CSE wants black money in stock market
Published : Sunday, 16 June, 2019 at 2:38 PM Count : 1490
Chattogram Stock Exchange (CSE) has demanded investment of undisclosed money to bourses with no questions.
In 2019-20 national budget, scopes were proposed to legalize undisclosed money by investing in in economic zone and high-tech parks with 10 percent tax.
CSE acting managing director Golam Faruque made the demand at post budget press conference at CSE office in Dhaka on Sunday.
The stock exchange also urged the finance minister to reconsider the proposals which they gave to National Board of Revenue (NBR) before budget placement for sustainable development of share market and quality extension.
Golam Faruque said scopes were kept in the proposed budget that black money can be invested in purchasing flat, land and in economic zones with tax. No special facility was given for investing the same in share market.
"I urge to give scope of investing undisclosed money to stock market subject to paying a specific amount of tax without any question, for the interest of preventing money laundering and investment," Golam Faruque.
The CSE MD also lauded some proposals set aside in the proposed budget for the interest of share market development. The proposals include affiliation of sick company by well-established one, and imposing 15% tax on bonus dividend instead of cash dividend.
If retained earnings or reserve is 50 percent more than paid capital, proposal was made in the budget to impose 15 percent on the additional reserve which will inspire companies to give cash dividend, he hoped.