Bourses to seek another chance in budget to whiten money

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FE Report
The country's bourses are going to seek another chance for one year in the national budget of the fiscal 2010-11, to whiten the undisclosed money through the investment in the capital market with easier guidelines.
Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) have made this demand in their joint proposal which is scheduled to be placed to the National Board of Revenue (NBR) on April 21.
The bourses had a meeting Tuesday with the Securities and Exchange Commission (SEC) on the joint proposal.
SEC Chairman Zia-ul Haq Khandakar, SEC Member Mansur Alam, DSE President Shakil Rizvi, CSE President Fakhor Uddin Ali Ahmed and other members of the board of directors attended the meeting.
The participants of the meeting were unwilling to say anything about their discussion.
However, a source requesting not to be named, said the delegates of the bourses discussed the result of whitening the undisclosed money in the previous year.
In the previous year, he said, the chance of whitening money drew no success for the lack of specific guidelines. So the government should give another chance for one year to whiten the undisclosed money through investment in the capital market with easier and specific guidelines.
In the meeting the bourses have opposed citing of the TIN number in the Beneficiary Owner's (BO) accounts. "But the investors intending to trade with TIN number will be welcome."
In the proposal, a provision of imposing a fee of Tk 100 for every BO account has been placed which will eventually help the government.
The bourses proposed to reduce the amount of corporate taxes of banks and financial institutions from 42.5 per cent to 37.5 per cent so that they can be inspired to offer larger dividends to the investors.
They also proposed to lessen taxes against institutional investors' income from the existing 20 per cent to 15 per cent.
The meeting insider said the SEC would give its opinion regarding the bourses' proposal after justifying it.