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Issue bonds in stock market to cope with budget deficit: CSE

Staff Correspondent, ctg
Chittagong Stock Exchange (CSE) president yesterday called upon the government to issue bonds in the capital market to cope with the Tk 31,000 crore budget deficit.
"Stock market in Bangladesh has always been neglected by the government and corporate bodies, and that's why it's yet to flourish and benefit the country and its people," said Nasiruddin Ahmed Chowdhury while speaking at a press conference on the proposed budget for fiscal year2008-2009.
Nasiruddin said many quarters in Bangladesh especially the CSE have long been demanding issuance of bonds against some large infrastructure development projects such as Jamuna or Karnaphuli
bridges, but the successive governments paid no heed.
Had the governments heard the plea in time, there would have been no budget deficit every year and the governments would have not required to borrow huge amounts from banks at higher interest rates, he observed.
The CSE president made a number of proposals regarding corporate dividend, investment, tax holiday, corporate tax and individual tax assessment.
He demanded annulment of proposed tax on dividend at corporate rates in respect of dividend income of the corporate assesses to promote investment in the capital market.
"Until now, corporate assesses are taxed at 15 percent on their dividend income and
the proposed imposition of tax at scheduled rates would be harmful for corporate investment in the listed securities,” Nasiruddin said.
He said presently resident tax payers are subject to 10 percent tax on their dividend income, while NRBs are taxed at a maximum rate of 25 percent.
"In order to encourage individuals' investment in the capital market, we propose withdrawal of tax on dividend in respect of resident assesses and reduction of tax to 10 percent for NRBs, which should also be treated as final discharge of tax liability", he said.
The CSE president demanded allowing tax exemption on dividends from listed securities up to Tk 3 lakh for assesses whose only source
of income is trading in share market.
Nasiruddin apprehended 'detrimental' effect on investment for the finance adviser's proposal to cut tax credit of individual assesses on their allowable investments to 10 percent from existing 15 percent.
On increase in maximum limit for investment, the CSE president said current maximum limit of Tk 250,000 for investment should be increased toTk 500,000 considering inflationary economy.
CSE's Chief Executive Officer Abu Bakar Siddique, Head of Finance & Company Secretary Ahmad Dawood, Director Bijan Chakrabarty and Deputy Manager of Corporate Development AKM Shahroze Alam were also present at the briefing.