Briefing 2023-06-06

Surcharge imposed to ensure issuers

pay dues to Stabilisation Fund

The securities regulator has instructed stock exchanges to impose a 2.5 per cent monthly surcharge on unpaid dividends or dues exceeding three years. The move aims to encourage companies to clear outstanding payments, with the surcharge applicable to non-compliant issuers. The regulator seeks to strengthen its ability to collect undistributed dividends and has formed an audit panel to determine the amount owed by non-compliant companies. Page 9

Al Hilal officials in Paris to seal Messi deal

Senior officials from Saudi Arabia’s Al Hilal football club are in Paris to finalise a deal with Lionel Messi, aiming to obtain his official approval for a signing. Saudi Arabia is actively pursuing sports deals to improve its image and attract tourism and investment. Messi recently departed from Paris-Saint Germain. Page 15

Jewellers demand VAT cut, lowered baggage rule ceiling

Bangladesh Jewellers Association (BAJUS) calls for a reduction in the 5 per cent VAT on jewellery sales to 3 percent. BAJUS argues that the current VAT burdens consumers and believes a lower tax would lead to increased purchases and higher government revenue. They also request policy support, including tax exemptions and reduced customs duties, to boost the jewellery sector and discourage gold smuggling. Page 20