The Chittagong Stock Exchange (CSE) has sought to continue laundering undisclosed money by investing in the capital market, without questioning the source of the money, in the upcoming fiscal year 2022-23.
“The draft budget suspended the special provision for investing undisclosed money in the capital market by individual taxpayers paying a flat 10% tax. We cordially request that this provision be maintained for another year.
“This will increase government revenue collection and help curb money laundering and strengthen the market,” CSE Chairman Asif Ibrahim said while giving the port city stock exchange’s reaction to the project on Saturday. national budget for FY23.
Ibrahim welcomed the budget proposal to reduce the corporate tax rate and recommended that the gap between tax rates for listed and unlisted companies be increased from 7.5% to 10%.
“At present, the tax rate gap between listed and unlisted companies is very small, so good companies are not interested in entering this market. comply with various regulations once they are listed in the capital market, for example, that they have to spend additional money.As a result, they cannot receive any real benefit from the rate reduction. taxation,” he also said.
The CSE boss also called for the sale of shares in for-profit public companies, saying that public companies could be included in the capital market by offloading shares as a source of funding, and that there could be have special tax exemptions in this case.
He recommended that the tax levied on the dividend income of listed companies be treated as a final tax.
He also called for the tax exemption limit on dividend income of listed companies to be raised to Tk 1 lakh from Tk 50,000.
Up to Tk 25,000 of cash dividends received from mutual funds or mutual funds are exempt from income tax.
The chairman of the CSE has proposed that the government keep cash dividends from mutual funds or mutual funds completely exempt from income tax.
This will help expand the mutual fund industry, he hopes.