PSDPCC meet focuses on specific timeline for policy reform

Speakers at the 11th meeting of the Private Sector Development Policy Coordination Committee (PSDPCC) underscored the need for implementation of policy reforms proposed by the committee, says a statement.

The meeting was held at the Prime Minister's Office on Thursday, with Abul Kalam Azad, Chief Coordinator for SDG affairs at the PMO, in the chair.

Organised by the Business Initiative Leading Development (BUILD) and the Prime Minister's Office, the meeting discussed the decisions of the last meetings of the committee and the policy reforms proposed in the earlier meetings.

Updating the implementation status of the 10th PSDPCC meeting, BUILD CEO Ferdaus Ara Begum said out of 46 reforms, seven have been implemented while another 12 reforms are in the process of implementation.

And out of 23 decisions, five have been implemented and another 14 are in the process of implementation, she added.

The meeting discussed some important tax policy measures which the private sector felt the need for implementation.

The participants discussed some other issues such as VAT rate, E-bin registration simplification, tariff value for the domestic products, simplification of languages of SROs, lower tax on finished goods than the raw materials and port inefficiencies.

These issues need to be addressed for making the private sector competitive to attract more business, they said.

Abul Kalam Azad suggested sending the proposals to the organisations concerned and recommended time-bound implementation.

He requested all concerned to take up the cases urgently.

The BUILD emphasised the inclusion of the definition of commercial sample both in the upcoming Import Policy Order 2018-21 and Export Policy 2018-21, on which import of sample need to be declared as tax- and duty-free and no penalty should be imposed on the import of sample without opening an L/C, as sample items has no commercial value.

The BUILD also urged the government to solve the sample testing-related problems by increasing the capacity of BSTI and BAB.

It proposed raising the de minimis value up to $40.

President of Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) Nihad Kabir put forward some examples of problems of L/C rationalisation and proposed increasing the de minimis value.

BUILD also put forward a definition of import through Indenting and Proforma Invoice (PI) so that informal import can be regularised.

The meeting was attended by representatives from both public and private sector.

Among others, Abul Kasem Khan, president of Dhaka Chamber of Commerce and Industry; Rezaul Karim Reznu, Director, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI); Dr Mahmudul Karim, Executive Committee Member, Foreign Investors' Chamber of Commerce & Industry (FICCI); Yasmin Sultana, DG, BSTI, Sarder Abul Kalam, Joint Secretary of Ministry of Industries; Khondkar Morshed Millat, General Manager (Current Charge), SME & Special Programmes Department (SMESPD), Bangladesh Bank; and Nurun Newaz Salim, Senior Vice President, Chittagong Chamber of Commerce & Industry (CCCI), were present at the meeting.