Young entrepreneurs call for removal of business barriers
Country's young entrepreneurs have identified several challenges to doing business, such as the extensive documentation required for business registration, issues with income tax, customs, and port demurrage and complexities with related government agencies.
They called on the government to simplify these processes to create a more conducive environment for business growth.
During an event held yesterday (18 November) by the Bangladesh Pipe and Tube-Well Merchant Association at Dhaka Club, young business leaders expressed hope that favourable government policies could encourage business expansion within the country.
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Solaiman Parsee Faisal, a former general secretary of Bangladesh Pipe and Tube-Well Merchant Association, said, "These barriers are discouraging young entrepreneurs from pursuing their ventures."
Faisal, who owns Faisal Polymer Industries Limited, emphasised the need for differentiated tax and VAT policies for large and medium enterprises to ensure that smaller businesses are not overshadowed by larger companies.
The event saw the participation of numerous first- and second-generation entrepreneurs from member institutions of the association, many of whom hold advanced degrees from both domestic and international institutions.
Muhammad Abdul Mazid, a former chairman of the National Board of Revenue (NBR) and the event's chief guest, acknowledged the difficulties taxpayers face when paying taxes.
He stated, "People are willing to pay taxes, but they do not want to face unnecessary harassment in the process."
He urged the relevant government bodies to address these challenges and streamline the system.
Mazid, who also heads the revenue reform committee recently established by the interim government, praised the new generation of business leaders for their dedication to contributing to the national economy rather than seeking opportunities abroad. He emphasised their potential to drive innovation and urged the government to improve the overall business environment to support their endeavours.
Md Mamun, a former ward commissioner of Dhaka South City Corporation, also attended the programme.
