Over 40pc SMEs dropped out amid economic turmoil

Staff Reporter :
Businesses on Tuesday alleged that the existing tax system is not in favour of industrial development as loss in trade is not considered during tax fixation, but gross profit is considered sector wise which is not reasonable.
They also said around 40 per cent of SMEs have dropped out for not being resilient to survive due to the ongoing Covid-19 pandemic and Russia-Ukraine war.
“We must come forward to protect the entrepreneurs of the SMEs,” Anwar-ul Alam Chowdhury (Parvez), President of the Bangladesh Chamber of Industries (BCI) at its board room in the city on Tuesday.
BCI Senior Vice-President Priti Chakraborty and Vice-President Shahidul Islam Niru, among others, spoke on the occasion.
The meeting focused on the development and promotion of micro, small, cottage and light engineering, agro based industry sector, one-stop service in industry sector and different issues of problems of financing.
The BCI president said, “Present tax system is not in favour of industrial development. Loss in business is not considered during tax fixation, gross profit is considered sector wise which is not reasonable.”
“Around 40 per cent of SMEs have dropped out for not being resilient to survive due to the pandemic and Russia-Ukraine war. So, we have to come forward to protect them,” Anwarul said.
He also informed that the BCI has signed an MoU with SME foundation to create new entrepreneurs and small industries all over the country.