32pc listed cos face complexities over uniform \'income year\'

About 32 per cent listed companies are facing some complexities in complying with the uniform 'income year' as per the circular issued by the revenue board.
According to the circular-2015 (Income Tax) issued by the National Board of Revenue (NBR), the year-end of companies, other than banks, insurance companies and financial institutions (FIs), will be June 30.
Some of the listed companies whose year-end is not June 30 have sought time and instruction from the securities regulator regarding compliance of the NBR's circular.
The Bangladesh Securities and Exchange Commission (BSEC) will sit today (Wednesday) to find out the solution for the complexities arisen in complying with the NBR's circular.
"We are working as to how the complexities can be solved without affecting the market," said a senior official of the securities regulator.
Presently, there are 291 companies listed with the stock exchanges.
According to information of the Dhaka Stock Exchange (DSE), of 291 listed companies, 171 companies have year-end on December 31, 105 companies on June 30, five companies on March 31, five companies on September 30, two companies on April 30, one company on July 31, one company on August 31 and one company on October 31.
Of 171 companies having year end on December 31, there are 30 banks, 47 insurance companies and 19 FIs which have no problem in continuing existing income year as per the circular of the revenue board. The income year of four FIs is based on June 30.
As a result, some 95 companies will have to revise their income year based on June 30.
Asked, the company secretary of a listed company having year-end on December 31 said they are waiting for the instruction of the securities regulator.
The BSEC official said the companies, other than banks, insurance companies and FIs, whose year-end is not June 30, can report financials and dividends for fractional periods.
"In that case, the companies having year-end on December 31 may be required the reporting for more than 12 months," the BSEC official said.
Another complexity has arisen regarding the category change of listed companies based on the amount of dividends. The companies which recommend at least 10 per cent dividends exist in 'A' category.
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