Muhith hints tax incentive for capital market shareholders
DHAKA, Sept 12, 2018 (BSS) – Finance Minister AMA Muhith today announced slashing the capital gain tax for the shareholders of capital market to 5 percent from the existing 15 percent if the shareholders invest their net sales profits in the share market for three years.
“The bourse’s member-shareholders, who want the incentive, must submit an investment proposal before getting the waiver from the government,” he told a function at Bangabandhu International Conference Centre (BICC) in the city, marking the Silver Jubilee of the Bangladesh Securities and Exchange Commission (BSEC).
Prime Minister Sheikh Hasina inaugurated the seven-day Silver Jubilee celebration programmes as the chief guest.
In his speech, Muhith said the initiative will not only strengthen the capital market, but also make the market as a lucrative one before the world.
He said the government now could feel satisfaction as the country’s capital market is truly well-established. “Its advancement couldn’t be thwarted in any way.”
The Finance Minister said Bangladesh’s capital market got recognition and its position has been enhanced in the world.
“We’ll continue the existing commission for the next two years and we hope when its tenure will expire, a true security market will be established in the country and we could feel proud of it,” he said.
Recently, the Chinese consortium of the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) started its journey in Bangladesh as a strategic partner of the Dhaka Stock Exchange (DSE) after receiving 25 percent shares.
Stock brokers and shareholders of demutualised DSE sought gain tax waiver for investing Tk 947 crore, which they got from the Chinese consortium.