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DSE happy over untaxed money in stocks

The Dhaka Stock Exchange (DSE) yesterday expressed satisfaction over the government decision on allowing investment of untaxed money in stocks.
“I thank Prime Minister Sheikh Hasina and Finance Minister AMA Muhith for their efforts to endorse an investor’s friendly budget and allowing investment of untaxed money in stocks as it would help boost the market overcoming cash crunch,” DSE president Shakil Rizvi said at a post budget meet the press on Thursday at DSE.“To avert further bubble in the share market, what we need at this moment is supply of shares soon,” he added.
He also urged the government to offload shares of the state owned companies to meet growing demand of the market and to take necessary steps in enlisting big companies of private sectors as well as multinational firms.
The government has allowed investment of undisclosed money in the stock market. Anyone now can invest his or her untaxed money in stock market by paying 10 per cent tax, he added.
Replying to a query on involvement of political parties with the bourse Ahsanul Islam Titu, senior vice-president told reporters that the DSE is free from any political pressure or involvement.
He also urged BNP not to make share market a political issue.“We are businessmen and through our activities we will prove that there no political involvement with us,” he added.
“Allowing investment of untaxed money in the stock market will not only increase supply of fund in the share market but also in money market as it will come through banking channel,” said Ahmed Rashid Lali, a DSE director.
In response to a question on demutualisation of DSE, Titu said that demutualisation of the market is essential for making the bourses more transparent and accountable.
Shakil Rizvi said if the government brings private public partnership (PPP) projects in the share market, then it will help achieve government’s goals of making a Digital Bangladesh.
“Central Depository of Bangladesh (CDBL) is for giving support to the stock market, not to make profits and for this we are not in favour of listing CDBL in share market,” said Ahsanul Islam said replying to question.
“We are also mulling to reduce beneficiary owners (BO) charge so that it could not turn into a profit-oriented company,” he added.
Source: Daily Sun

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