BSEC also in favour of unconditional black money

The Bangladesh Securities and Exchange Commission (BSEC) proposed unconditional investment of undisclosed money in the capital market in the final budget.

BSEC Chairman Professor Shibli Rubayat Ul Islam raised these demands with Abu Hena Md Rahmatul Muneem, chairman of the National Board of Revenue (NBR) on Thursday.

BSEC Commissioner Khondoker Kamaluzzaman, Dr Shaikh Shamsuddin Ahmed, Professor Dr Md Mizanur Rahman, Md Abdul Halim, Executive Director and Spokesperson Md Saifur Rahman and other senior officials of NBR were present during the discussion.

“BSEC chairman proposed to remove the three-year lock-in condition of undisclosed money in the budget for investment in the stock market,” Md Saifur Rahman told.

“He also proposed to reduce the tax rate on listed companies, reducing the withholding tax rate on share transactions from 0.05 percent to 0.015 percent, raising the tax-free income limit on dividends from the existing Tk50,000 to Tk1,50,000 and reducing the tax rate of Merchant Bank from 36.50 percent to 32.50 percent,” Saifur Rahman added.

He also said that the BSEC chairman raised the demands with the NBR chairman for consideration in the interest of the stock market.

Now the NBR will take a decision after discussing these.

On the same day, the DSE Brokers Association (DBA) also called for the withdrawal of 3-year lock-in condition.

Earlier, Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), Bangladesh Merchant Bankers Association (BMBA) also demanded to remove the condition in post-budget reaction regarding investment of black money in the capital market.