Some laws, complicated paperwork blamed for corruption

The nation has turned into a fertile breeding ground for corruption, says SME owners of Bangladesh. Excessive bribery in Trade Licensing, VAT and Income Tax returns, excessive fines, and bribes in the name of maintaining compliance, clearing customs, and clearing bank loan procedures are severely hampering SME growth potential. Trade bodies and associations are politically compromised and compliant with the systems of corruption plaguing the economy. The entire market has been structured in such a way that the only way for small businesses to survive is to engage in corrupt market practices.Entrepreneurs say that people's mindsets need to be changed through education to fix systematic corruption issues. A neutral platform to speak about these issues is vitally important. But without direct support from the government, any such platform will be powerless to enact effective change.

SME owners expressed these issues at a regional consultation held in Dhaka by the Centre for Governance Studies (CGS). On September 10, 2022, the event was organised in collaboration with the Centre for International Private Enterprises (CIPE), a Washington-based organisation, at CIRDAP Auditorium to analyse the perception of corruption among local entrepreneurs and the possibility of launching a non-political anti-corruption platform.Representatives and business leaders at the discussion included Helal Uddin, Shoeb Chowdhury, Shahedul Islam Helal, and Abdur Razzak. Executive Director of CGS, Zillur Rahman, moderated the event.

News Courtesy:

https://dailyasianage.com/news/293208/some-laws-complicated-paperwork-blamed-for-corruption