Waive proposed tax on capital gains

The securities regulator has requested the government's revenue authorities to scrap the proposal for taxing the gains on investments in stocks as it would further affect the capital market and the individual investors, officials said.

The policymakers of Bangladesh Securities and Exchange Commission (BSEC) Monday made the request at a meeting held with the chairman of the National Board of Revenue (NBR).

"The BSEC has requested the NBR chairman to review the proposed tax measures for the sake of making these effective. The capital-market regulator especially stressed the withdrawal of the tax proposed to be imposed on the gains of the individual investors," said BSEC Executive Director Mohammad Saifur Rahman.

The government has proposed imposing 3.0 percent tax on the individual investors' gains which exceeds Tk 1.0 million

but does not exceed Tk 2.0 million.

And the investors will have to pay 5.0 percent interest for the gains which will exceed Tk 2.0 million.  

According to BSEC Executive Director Mr. Rahman, the watchdog body on the bourses has also requested the NBR chairman to continue the tax rebate for the listed companies which disburse more than 20 percent dividends.

Presently, a listed company enjoys 10 percent tax-rebate facility for disbursing more than 20 percent dividends.

BSEC Chairman Professor M Khairul Hossain, three members-Prof Helal Uddin Nizami, Amzad Hossain and Arif Khan-attended the meeting held with the NBR Chairman, Ghulam Hussain.