The present tax system does not favour industrial development as losses of firms are not accepted in many cases, said the Bangladesh Chamber of Industries (BCI).
Tax offices assess taxes of firms on the basis of sector-based gross profit, the chamber said in a press release.
“This is not reasonable,” said BCI President Anwar-ul Alam Chowdhury at the chamber’s 36th annual general meeting at its office.
The trade body said the Covid-19 pandemic and the Russia-Ukraine war forced 40% of the small and medium enterprises (SMEs) out of business.
“We have to come forward to protect them,” he added.
The BCI has signed a memorandum of understanding with the SME Foundation to develop new entrepreneurs and small industries all over the country and solve their problems.