The Dhaka Chamber of Commerce & Industry (DCCI) has sought a 2.5 per cent cut, from existing 30 per cent to 27.5 per cent, in FY 2022-23 for sustaining business competition after LDC graduation.
The tax rate needs to be downsized as the cost of doing business will be costly after LDC graduation by 2026, DCCI President Rizwan Rahman said at the programme titled, "Meet The Press 2022" at DCCI auditorium in the capital said on Sunday.
“It will be tough to sustain in business competition with our counterparts. So the government should reduce the tax rate gradually," he added.
The local companies will lose around $6-7 billion dollars if the companies cannot sustain in the business competition after LDC graduation, said Rizwan.
The DCCI president also demanded a policy to regulate taxation in the sector.
He also urged the government to formulate an export diversification strategy engaging all stakeholders.
"We export 1 per cent of our products in Africa and 3 per cent in middle east countries. Why are we not able to increase the product export volume further," he also questioned.
Rizwan also underscored on developing negotiation skills on international trade, WTO matters, and relevant international laws for win-win FTAs and PTAs
