The proposed gain tax on the profit of the investors will be finalised just a day before approving the budget in parliament for the next fiscal year.
Finance Minister AMA Muhith yesterday disclosed this while talking to the reporters after attending a dividend handing over ceremony of the Bangladesh Security and Exchange Commission (BSEC) held at the finance division auditorium in the capital.
We, usually, bring some changes in the revenue provisions just before the budget is passed in the parliament, noted the minister.
Referring to the benefits that all the investors have been enjoying tax-free share market profits for the last couple of years, Muhith hinted that the government could take any decision on the proposed gain tax on profits of the investors in between June 26-27.
According to the budget proposal, the investors’ tax-free profit amount is upto Tk10 lakh and 3% tax was proposed in between the profit of Tk10 lakh and Tk20 lakh of the investors while 5% tax was proposed on the profits of more than Tk20 lakh of the investors.
Coming down heavily on former BSEC chairman Faruk Ahmed Siddique for his stance not to impose gain tax on ordinary share holders, the minister said,“It is nothing but an absolutely stupid statement on the impose of gain tax on the ordinary share holders.”
The former BSEC chairman said it was not the right time to impose any gain tax on the ordinary shareholders.
As asked, the minister also replied: There was no capital market in the country before, now, we have a capital market for protecting the interest of the common investors with the help of the existing good laws and regulations.
“We can see headline news in the print media on the ups and downs of the share markets, which is not usual even in the western world as there is no such headline news on their share market,” said Muhith.
The minister also urged the people to come up with sugesstions on the improvement of the two stock markets, so the common investors can be benefited as the investors and the general people, as a whole, become worried when the share markets’ indice go down significantly.
As a team, the BSEC is doing well, as result, the government has extended the tenure of the chairman and members of BSEC, Muhith pointed out.
BSEC Chairman Khairul Hossain handed over Tk66.83 crore dividend of last year to the finance minister AMA Muhith and most of the dividend came as the charge of Tk500 against the payment of the BO accounts of shareholders.