Businesses need relief from ‘tax terrorism’: Apex Footwear MD Nasim Manzur
Addressing the Bangladesh Bank governor, Nasim urged a reconsideration of lending rates
Businesses want relief from the burden of Advance Income Tax (AIT) and Tax Deducted at Source (TDS), which amount to "tax terrorism", said Syed Nasim Manzur, managing director of Apex Footwear.
"Whether we make a profit or incur a loss, we are continuously paying taxes. There have even been instances where we made larger losses yet paid higher taxes," he said at a dialogue held at the headquarters of the Bangladesh Investment Development Authority (Bida) in Agargaon, Dhaka today (4 December).
Nasim Manzur noted that although the National Board of Revenue (NBR) has implemented several reforms—including bond automation and measures that addressed what he described as "terrorism" related to HS codes—businesses now seek relief from the "terrorism" associated with AIT and TDS.
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He further said that in Bangladesh, it is rarely questioned whether only businesspeople have become wealthy, or bureaucrats as well.
"Of the money that has been siphoned out of the country, bureaucrats have been responsible for the largest share. We, the business community, refuse to bear that blame. Those among us who steal money or gas should be identified and held accountable. Their wrongdoing must not be imposed on us," he added.
Addressing the Bangladesh Bank Governor, he urged a reconsideration of lending rates. "A humble request: businesses can no longer tolerate this interest rate. It is becoming impossible for us to bear. The cost of doing business is rising sharply. As a result, we are struggling to compete, particularly with Vietnam and India," he said.
Nasim Manzur also said that the business community does not support the approach of strictly following the advice of foreign partners such as the IMF and the World Bank. "If you need $4-5 billion, we will earn it through exports. But their conditionalities should not be followed in every instance," he said.
He further called for the reintroduction of the Export Development Fund (EDF), improvements to law and order, and solutions to Dhaka's transport challenges.
More than 50 business leaders and industrial entrepreneurs from various sectors attended the event.
