Three-year tax exemption sought for startups

Speakers at a summit on Wednesday called for a three-year tax exemption for startups to gain a competitive edge in the global market.
They also suggested gradually reintroducing these taxes at sustainable rates to foster growth and innovation.
Bangladesh Innovation Forum organised the first ever Youth Tech Summit at Krishibid Institution of Bangladesh (KIB) in Dhaka with a view to inspiring and equipping the next generation of tech entrepreneurs with essential skills and knowledge exchange and networking opportunities.
Speaking at the event, former president of the Bangladesh Association of Software and Information Services (BASIS) Shameem Ahsan they do not want grant and free cash but a policy exempting startups from tax for the next three years so that they can be groomed for the competitive world.
He expressed optimism about Bangladesh's future in AI, asserting that the country could address the needs of its 180 million people using AI-based open-source models.
"By leveraging AI to solve local problems, Bangladesh could set a precedent for the world, benefiting from a nation with such a vast population," he said.
He emphasized the importance of focusing on problem-solving using open-source modules and exploring market potential.
Success, he noted, would come from creating co-founding teams dedicated to providing the best AI-driven solutions.
Munir Hasan, General Secretary of the Bangladesh Open Source Network (BdOSN), urged the youth not to repeat past mistakes, stressing that they are not the future but the present.
He emphasized the necessity of studying, networking, and dedicated work to harness the AI revolution.
KM Hasan Ripon, Executive Director of the Bangladesh Skill Development Institute, discussed the choice between full automation and headless automation.
He encouraged moving away from one-size-fits-all narrow focus and embracing a broader, innovative philosophy of face everything and rise to go global.
Imran Kadir, President of the Junior Chamber International (JCI), shared insights from venture capitalists in San Francisco.
He noted the enormous potential of Bangladesh's market of 180 million people and advocated for removing VAT and taxes on learning tools like ChatGPT to foster growth.
Naznin Nahar, President of the Bangladesh ICT Journalists Forum (BIJF), emphasized the importance of celebrating industry success stories.
She highlighted the significance of the event, which featured 12 successful entrepreneurs, as a milestone for Bangladesh.
Ariful Hasan Opu, convener of the Bangladesh Innovation Forum, expressed confidence in the youth's ability to elevate the country's global status if given the opportunity.
The event also featured addresses from 20 emerging successful entrepreneurs and 12 speakers from the AI and ICT sectors. Fahim Mashroor, CEO of BdJobs, in his welcome speech, underscored the critical role of youth in leading new technologies like AI.
He urged the government to refrain from imposing new taxes on young entrepreneurs in the next budget, warning that such measures could stifle necessary investments in developing new AI-based products.

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