The entrepreneurs of Bangladesh are exposed to a hostile taxation system which is detrimental for expansion of local and foreign investments, said Apex Footwear Ltd Managing Director Syed Nasim Manzur.
Investors are facing stepmother behaviour from the authorities concerned, he said, adding “Although an industrialist counts loss, he/she will not be exempted from the tax as per current system.”
He made the views while addressing a webinar organised by Economic Reporters’ Forum (ERF) on Saturday.
Taxation system of Bangladesh is not business-friendly at all. So, business should be stopped. We would like to leave business just tomorrow, if problems are not resolved. The entrepreneurs are liable to count tax irrespective of his profit or loss. On the contrary, non-taxpayers enjoy various facilities. Largest businesses like us are facing bleak situation. We do not want to continue with this kind of business. Prevalence of tax anomalies will see extinction of existing industries, let alone new investment,” he said.
If National Board of Revenue (NBR) keeps listening to demand of the businessmen and remains indifferent towards it, it creates an impression that the authorities concerned do not want to see economic expansion and investment in the country.
“Clarify your (authorities’) stand clearly. If we do not get support, we will shut industries. We will switch to trading business which is profitable. Industrialisation involving more effort cannot be continued under the current situation,” said Nasim Manzur.