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Dhaka bourse submits budget proposal to NBR

Star Business Report
Dhaka Stock Exchange yesterday submitted a 10-point budget proposal to the National Board of Revenue (NBR), which indicates the existing stimulus package will continue through the next fiscal year.
“There will be no change in the incentives that have been given for the development of the stockmarket,” Nasiruddin Ahmed, NBR chairman, told reporters after a meeting with the Dhaka bourse.
“We will try to make sure that the investors are not affected,” he said. Presently, investment of undisclosed or untaxed money with 10 percent tax is allowed in the stockmarket.
There is also no tax on income from mutual funds.
In the budget proposal, the DSE urged the government to keep dividend income tax-free up to Tk 25,000, to cushion the retail investors who lost money due to market downswings last year.
Presently, dividend income is added to the main income of an individual and the tax is calculated on the total amount. A10 percent tax deducted at source is also set now on dividend income.
The DSE also proposed the government reset corporate tax at 37.5 percent for all listed companies.
Although the listed companies are supposed to pay corporate taxes at 37.5 percent, banks, non-bank financial institutions (NBFIs) and insurance companies pay taxes at 42.5 percent.
There should be a gap of 5 percentage
points between the listed and non-listed banks, NBFIs and insurance companies.
The DSE also urged the government to give a 50 percent tax rebate if a retail investor invests a minimum Tk 50,000 in the stockmarket. Here an individual with yearly income of up to Tk 10 lakh will be considered a retail investor.
In the budget proposed, the DSE requested the government to reduce the tax on brokerage commission from existing 0.05 percent to 0.015 percent to reduce the cost of transaction that will ultimately enhance the trade volume and related tax.
The prime bourse also sought three policy measures through the budget announcement for the next fiscal year.
The government should make it mandatory for companies to issue initial public offerings of Tk 10 crore and above through the stock exchange's depository network to simplify the IPO process and to lower the costs.