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Ctg bourse wants cuts in brokerage commission

Star Business Report
The Chittagong Stock Exchange will propose the government cut tax on brokerage commission by 70 percent.
The bourse will also seek continuation of the existing stimulus package for the capital market through the next fiscal year.
“The stockbrokers as well as the investors are going through tough times since the market debacle in January-February last year. It has become difficult for the stockbrokers to survive as their business volume has been downsized to a great extent after the market debacle,” said Al-Maruf Khan, president of the CSE.
Besides, he said, the brokerage commission is ultimately borne by the investors. Since the stockbrokers pay tax on the turnover irrespective of their profit or loss, their tax burden is multiplying with the transaction volume, he explained.
“Our appeal to the government is to refix the tax rate at 0.015 percent, instead of existing 0.05 percent,” he said, adding that this would help increase the total trade volume and consequent tax collection by the government.
“We will submit our budget proposal to the government while meeting the finance minister on Tuesday next,” said Khan, who was sharing the port city bourse's budget proposal with journalists at its Dhaka office yesterday.
The Chittagong bourse will request the government to give a 15 percent tax rebate for one fiscal year if any company lists on the stock exchanges. “It will encourage profitable and multinational
companies to be listed,” Khan said.
The CSE will also recommend the government keep dividend income by mutual funds' unit holder tax free to encourage investment in the mutual fund sector.
Presently, 10 percent tax is applicable on dividend income by resident and nonresident Bangladeshis, while the tax rate is 15 percent for foreign investors and 20 percent for institutions.
The Chittagong bourse will also urge the government to revise the 10 percent tax on capital profit of share sale by institutions to encourage long-term institutional investment in the market.
“The tax rate should be 7.5 percent, if any institution holds investment from one year to two years, and 5 percent for more than two years," the CSE president said.
The port city bourse will also request the government to restructure the 10 percent tax rebate for listed companies that give 20 percent or more dividend.
“It can be revised to 10 percent for companies that will give 20 percent to 25 percent dividend and 15 percent for firms that will give more than 25 percent dividend," Khan said, adding that it will encourage listed companies to give more dividends.
The CSE will also ask the government to withdraw 3 percent tax on share premium.
The CSE president said: “We also want continuation of the existing facilities for the capital market, as these are good for the development of the market.”
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.