Abul Kasem Khan, Managing Director of AK Khan Telecom Limited, has been reelected as President of the Dhaka Chamber of Commerce and Industry (DCCI) for the year 2018 on December 23 2017. His unrevealed secrets stories of business success, leadership were shared to the New Nation with vision to develop business environment of Bangladesh as more attractive business destination in 2018. The interview was taken by Staff Reporter Sanwar Hossain.
To simplify the taxation rate through negotiation with the concerned authorities which will be more business friendly, the re-elected president of DCCI Abul Kasem Khan, said.
He also emphasize on research and development (R&D) for developing newer products and services at DCCI, attract more foreign direct investments for economic development, introduce production of Jute based paper through facilitating farmers in the root level and reenergize the diminishing jute sector of the country, develop regional business hubs on jute processing, extrude pulp from Jute and establish the natural fiber based paper manufacturing, promote cottage based industries for Jute paper manufacturing, formulate Jute paper Act, create a platform for business research and showcase Bangladeshi products for promotion, arrange dialogue with the donor agencies in 2018.
Besides, DCCI in 2018 will arrange workshops, seminars on Jute diversification to train human resources, attract investors and simplify procurement process besides negotiating with the concerned ministries and development partners.
DCCI President highly emphasized on the development of infrastructure for the sustainable development of economy and business of the country. He has reasoned lack of adequate infrastructure, inefficiency of port management, rising cost of doing business and energy unavailability for losing market share in the global market. It is forcing our manufacturers, exporters to lag behind and loose business in the global markets.
He said, Government should focus on simplified taxation system, lower corporate tax rates and incorporate business leaders in planning process for greater impact in economy in 2018. Developed countries provide benefits so their business grows sustainably and rapidly. Undertaking competitor analysis for securing and safeguarding business is also important now to hold global market shares.
Recent decline of export revenue proves that our producers are in need of adequate facilitation. Infrastructure, connectivity, assurance of energy availability, tax cuts and sector wise compensation and adequate finance will help our manufacturing companies to grow in the long run which DCCI will propose in the upcoming budget of 2018-2019.
“Our Chittagong connectivity and port efficiency have to be assured for attracting global businesses in the country. If exportable products take to reach 24 to 30 business hours for travelling 250 kilometers, which can be reached within 2 to 3 hours, we are losing our competiveness,” he mentioned.
According to him, the National Board of Revenue (NBR) is not increasing the tax net rather pressing the existing businesses to provide more tax which is becoming burden on us. At least 1 crore businesses should be incorporated into the tax net for raising revenue generation but about 15 lakh business people are now providing tax with higher tax rate. Simplified tax rate, business friendly policies and simplified taxation system can make tax payers comfortable and provide more tax easily. It will generate more revenue than current strategies of NBR.
“NBR should lessen tax rates of industries to 25 percent from 35 percent immediately. This 10 percent excepted tax will be reinvested as capital investment, skill development, R&D which will generate more employment and industrial development in the country,” he emphasised.
He said “Recognition as tax payer is a great achievement for anyone. If one gets privileged access at airport, hotels, banks, shopping-malls and offices, being a tax payer card holder, people from all level will willingly then want to be a proud tax payer. NBR has introduced the tax identification card which is a great initiative and it should be extended for generating more tax revenue, but our complex tax processing system is not motivating people to pay tax willingly. Simplification of tax payment system, reward management and lower tax rate on corporate business could generate higher revenue for NBR but our authorities are not recognizing such facts rather pressurizing the corporate payers to pay tax at higher rate,”
“In Bangladesh, business owners, entrepreneurs are not involved with policies formulation and planning mechanism. They should be involved with the process for betterment of the socio-economic development. Only bureaucrats formulates policies and impose those to the business is not obtaining better results. Business leaders need to be incorporated in the planning and formulation stage for better outcome from such policies. Government should monitor closely to measure outcomes and safeguard the mechanism,” he urged.
“We will conduct research and implement those in the practical production process for promotion of the Jute papers with special emphasis. Universities will be linked with the manufacturing facilities to encompass production mobilization and we will fund researchers to bring contemporary findings for businesses and productions. We hope adequate research and development, regional production strategies and economic support will establish the Jute paper sector in the country and help survive the jute producers,” DCCI President highlighted.
“Government should facilitate research activities with tax exemptions, like it do to Corporate Social Responsibility (CSR) activates. Exempted tax will be invested in R&D to explore more business opportunities. DCCI is working with the development partners like Asian Development Bank, World Bank, European Union to shape the research modules and a committee will be formed by DCCI for driving research works. To promote and identification of gaps, opportunities we will arrange seminars, workshops, training sessions to bridge academicians and business organizations,” Kasem affirmed.
Besides, he added that taxation simplification, government should address on lowering cost of doing business, ease of doing business. According to the five year plan of Bangladesh Investment Development Authority (BIDA), energy should be available at low cost and ensure timely connectivity to be competent in the global market.
To simplify the taxation rate through negotiation with the concerned authorities which will be more business friendly, the re-elected president of DCCI Abul Kasem Khan, said.
He also emphasize on research and development (R&D) for developing newer products and services at DCCI, attract more foreign direct investments for economic development, introduce production of Jute based paper through facilitating farmers in the root level and reenergize the diminishing jute sector of the country, develop regional business hubs on jute processing, extrude pulp from Jute and establish the natural fiber based paper manufacturing, promote cottage based industries for Jute paper manufacturing, formulate Jute paper Act, create a platform for business research and showcase Bangladeshi products for promotion, arrange dialogue with the donor agencies in 2018.
Besides, DCCI in 2018 will arrange workshops, seminars on Jute diversification to train human resources, attract investors and simplify procurement process besides negotiating with the concerned ministries and development partners.
DCCI President highly emphasized on the development of infrastructure for the sustainable development of economy and business of the country. He has reasoned lack of adequate infrastructure, inefficiency of port management, rising cost of doing business and energy unavailability for losing market share in the global market. It is forcing our manufacturers, exporters to lag behind and loose business in the global markets.
He said, Government should focus on simplified taxation system, lower corporate tax rates and incorporate business leaders in planning process for greater impact in economy in 2018. Developed countries provide benefits so their business grows sustainably and rapidly. Undertaking competitor analysis for securing and safeguarding business is also important now to hold global market shares.
Recent decline of export revenue proves that our producers are in need of adequate facilitation. Infrastructure, connectivity, assurance of energy availability, tax cuts and sector wise compensation and adequate finance will help our manufacturing companies to grow in the long run which DCCI will propose in the upcoming budget of 2018-2019.
“Our Chittagong connectivity and port efficiency have to be assured for attracting global businesses in the country. If exportable products take to reach 24 to 30 business hours for travelling 250 kilometers, which can be reached within 2 to 3 hours, we are losing our competiveness,” he mentioned.
According to him, the National Board of Revenue (NBR) is not increasing the tax net rather pressing the existing businesses to provide more tax which is becoming burden on us. At least 1 crore businesses should be incorporated into the tax net for raising revenue generation but about 15 lakh business people are now providing tax with higher tax rate. Simplified tax rate, business friendly policies and simplified taxation system can make tax payers comfortable and provide more tax easily. It will generate more revenue than current strategies of NBR.
“NBR should lessen tax rates of industries to 25 percent from 35 percent immediately. This 10 percent excepted tax will be reinvested as capital investment, skill development, R&D which will generate more employment and industrial development in the country,” he emphasised.
He said “Recognition as tax payer is a great achievement for anyone. If one gets privileged access at airport, hotels, banks, shopping-malls and offices, being a tax payer card holder, people from all level will willingly then want to be a proud tax payer. NBR has introduced the tax identification card which is a great initiative and it should be extended for generating more tax revenue, but our complex tax processing system is not motivating people to pay tax willingly. Simplification of tax payment system, reward management and lower tax rate on corporate business could generate higher revenue for NBR but our authorities are not recognizing such facts rather pressurizing the corporate payers to pay tax at higher rate,”
“In Bangladesh, business owners, entrepreneurs are not involved with policies formulation and planning mechanism. They should be involved with the process for betterment of the socio-economic development. Only bureaucrats formulates policies and impose those to the business is not obtaining better results. Business leaders need to be incorporated in the planning and formulation stage for better outcome from such policies. Government should monitor closely to measure outcomes and safeguard the mechanism,” he urged.
“We will conduct research and implement those in the practical production process for promotion of the Jute papers with special emphasis. Universities will be linked with the manufacturing facilities to encompass production mobilization and we will fund researchers to bring contemporary findings for businesses and productions. We hope adequate research and development, regional production strategies and economic support will establish the Jute paper sector in the country and help survive the jute producers,” DCCI President highlighted.
“Government should facilitate research activities with tax exemptions, like it do to Corporate Social Responsibility (CSR) activates. Exempted tax will be invested in R&D to explore more business opportunities. DCCI is working with the development partners like Asian Development Bank, World Bank, European Union to shape the research modules and a committee will be formed by DCCI for driving research works. To promote and identification of gaps, opportunities we will arrange seminars, workshops, training sessions to bridge academicians and business organizations,” Kasem affirmed.
Besides, he added that taxation simplification, government should address on lowering cost of doing business, ease of doing business. According to the five year plan of Bangladesh Investment Development Authority (BIDA), energy should be available at low cost and ensure timely connectivity to be competent in the global market.
