice President Monowar Hossain ,among others, were also present at the press conference.