The country's present tax system is not favourable for industrial development as it doesn't consider the losses incurred by the businesses during tax calculation.
This was observed at the 36th Annual General Meeting or AGM of Bangladesh Chamber of Industries (BCI) held at its office in the city's Dilkusha area on Tuesday, a statement said.
BCI President Anwar-ul Alam Chowdhury (Parvez) presided over the AGM, while it's Senior Vice-president Priti Chakraborty, Vice-President Shahidul Islam Niru, other directors and members were present in the meeting.
BCI members in the meeting discussed the development and promotion of various sectors including micro, small, cottage, light engineering, and agro based industries.
They also highlighted the need for one-stop service for the industries and different bottlenecks faced by the entrepreneurs to avail finance from different sources.
Mr Chowdhury said BCI would continue its efforts to create new entrepreneurs in light engineering and agro-based industries for the sake of country's development.
Regarding Bangladesh's tax regime he said present tax system is not in favour of industrial development.
"Losses in business are not considered during tax fixation, gross profit is considered sector-wise which is not reasonable," he said.
Around 40 per cent SMEs in the country discontinued operating on the back of the crisis arising from the pandemic followed by the Russia-Ukraine war, he said adding that the BCI is trying to help them grow.
He also said number of unemployment and the shortage of skilled people are rising in the country, said the BCI president.
BCI signed a Memorandum of Understanding (MoU) with the SME Foundation to create new entrepreneurs and small industries and address their problems, he said
All agenda were discussed and confirmed unanimously in the AGM, the statement said.
