The Chittagong Stock Exchange (CSE) sought the continuation to whiten undisclosed cash by investing within the capital market, with out questioning the supply of cash, within the upcoming fiscal yr 2022-23.
“The proposed finances has suspended the particular provision for investing undisclosed cash within the capital market by particular person taxpayers paying tax at a flat fee of 10%. We cordially request for persevering with with this provision for an additional yr.
“This will add to the federal government’s income assortment and assist curb cash laundering and strengthen the market,” CSE Chairman Asif Ibrahim mentioned whereas giving the port metropolis bourse’s response to the proposed FY23 nationwide finances on Saturday.
Ibrahim welcomed the finances proposal to cut back the company tax fee and really helpful that the hole in tax charges for listed and unlisted firms be raised to 10% from 7.5%.
“At current, the hole in tax charges for listed and unlisted firms may be very small, which is why good firms usually are not taken with getting into this market. Besides, firms must adjust to varied rules as soon as they get listed on the capital market, for which they must spend more money. As a consequence, they can’t get pleasure from any actual good thing about the tax fee rebate,” he additionally mentioned.
The CSE boss additionally referred to as for promoting shares of state-owned for-profit firms, saying that state-owned firms could possibly be included within the capital market by offloading shares as a supply of funding, and there could possibly be particular tax exemptions on this case.
He really helpful that the tax deducted from the dividend revenue of the listed firms be thought-about as ultimate tax.
He additionally demanded that the tax-free restrict on dividend revenue from listed firms be elevated to Tk1 lakh from Tk50,000.
Up to Tk25,000 money dividends obtained from mutual funds or unit funds are revenue tax-free.
The CSE chairman proposed that the federal government hold the money dividends earned from mutual funds or unit funds fully revenue tax-free.
It will assist in the enlargement of the mutual fund business, he hoped.