Small Traders Urge Measures for Smooth Business Operations

Small traders have called on the government to take necessary measures to ensure a hassle-free business environment for shopkeepers and entrepreneurs.

They made the appeal at a view-exchange meeting organised by the Dhaka Chamber of Commerce & Industry (DCCI) at its Gulshan office on Thursday.

During the discussion, traders expressed concerns over several challenges, including delays in LC (Letter of Credit) adjustments, an unstable foreign exchange market, high interest rates on bank loans, VAT-related complications, and difficulties in renewing trade licenses.

Representatives from market and bazar associations in Gulshan, Mohakhali, Banani, and Badda attended the interactive session alongside DCCI members.

The discussion covered key issues such as the recent hike in VAT and taxes, law and order concerns, customs regulations, traffic congestion, rising dollar prices, and trade license renewal fees.

DCCI President Taskeen Ahmed highlighted the mounting challenges for entrepreneurs due to global trade uncertainties and the complexities of the tax and VAT system.

“Entrepreneurs are struggling to remain competitive amid a challenging global trade environment. Additionally, the unstable law and order situation and worsening traffic congestion are hindering a conducive atmosphere for trade and investment,” Ahmed said.

He further pointed out that limited access to credit, high interest rates, and fluctuating dollar prices are obstructing local industrialisation.

Among the key officials present at the event were Md. Sayedul Islam, Additional Director of the Foreign Exchange Policy Department at the Central Bank; Mohammad Ariful Islam, First Secretary of NBR (VAT Implementation); and Md. Tarek Mahmud, Deputy Commissioner of Police (DMP), Gulshan Zone.

Md. Sayedul Islam explained that LC margin requirements vary depending on the bank-customer relationship and product type.

Deputy Commissioner of Police Md. Tarek Mahmud stated that following the recent political transition, reforms within the police department are underway.

NBR First Secretary Mohammad Ariful Islam acknowledged that the revenue board has been assigned a significant tax collection target, which poses a major challenge. He urged businesses to cooperate in meeting the target.

DCCI Vice President Md. Salem Sulaiman and DCCI Senior Vice President Razeev H Chowdhury, along with Md. Abu Taher, Vice-President of Gulshan-1 DNCC South Paka Market Traders' Association, were also present.

Meanwhile, 25 business entities were newly inducted as DCCI members. DCCI President Taskeen Ahmed handed over membership certificates to their representatives at the event.