Tax, toils of rules affect raising entrepreneurship

The government should lower the rates of taxes and value-added tax (VAT) and simplify rules and procedures governing entrepreneurship development for the country's economic progress, said speakers at a programme in the capital Sunday, as many aspirants are coming up to be entrepreneurs.
They also called upon the government to allocate unutilised lands of Bangladesh Small and Cottage Industries Corporation (BSCIC) to the prospective new entrepreneurs and take step for investment of idle money in small and medium enterprises (SMEs).
Their observations came at the start of a two-day DCCI Entrepreneurship and Innovation Exposition at Bangabandhu International Conference Center (BICC) in Dhaka. The exposition aims at creating skilled manpower through providing necessary training to contribute to efforts for elevating Bangladesh to a middle-income country by 2021.
Dhaka Chamber of Commerce and Industry (DCCI) in cooperation with Bangladesh Bank (BB) has organised the programme. A total of 39 banks and non- banking financial institutions, entrepreneurs and project partners are showcasing their services and products at the entrepreneurship fair.
The exposition will remain open from 10 am to 8 pm today (Monday) for visitors.   
DCCI President Mohammad Shahjahan Khan in his welcome address pointed out that about 2.2 million people are joining the labour force every year while only one million get employed in domestic and overseas job markets. The rest remain unemployed.
He said the entrepreneurship-development initiative by DCCI could play an important role helping enable unemployed youth to be self-reliant. DCCI in cooperation with the BB organised several motivational campaigns for attracting young people to be entrepreneurs.
The business leader informed the function that 3,200 would-be entrepreneurs had registered and 2,200 submitted their project proposals to DCCI so far to start up business.
He said that the projects of nine of the entrepreneurs had already got finance from different banks.
"This is a continuous process and DCCI will render its all-out support for fostering entrepreneurship in the country," he said.
Mr Khan said creating entrepreneurs will ensure employment opportunities in the country. He underscored the importance of conducting training for the new entrepreneurs as per existing rules and regulations.
He suggested that the government consider allocation of unutilised lands to the prospective new entrepreneurs as per existing rules and regulations.
Chairman of E2K (2000 entrepreneurs) project of DCCI Md Sabur Khan said the government should simplify rules and procedures relating to entrepreneurship development to promote grooming entrepreneurs. He also laid emphasis on the simplification of financial policies and making those entrepreneur-friendly to facilitate new entrepreneurs to run their businesses smoothly.
Chairman of DCCI Foundation and Anwar Group of Industries Anwar Hossain called upon the government to cut down the existing 15 percent VAT for the betterment of businesses.  
He noted that new entrepreneurs will create employment opportunities in future. "So we should promote and encourage our youths as they are the important assets of our country."
Barrister Sheikh Fazle Noor Taposh MP as the chief guest suggested simplifying the tax-collection procedure and bringing more people onto the tax net.  
He said government should cast wider the tax net rather than increase tax rate for enhancing revenue collection.  He opined for investment of idle money for the country's economic development
He thanked DCCI for taking such timely initiative of creating 2000 entrepreneurs in the country.
The ruling-party lawmaker hoped that the DCCI Entrepreneurship and Innovation Exposition would be a right platform for new entrepreneurs.
He suggested the new entrepreneurs to keep patience in doing business and bring innovation to their products.
"We should encourage our young generation so that they get motivated to become entrepreneur," the lawyer-lawmaker told his business audience.
The process of fostering 2000 entrepreneurs by DCCI started last year. Since then, thousands of innovative ideas and project proposals have already been submitted to the chamber by the young generation.  
The trade body has taken the initiative to create new entrepreneurs through providing necessary training so that they could contribute to economic development of the country.
The Small and Cottage Industries Training Institute (SCITI), which is under the BSCIC, in cooperation with the DCCI, is providing training to the new entrepreneurs.
Besides, the DCCI has appointed a consultant to provide necessary guidelines for the new entrepreneurs to start up and run their businesses.
DCCI Senior Vice President Osama Taseer gave the concluding remarks in the inauguration programme.
President of the International Chamber of Commerce, Bangladesh (ICC-B) and chairman of E2K steering committee of DCCI Mahbubur Rahman, former presidents of DCCI R Maksud Khan, Aftab-ul Islam, Benajir Ahmed, Fazle R M Hasan, Zafar Osman, and Asif Ibrahim, DCCI Vice President Kh. Shahidul Islam and Directors Abul Hossain, Md. Iftekharuddin Naushad, Humayun Rashid, Nessar Maksud Khan, Rizwan-ur Rahman, S Rumi Saifullah, Hossain A Sikder, Alhaj Abdus Salam, Md. Shoaib Choudhury, AKD Khair Mohammad Khan and KG Karim were among others present.