The government has relaxed the income tax provision from the income of Bangladesh Securities Exchange Commission (BSEC) till fiscal year 2019-2020.
Under the relaxed provision, the stock market regulatory body will enjoy tax exemption at a declining rate for the next five years, according to an official notification issued on July 1.
The BSEC will get complete tax exemption in FY2015-16 while it will get 80% exemption in FY16-17, 60% in FY17-18, 40% in FY18-19, and 20% exemption in FY19-20.
Earlier on fiscal year 2014-15, the government imposed 25% tax on the income of 29 autonomous bodies including BSEC.
However, the regulatory authority has long been opposing the government’s move seeking complete tax exemption on its income.
NBR officials said that upon completion of the five years term, the BSEC will have to pay income tax at the regular rate of 25% again, which will began from fiscal year 2020-2021.
