DSE's tax to govt likely to cross Tk 3.0b this fiscal
Tuesday, 6 July 2010
FE Report
The Dhaka Stock Exchange (DSE) expects to pay the government minimum Tk 3.00 billion in taxes in the current fiscal year, up from Tk 1.27 billion of the previous fiscal.
DSE president Md Shakil Rizvi told the FE about the possible record turnover on the basis of the enhanced amount of brokerage tax paid in the 2009-10 fiscal.
The market is attracting additional number of investors every month along with new IPOs (initial public offering). If the upward trend in daily turnover continues, the DSE will be able to pay the highest amount of tax this fiscal, the DSE president said.
Besides, the 2010-11 budget, unveiled on June 10, raised the tax rate for brokers to 0.05 per cent from the existing 0.025 per cent.
"If the market continues with an average trading turnover of Tk 13 billion per day, the DSE would easily be able to pay minimum Tk 3.00 billion in taxes in the 2010-11 fiscal," the president added.
In the previous fiscal, the average turnover at the country's prime bourse was Tk 10.44 billion.
Officials at the DSE said brokerage houses paid Tk 1.27 billion in taxes in the 2009-10 fiscal, up from Tk 268 million in the 2008-09 fiscal, as record daily trading in DSE along with increased number of investors helped boost revenue.
Officials said the taxes shot up by five times in the last fiscal when the stock exchange's daily turnover crossed the Tk 20 billion mark several times. In 2009-10 fiscal, the government's earning on brokerage commission was 90 times higher than that of 2005-06.
According to the DSE, in 2009 fiscal Lankabangla Securities was the best performing DSE member in terms of turnover, followed by ICB Securities, PFI Securities, Al-Arafah Islami Bank and IDLC Securities.
Other top chart turnover members were Arab Bangladesh Bank Foundation, Multi Securities and Services, Shahjalal Islami Bank and NCC Bank.
The Dhaka Stock Exchange (DSE) expects to pay the government minimum Tk 3.00 billion in taxes in the current fiscal year, up from Tk 1.27 billion of the previous fiscal.
DSE president Md Shakil Rizvi told the FE about the possible record turnover on the basis of the enhanced amount of brokerage tax paid in the 2009-10 fiscal.
The market is attracting additional number of investors every month along with new IPOs (initial public offering). If the upward trend in daily turnover continues, the DSE will be able to pay the highest amount of tax this fiscal, the DSE president said.
Besides, the 2010-11 budget, unveiled on June 10, raised the tax rate for brokers to 0.05 per cent from the existing 0.025 per cent.
"If the market continues with an average trading turnover of Tk 13 billion per day, the DSE would easily be able to pay minimum Tk 3.00 billion in taxes in the 2010-11 fiscal," the president added.
In the previous fiscal, the average turnover at the country's prime bourse was Tk 10.44 billion.
Officials at the DSE said brokerage houses paid Tk 1.27 billion in taxes in the 2009-10 fiscal, up from Tk 268 million in the 2008-09 fiscal, as record daily trading in DSE along with increased number of investors helped boost revenue.
Officials said the taxes shot up by five times in the last fiscal when the stock exchange's daily turnover crossed the Tk 20 billion mark several times. In 2009-10 fiscal, the government's earning on brokerage commission was 90 times higher than that of 2005-06.
According to the DSE, in 2009 fiscal Lankabangla Securities was the best performing DSE member in terms of turnover, followed by ICB Securities, PFI Securities, Al-Arafah Islami Bank and IDLC Securities.
Other top chart turnover members were Arab Bangladesh Bank Foundation, Multi Securities and Services, Shahjalal Islami Bank and NCC Bank.