Corruption has become major a problem in expanding business in Bangladesh. Besides, the businesses are also facing serious challenges due to poor administration and funding limitations, a study says on Wednesday. According to the study, improvements have been reported in corporate ethics (-0.59; 61.6 per cent); less use of bribes during tax payment (-0.9; 58.9 per cent) and awarding the public contract (-0.93; 63 per cent).
However, bribes in export and import trade (-1.27; 74.6 per cent) remained almost unchanged. Apart from this, tax rate problems, inability to build skilled human resources, healthy working environment and inability to build skilled workers have also emerged as business problems. And the cost of doing business is not same for everyone.
The government should take necessary steps to create
an investment-friendly environment in the country
Business people several times urged the government to take steps to put an end to the harassment businesses face at the hands of VAT and tax officials. But no effective steps has been taken to this end. Therefore, running businesses has now become almost impossible for the micro level, small, self-employed and emerging entrepreneurs. So, there is an immediate need to take effective measures to free the businessmen from humiliation, harassment and intimation by the officials concerned.
As we all know the business community is the driving force of the national economy, the government must act vigorously to address the irregularities it encounters. In this regard, the government must eradicate corruption in the real sense first.
We believe our government’s cooperation would continue to create a business-friendly environment for expansion of business. Also, the government should take necessary steps to create an investment-friendly environment in the country.
Bangladesh has many potential investment sectors like infrastructure, capital markets, financial services, information technology, electronics manufacturing, leather, automotive and light engineering, agro-products and food processing, healthcare and medicine, jute-textiles, and blue-economy. And our country’s importance is increasing gradually before the world community due to political stability, creation of skilled workforce, liberal investment policy through attractive incentives, and geographical position between the huge markets of South and Southeast.
The country’s tax structure needs major revision focusing on the equity of different categories of people in order to improve the business environment for ensuring early recovery. Besides, the Anti-Corruption Commission will have to intensify its drives at service providing offices to ensure corruption and hassle free services.
