Tuesday, 27 September, 2022

MCCI for trade licences with 5-yr validity

The businesses say they have to spend money and time for renewal of trade licence every year

  • Special Correspondent
  • 12 August, 2022 12:00 AM
  • Print news
MCCI for trade licences with 5-yr validity
Dhaka South City Corporation (DSCC) Mayor Barrister Sheikh Fazle Noor Taposh speaks at a discussion on ‘Ease of Doing Business: Issuance/Renewal of Licenses for 5 Years’, organised by MCCI, at MCCI office in the capital on Thursday.

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Metropolitan Chamber of Commerce and Industry (MCCI) called upon the authorities concerned to introduce a five-year trade licence system alongside the regular one-year licence.

It said issuance and renewal of licences for five years will simplify the country’s trade and commerce further.

The demand came at a discussion on "Ease of Doing Business: Issuance/Renewal of Licenses for 5 Years" organised by the MCCI on Thursday at the MCCI premises in Dhaka.

Dhaka South City Corporation (DSCC) mayor Barrister Sheikh Fazle Noor Taposh attended the event as the chief guest.

MCCI president Md Saiful Islam, senior vice-president Kamran T Rahman and vice-president Habibullah N Karim spoke on the occasion.

The businesses alleged that they had to spend money and time for renewal of trade licences every year.

If the five-year licence policy is introduced, the government would be able to realise trade licence fees for five years at a time while the businesses could engage themselves in other important work, they said.

MCCI president Md Saiful Islam said that ensuring ease of doing business was vital for a country’s business and investment.

The ongoing Russia-Ukraine war and the pandemic made it even more important, he said.

“In most cases, licences are issued or renewed for a year. Both processes are time-consuming. By the time businesses prepare the required documents for issuance or renewal of a licence, next year’s licence renewal becomes due. It becomes a year-long process,” MCCI president said.

Md Saiful Islam suggested introducing five-year licence issuance and renewal besides the regular one-year system. He believed that this would save a lot of time and efforts.

Member of the Board of Directors and the immediate past president of MCCI Nihad Kabir pointed out that a prerequisite to trade licences for e-commerce companies was to operate from commercial premises.

She believed a waiver of this condition would help many small e-commerce businesses.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) acting president Md Shahidullah Azim mentioned that the ready-made garment sector was eyeing $100 billion export volume by 2030, and five-year licence would be highly welcome by the sector also.

In response to the demand from the business community, DSCC Mayor Taposh said, “Providing trade licence for five years is not a problem for DSCC. It is advantageous.”

He added that DSCC had raised its overall revenue by ensuring good governance without raising tax rates.

He mentioned the DSCC was ready to give multiple-year trade licences as long as the other relevant bodies whose approvals were required by businesses would provide their permissions on time.

Mayor also mentioned that the relatively high tax and AIT involved in obtaining trade licences in respect to the fees paid to the DSCC was another factor to be taken into consideration.

He agreed fully with the demand from the MCCI and the country’s business community and extended full support on the issue.