Businesses must get trade body membership: Faruk
Thursday, 3 June 2010
FE Report
The government plans to make it mandatory for all business entities to get trade body membership aiming to make them more responsible and well-regulated, and forestall malpractice, the commerce minister said Wednesday.
"We will enact laws within the next one year to this effect," said Muhammad Faruk Khan during a meeting at his secretariat office.
The minister was speaking to a delegation of Pure Drinking Water Manufacturing Association of Bangladesh, a body of around 105 jar water suppliers in the capital.
The commerce minister said all businesses operating in Bangladesh have to be affiliated with the associated trade body.
"Once they become part of any association, it will be easier for the government to prevent malpractice in the business more effectively as the association could be hold responsible for any wrongdoing of any of its members," Mr Khan said.
"New laws have to be enacted. If necessary, we will bring changes to the trade organisation act soon," said Mr Khan adding that they would take the issue seriously once the election of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), which is due on June 17 this year.
At the meeting, the association president Azgar Hossain Alim demanded financial assistance for each of their member to the tune of Tk 100 million to Tk 150 million from the Bangladesh Bank's Equity Entrepreneurs Fund (EEF).
He also said the government can realise more revenues if value added tax levied on the sector is reduced to 5 per cent from the existing 15 per cent as the cut would encourage more jar water manufacturers to pay taxes on their incomes.
Mr Alim said Bangladesh Standards and Testing Institution (BSTI) should not give any permission to any jar water manufacturer without certification or membership from the association.
The association's other demands include declaring jar water carrier cars as emergency transport and renewal of licence.
The government plans to make it mandatory for all business entities to get trade body membership aiming to make them more responsible and well-regulated, and forestall malpractice, the commerce minister said Wednesday.
"We will enact laws within the next one year to this effect," said Muhammad Faruk Khan during a meeting at his secretariat office.
The minister was speaking to a delegation of Pure Drinking Water Manufacturing Association of Bangladesh, a body of around 105 jar water suppliers in the capital.
The commerce minister said all businesses operating in Bangladesh have to be affiliated with the associated trade body.
"Once they become part of any association, it will be easier for the government to prevent malpractice in the business more effectively as the association could be hold responsible for any wrongdoing of any of its members," Mr Khan said.
"New laws have to be enacted. If necessary, we will bring changes to the trade organisation act soon," said Mr Khan adding that they would take the issue seriously once the election of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), which is due on June 17 this year.
At the meeting, the association president Azgar Hossain Alim demanded financial assistance for each of their member to the tune of Tk 100 million to Tk 150 million from the Bangladesh Bank's Equity Entrepreneurs Fund (EEF).
He also said the government can realise more revenues if value added tax levied on the sector is reduced to 5 per cent from the existing 15 per cent as the cut would encourage more jar water manufacturers to pay taxes on their incomes.
Mr Alim said Bangladesh Standards and Testing Institution (BSTI) should not give any permission to any jar water manufacturer without certification or membership from the association.
The association's other demands include declaring jar water carrier cars as emergency transport and renewal of licence.