NBR to restore tax rebate facilities on investment in stocks : SEC chief

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Mohammad Mufazzal The NBR will restore tax rebate facilities on investment in stocks and reduce tax on brokerage commission by 50 per cent in an effort to support the moribund stock market following deep concern expressed by state high-ups, officials said. Securities and Exchange Commission (SEC) Chairman Prof M Khairul Hossain Wednesday said this at a press briefing where four other SEC members - Prof Helal Uddin Nizami, Md Amzad Hossain, Arif Khan and A Salam Sikder - were present. Meanwhile, Chairman of the National Board of Revenue (NBR) Nasiruddin Ahmed told the FE that they would speak about their decision relating to the proposals made by the SEC today (Thursday). "We are expecting that the finance minister will speak about the course of action of the NBR Thursday," Mr Ahmed said Wednesday. The policymakers of the securities regulator arranged the press briefing a day after the SEC chairman held a meeting with Prime Minister Sheikh Hasina. They have also held another meeting with the officials of the NBR Wednesday where the revenue board assured the stock regulator about their market supportive measures. "The government wants to see a stable stock market. I have talked to all high-ups, including the finance minister and the apex authority, which are very much serious in restoring the market's stability," Prof Hossain said. He said ups and downs in the stock markets are a common phenomenon across the globe. "But the state high-ups are in deep concern following the recent declining trend of the market, which hit hundreds of thousands of investors."