Commerce ministry supports BUILD’s proposal to issue trade licence for 5 years

The commerce ministry has agreed with the proposal of Business Initiative Leading Development (BUILD) for issuing trade licences for at least five years, instead of a one-year renewal system, to improve the ease of doing business.

The BUILD came up with the proposal at the 9th trade and investment working committee meeting jointly organised by the organisation and the commerce ministry at the Secretariat in the capital on Wednesday.

Tapan Kanti Ghosh, senior secretary to the commerce ministry, and Md Saiful Islam, president of the Metropolitan Chamber of Commerce and Industry (MCCI), co-chaired the meeting. 

BUILD CEO Ferdaus Ara Begum said, “As per the City Corporation Ideal Tax Schedule 2016 and Municipal Taxation Rules, there is no legal bar in issuing trade licences for five years.”

Mohammed Nora Alam Siddique, joint secretary to the local government division, said, “The municipalities and city corporations can issue trade licences for five years. But, we need to review if Union Parishad can issue it under its present status.”

At the meeting, Tapan Kanti requested BUILD to support the commerce ministry and LGRD to formulate a uniform policy for all trade license issuers.

The MCCI president called for introducing NID as the singular document for trade licence issuance following global practices.