Venture Capital Assoc seeks policy support for tech sector

The Venture Capital and Private Equity Association of Bangladesh (VCPEAB) called on the government to withdraw stamp duty on Collective Investment Scheme (CIS).

It also sought tax exemption for the Alternative Investment Fund Managers and High Net Worth Individuals (HNI).

Association Chairman Shameem Ahsan and Secretary General Shawkat Hossain made the pre-budget proposals at a meeting with National Board of Revenue (NBR) Chairman Md Mosharraf Hossain Bhuiyan at the NBR office in the city on Monday.

Shameem Ahsan, also general partner of Fenox Venture Capital and Chairman of eGeneration Group, said that as evidenced in Silicon Valley and other major tech hubs, venture capital plays a significant role in nurturing the IT & ITES start-ups and entrepreneurs.

With proper policy support, more venture capital investment will enrich the IT sector, he added.

Shawkat Hossain, also Managing Director of BD Venture Ltd., discussed the major role of venture capital and private equity funds in the development of all industries, including IT.

The NBR chairman assured them that the revenue board will provide necessary support to help the tech sector and venture capital industry flourish.

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