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Budget 2010-11

Govt mulls tax on share market profit

Rejaul Karim Byron
For meeting its ambitious revenue target, the government is planning to introduce some new types of taxes in the next fiscal year including inheritance tax, and a tax on share market profit of institutions.
Although response to the provision for whitening undisclosed money has not been much this fiscal year, the National Board of Revenue might still continue to allow the scope
on a limited scale in exchange for investments in some specified sectors.
Finance ministry sources said the government high ups already discussed among themselves the possible introduction of new taxes.
Finance Minister AMA Muhith exchanged views with share market regulators on possible adverse impacts on share trade if a tax is imposed on profit derived from the bourses.
The next national budget is scheduled to be
placed in Jatiya Sangsad on June 10.
The sources said two different options for imposing tax on share market profit were discussed — one or which was for 2 to 3 percent tax on yearly profit ofTk 7 lakh toTk 10 lakh, for all investors.
The other was for a tax on share market profit of institutions like banks, insurance companies, leasing companies, and brokerage houses.
The sources said the government might finally resolve to impose the tax on institutions only.
The market that was seeing daily average transaction of about Tk 1,000 crore last year, is now averagingTk2,000 crore.
The annual fee for beneficiary owners' (BO) accounts is also being considered for a hike. The fee is now Tk 300 which might increase by Tk 50 toTk200, the sources said.
NBR is also mulling a tax on inherited property. A general property tax on lands and apartments is being considered as well, the sources added.
If the property tax is introduced, it will primarily be imposed in metropolitan cities
only. Many countries including India have property tax.
The scope for whitening money is being given in the current fiscal year in exchange for 10 percent interest payment on black money, with the caveat that the whitened amount will be invested in industries, government infrastructure, share market, and apartment purchase. The opportunity ends on the 30th of this month.
NBR sources said response to the money whitening opportunity has been meagre this year, and most of the investments have been in the share market, and real estate.
No final decision has yet been taken regarding the opportunity's continuation next fiscal year, they said adding, in cases of investments in the power sector the opportunity might still be available.
NBR plans to increase its revenue earning by 19 percent next fiscal year, to Tk 73,000 crore.
For efficient collection it will conduct special drives throughout the country, in addition to shortening the tax exemption list.