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DSE proposes tax-free investment of undisclosed money

The prime minister extends cooperation in executing DSE proposals, which include tax-free investment of undisclosed money in capital market, offloading state com- pany shares and reducing taxes for financial institutions to 35 percent from 45 percent

Star Business Report
Dhaka Stock Exchange (DSE) has sought government's nod to a tax-free investment of undisclosed money in the capital market in order to make it vibrant.
Allowing such investment was among the set of proposals the prime bourse leaders placed before the head of government when they met her at her office yesterday.
The DSE also sought Prime Minister Sheikh Hasina's intervention in offloading the shares of state-owned profitable companies.
It proposed to bring Jamuna Bangabandhu Multipurpose Bridge, Bangladesh Telecommunication Company Ltd, TeleTalk Ltd, Bangladesh Biman, Padma Bridge, Sonali and Janata banks and power plants to the stock market to ensure supply of quality shares.
The bourse leaders also
pleaded floating the government-owned shares in some companies like Unilever, Aventis, Usmania Glass, Eastern Cable, Atlas Bangladesh and NationalTbbes.
"If the huge undisclosed
money could be brought into the capital market without imposing any tax, it would make the capital market stronger, removing liquidity crisis in a long run," DSE President Mohammad Rakibur Rahman, who led the delegation, told reporters after the meeting.
"The Prime Minister agreed on the DSE proposals and extended her all-out cooperation in implementation of these proposals," he said.
Rahman said now DSE's daily turnover ranges between Tk400 andTk500 crore and this could be raised up toTk 1000 crore in future if proper steps are taken timely.
He said introduction of a 'refinancing scheme' through Bangladesh Bank for the betterment of the capital market is DSE's another demand.
Rahman sees no global recession impact on the local capital market.
"We also proposed to reduce taxes for financial institutions to 35 percent from 45 percent so that companies can up the dividend rate for investors,” the DSE chief said.
The delegation suggested the Prime Minister strengthen the public-private partnership, rather than external sources, as a mechanism for capital generation to execute different projects.