Star Business Report
Dhaka Stock Exchange yesterday urged the National Board of Revenue (NBR) to revise the rate of tax on capital market.
A team of DSE, led by its President Md Shakil Rizvi, met NBR Chairman Nasiruddin Ahmed and turned in a post-budget proposal.
In the proposed budget, the government plans to impose 10 percent tax on the capital gains of institutional investors, 5 percent tax on the income of sponsor shareholders or directors of listed companies from share sales, and 3 percent tax on the premium value of shares of a company being sold on the market.
The government also considers increasing tax at source on commissions received by stockbrokers from 0.025 percent to 0.1 percent.
The DSE said the proposed tax rate would not only hinder the market growth, but also discourage companies from listing on the market.
For the development of the market, the government should revise the rate of tax on capital market, bourse officials said.
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