The corporate tax rate in Bangladesh is 30 per cent while the average rate is 29 per cent in Pakistan, 24 per cent in Sri Lanka, and 20 per cent in Vietnam, Cambodia and Thailand, according to a DCCI paper.

Rahman said after Bangladesh graduates from the grouping of the least developed countries (LDCs), the cost of doing business would increase and the tariff would go up by at least 6 to 7 per cent. sO the country has to formulate an export diversification strategy engaging all stakeholders to face the challenges, he said.

Tariff rationalisation, reduction of non-tariff barriers in cross-border trade and minimising anti-export bias are also important in this regard, he was quoted as saying by Bangla media reports.

Bangladesh's major export destinations are Europe and the US, covering almost 67 per cent of the total shipment, whereas Africa and the Middle East are untapped.

The DCCI chief stressed on automation of overall taxation, value-added tax, audit, arrears management, investigation and inquiry, appeal, revenue account management, taxpayer account management, and revenue information management.

He called for ensuring convenience, transparency and equity in the Income Tax Act 2022 and simplifying the value-added tax refund process.

Fibre2Fashion News Desk (DS)