Finance Bill placed

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FE Report
Finance Minister Abul Maal Abdul Muhith Thursday placed the Finance Bill 2010 before the parliament.
The bill was placed to bring changes in The Excise & Salt Act, 1944, The Customs Act, 1969, Income-Tax Ordinance, 1984 and Value Addition Tax Act, 1991.
The bill proposed that a company will have to pay tax at 10 per cent on share trading income, five per cent tax on income of sponsor shareholders or directors of a listed company and three per cent on the premium value of shares of companies being sold at premium value.
Rate of deduction at source on commission received by the stock exchange members is proposed at the bill.
The minister proposed to collect tax at source from real estate developers at the time of registration of flat or building at a rate Tk 2,000 or Tk 800 depending on locations.
The National Board of Revenue will introduce spot assessment system and expand coverage of on-going survey to net new taxpayers through outsourcing, the minister proposed.
The NBR will set up Large Taxpayers Unit (LTU) in Chittagong by next fiscal year and a limited number of the highest taxpayers will get tax cards.
Value added tax (VAT) will be withdrawn from manufacturers of refrigerator, freezer, motor cycle for four years to protect local industries and travel agency and manpower exporter (service stage) will be exempted from VAT.
The bill proposed duty rate cut for industrial raw materials and enhance duty to discourage import of glass tube, urea resin and fly ash.