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NBR chief: Special loans for losers at stock market

  • Published at 09:46 pm May 2nd, 2019
Special loans for losers at stock market: NBR Chief
NBR chief Md Mosharraf Hossain Bhuiyan speaks during a pre-budget talk with ERF at NBR office in Dhaka on Thursday Dhaka Tribune

'Affected investors would get loans with a special arrangement to revive their businesses'

The National Board of Revenue (NBR) Chairman Md Mosharraf Hossain Bhuiyan on Thursday said the government would introduce loans in special arrangement for the investors who had made losses in the capital market recently amid the market’s sharp fall.

“Affected investors would get loans with a special arrangement to revive their businesses,” he assured.

“I already discussed this with the Bangladesh Securities and Exchange Commission (BSEC) and the Bangladesh Bank’s governor yesterday at instructions from Prime Minister Sheikh Hasina, who is also worried about the market,” added Mosharraf.

He came up with the statements while addressing a pre-budget talk with Economic Reporters’ Forum (ERF) at NBR office in the capital.

ERF President Saif Islam Dilal, General Secretary SM Rashidul Islam and other members spoke at the prgoram. 

NBR Members Kanon Kumar Roy (Tax policy), Md Firoz Shah Alam (Customs Policy and ICT) and other senior officials were present among others.

The NBR chairman said Finance Minister AHM Mustafa Kamal had already directed the bodies concerned about the special loans.

“Such type of loan was also introduced earlier,” he added, saying that they were trying to improve the condition of stock market.

He, however, did not clarify who would be defined as the affected investors and get the loans.

Responding to a question from an ERF member, he said stock exchanges and ICB (Investment Corporation of Bangladesh) would determine the definition of affected investors and specify the time since when a person would be considered as affected.

On tax incentives for stock market, Mosharraf said there were tax incentives for capital market and it would continue.

He urged the investors not to buy the shares of weak companies.

On corporate tax, the NBR chief said it was impossible to bring largescale change in corporate tax, as a little change in it would make huge revenue shortfall.

The tax would decrease in phases, he added.

Besides, a project was going to be introduced for boosting income tax collections, where online return submission would be encourged, he said, adding that some private companies would be outsourced to help taxpayers in return submission. 

ERF President Saif Islam Dilal said the NBR should widen tax net to collect more revenue.

“Although a large number of people have capacity to pay tax, they are not doing so,” he mentioned.

The NBR usually go to them who pay taxes regularly but those who do not pay taxes continue to evade tax, added Dilal saying that the NBR must be automated to ensure taxes from all.

ERF General Secretary SM Rashidul Islam placed a 11-point proposal including increasing capability of the NBR for the upcoming budget. 

The other points are making taxpaying system easier, upgrading the NBR website, building tax awareness, reform the system of collecting direct taxes, making Alternative Dispute Resolution (ADR) system and Transfer Pricing Cell more effective, maintaining transparency in VAT collection, mentioning the loss for tax exemptions in budget, opening NBR subordinate offices for ERF members, starting budget session in the morning.