The Dhaka Stock Exchange on Sunday requested the finance minister to clarify the government’s position on the scope for investing undisclosed money in the capital market.
DSE president Rakibur Rahman made the request at a post-budget
press briefing at the bourse’s office in the city.‘Still there is a scope for legalising undisclosed money in different sectors. But, how the stock market investors will get the scope should be clarified,’ Rakibur said.
The DSE president also said that the contribution of undisclosed money to stabilisation of the stock market was minimal and only psychological.
Rakibur said, ‘There is a rumour in the market about the undisclosed money, but investors have to understand that capital market is not dependent on a single matter.’
He hailed the proposed budget saying that the budget was a reflection of positive attitude of the government towards the capital market.
The DSE president requested the government to review the tax free dividend income limit for investors.
‘Though the government in the proposed budget has increased its limit to Tk 10,000 from the existing Tk 5,000, but our demand was Tk 50,000.’
‘I request the government to increase the limit to at least Tk 25,000,’ said Rakibur.
Criticising the government’s step to increase the tax on listed telecom companies by 5 per cent he said that it would discourage other telecom companies to get listed with the stock market.
He also requested the government to keep at least 10 per cent tax gap between listed and non-listed telecom companies.
‘Otherwise, the telecom companies which have already started the process to be listed with the stock market might stop their process.’
The DSE at the press briefing also requested the government to make it mandatory for all multinational companies to get listed with the stock exchanges.
DSE senior vice-president Ahmad Rashid Lali, chief executive office Shawpan Kumar Bala and chief financial officer Shuvra Kanti Choudhury were present, among others.
Ahmad Rashid Lali requested the government to reduce corporate tax on all listed companies by 2.50 per cent.
Rashid also urged the finance minister to reduce the source tax on turnover to 0.015 per cent from the existing 0.05 per cent.
Bangladesh Merchant Bankers’ Association president Mohammad A Hafiz at a post-budget press briefing on Sunday requested the government to reduce corporate tax.
Hafiz also requested the finance minister to allocate Tk 5,000 crore for the capital market in the final budget.
-With New Age input