‘Prepare to tackle LDC graduation challenges’

The Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) has urged SME entrepreneurs to prepare to overcome the upcoming challenges that will come following the country’s LDC graduation.

BPGMEA President Shamim Ahmed made the call on Monday at a workshop, on the national budget for FY2022-2023, held at the BPGMEA office in Dhaka’s Paltan and attended by top leaders of BPGMEA and other sub-sectors.

“LDC graduation is drawing near. Everything will be open. SMEs will have to overcome that challenge. We will have to move forward by targeting a huge market of about four crore middle-class people,” said Shamim.

Talking about the proposed budget, he thanked the government for keeping water bottles VAT-free, making the tax rate 12 per cent for all export sectors including plastics and 10 per cent for green industries, VAT on PPE traders 10 per cent, and production of plastic granules through recycling of plastic waste and plastic tiffin boxes VAT-free.

He also said that the association was working hard on the budget so that its members gain practical knowledge about taxes and VAT.

Addressing the workshop, FBCCI Adviser Snehasish Barua said the proposed budget has taken good measures in the interest of business, trade and industry.

Exports of all sectors will increase due to these initiatives of the government, he added. He also said that in the proposed budget, up to Tk 50 lakh for men has been exempted from income tax for SMEs and up to Tk 70 lakh for women.

Referring to SMEs, he added that small industries or organizations will not be able to move forward if they are handcuffed at the very beginning. Many small companies now want to close shop because of the impacts of Covid-19.

“These organizations can be merged with for-profit organizations. This will keep the business running,” he opined.

Taking a cue from Shamim, Snehasish also spoke at the workshop on the tax net increase in various fields, steps taken by the government and the obligation and process of filing returns.