Government has increased trade license fee early this year, that's an old information. It is logical to increase fees in once a while. Unfortunately, the system is so broken that it is almost impossible to get exact figure of increases or changes before facing it. It came out, along with illogical hike in trade license fees, which is almost 34% more than previous fees rate for some sectors, Government has also imposed increased trade license renewal fees with significant changes. For a particular category that cost BDT 900 for renewal last year now costs BDT 11,000, reported Daily Samakal Today.
This is insane given that this will discourage many people from starting a business and many others to choose illegal approach. Business is the backbone of any strong economy. Where almost all countries in the world are working hard to make business startup cost as minimum as possible, our Government is just taking the opposite path. This shows a gross mismanagement in the system and how callous policy makers can be.
Government can earn more by helping more people to start businesses instead of making it hard for people because a successful business can contribute more to the economy than mere 15% VAT on trade license renewal and trade license fees.