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Besides, steps are being taken to ensure that online sales proceeds are quickly deposited into entrepreneurs’ bank accounts.

Bangladesh Bank (BB) has revised the ceilings for advance payments against imports to facilitate international trade and streamline import procedures.

An importer can now make advance payments of up to $20,000 without requiring repayment guarantees, up from the previous limit of $10,000, BB said in a notice in September.

Similarly, the ceiling for advance payments from Exporters’ Retention Quota (ERQ) accounts has been increased from $25,000 to $50,000.

The NBR has decided to resolve the complexity related to the Harmonised System (HS) Codes — the codes for goods in international trade — to support SMEs.

Lutfey Siddiqi said one of the main objectives of the reforms is to increase dynamism in the economy.

“Collectively, the SME sector is a huge contributor to our economy, although their voices are not heard as loudly as some large businesses,” he said.

“We must help SME entrepreneurs increase their dynamism and simplify their business at every stage, from finance to payments and logistics. The government must be a facilitator, not an obstacle.”

Touted as the backbone of the industrial sector, Bangladesh has around 78 lakh cottage, micro, small, and medium enterprises, which together contribute about one-fourth of the country’s gross domestic product.