Photo: Courtesy
Venture Capital and Private Equity Association of Bangladesh (VCPEAB) organized Policy Dialogue on “Investment Climate for Smart Bangladesh” held in Sheraton Hotel, Banani, Dhaka on Sunday (5 May).
Leaders in the IT industry have asked for the tax exemption to be extended for 03 years. They believe keeping this exemption is crucial as removing same will diminish profitability and reduce reinvestment capabilities for IT /ITES companies, resulting in slower industry growth and diminished export potential.
VCPEAB President and program chair Shameem Ahsan said in his keynote "After a three-year tax exemption period, an annual tax rate of 1% to 2% can be introduced. The contribution of IT sector to Bangladesh’s GDP stands at 1.09%. In contrast, our neighbouring country India's contribution is 7.40%, Philippines's 3.40%, Indonesia's 4.23%, Estonia's 7.00%.”
He also stated, “The evolution of Digital Public Infrastructure (DPI) reflects the increasing integration of digital technologies into everyday life, transforming governance and citizen interactions. Building powerful “Digital Capital” fueled by Digital Public Intelligence, we can aim to make Bangladesh the “AI Use Case” capital of the world.”
Chief Guest Salman F Rahman Said, “I plan to discuss with our Honorable Prime Minister about tax exemption in the IT sector. Instead of considering the withdrawal of tax exemption, we should explore options to provide additional incentives.”
Special Guest Zunaid Ahmed Palak, State Minister, Ministry of Posts, Telecommunications, and Information Technology said, “I support the reasonable demand from the ICT industry entrepreneurs. Therefore, I humbly request Mr. Salman F Rahman, the Adviser for Private Industry and Investment to the Prime Minister of Bangladesh, to discuss with our honorable Prime Minister about the continuation of the current tax exemption for the ICT industry for the next few years.”
Special Guest Kazi Nabil Ahmed, Member of Parliament said, “Tax benefits are crucial for growing industries like technology. To ensure a smart Bangladesh, we must establish a knowledge-based ecosystem that penetrates every segment. It's imperative to leapfrog certain stages to bridge the gap with other countries; otherwise, we risk falling behind continuously.”
Guest of Honor Zara Jabeen Mahbub, Member of Parliament and VCPEAB Advisor stated, '' In order to achieve a truly smart Bangladesh, it is imperative that we do not overlook the pivotal role of women. Their inclusion is paramount. By prioritizing women's participation, particularly through healthcare digitization initiatives, we can not only enhance women's health but also effectively realize the vision of a smart Bangladesh.''
Guest of Honor Ferdous Ahmed, Member of Parliament said, "There is a multibillion-dollar media, entertainment and technology industry. We need to digitize this industry in order to attract foreign investment."
Partners of the event include ADN Telecom, Spectrum Engineering Consortium (Pvt.) Ltd., Smart Technologies (BD) Pvt. Ltd., Bran Station 23 PLC, IT Consultants PLC and Bdjobs Ltd, eGeneration PLC.
Among others, FBCCI Senior Vice President Md. Amin Helaly, DCCI President Ashraf Ahmed, CCCI President Omar Hazzaz, CSE Chairman Asif Ibrahim, Member of University Grants Commission (UGC) Prof. Dr. Md Sazzad Hossain; Chairman of Policy Exchange Bangladesh Dr. M Masrur Reaz; Senior Research Fellow of Economic Research Group (ERG) Dr. M. Rokonuzzaman; Chairman of ADN Telecom Asif Mahmood, Founder of Bdjobs Ltd & former president of BASIS Fahim Mashroor; Managing Director of Spectrum Engineering Consortium Pvt. Ltd. Forkan Bin Quasem; Tanveer Ali, Chief Investment Officer, Constellation Asset Management; Managing Director of Smart Technologies (BD) Ltd. Mohammad Zahirul Islam, CEO of Brain Station 23 Raisul Kabir, Policy Advisor of Centre for Research and Information (CRI) Imran Ahmed given their speech on the roundtable.
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