DSE submits budget proposal to NBR Chairman

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1 DSE submits budget proposal to NBR Chairman A DSE delegation led by President Mr. Md. Abdullah Bokhari met the National Board of Revenue (NBR) Chairman Mr. Badiur Rahman on April 26, 2007 and submitted the budget proposals for the year The DSE Senior Vice President Mr. Ahmad Rashid Lali, Vice President Mr. Sharif Ataur Rahman, Directors Mr. Md. Rakibur Rahman, Mr. Abdul Haque, Mr. Khwaja Ghulam Rasul, Mr. M.A Quayum, Mr. Md. Azizul Hoque and Chief Executive Officer Prof. Salahuddin Ahmed Khan were present on the occasion. National Board of Revenue (NBR) Chairman Mr. Badiur Rahman in a meeting with a DSE delegation led by President Mr. Md. Abdullah Bokhari on April 26, DSE submitted the budget proposals for the year in the meeting. DSE Senior Vice President Mr. Ahmad Rashid Lali, Vice President Mr. Sharif Ataur Rahman, Directors Mr. Md. Rakibur Rahman, Mr. Abdul Haque, Mr. Khwaja Ghulam Rasul, Mr. M.A Quayum, Mr. Md. Azizul Hoque and Chief Executive Officer Prof. Salahuddin Ahmed Khan were present on the occasion. The Board of Dhaka Stock Exchange presented the following proposal for consideration by Honorable Chairman of the National Board of Revenue for incorporating in the Fiscal policy of the Government for the Financial Year The proposal contained some issues, which will hopefully bring about greater degree of transparency, and thus extend flow of tax from the corporate sector of the country. It is believed that, about different private and non listed public limited companies pay lesser volume of corporate tax than the 258 listed companies. This is possible because the listed companies are under the umbrella of number of regulators causing them to be more or less compliant whereas the non listed companies can escape the eyes of the tax authority as their very existence are most often out of the tax net for lack of any regulatory arrangements. Therefore incentives as well as formal and informal pressure will bring these companies under the securities market which will ultimately ensure greater flow of tax revenue for the country. Therefore, at this point of time when the whole nation is looking for an transparent economic system we are earnestly requesting the National Board of Revenue under your able leadership to encourage the securities market by adopting the following incentive packages for the next financial year: Tax Related Agenda for Consideration: 1. Tax deducted at source by a listed company on dividend distribution (@10%) should be made final up to a total of Tk. 25,000 as dividend income received by an individual. Dividend income above Tk. 25,000 may be taxable as taxpayers relevant level of income. 2. The investors receive the dividend income after deduction of tax at source. Therefore, the tax assessor should not ask for documents supporting tax payment as such tax payment is the responsibility of the company deducting the tax at source and not that of the taxpayers.

2 3. Presently for the NRBs, the tax deduction at source is 25%, while for nonresident (foreign owned) companies; this tax rate is 15%. In order to encourage the NRBs to remit and invest greater volume of funds in the economic activities of the country, such rate should be at least equal to that of general investors. i.e. 10% 4. For tax deducted at source on interest income on Treasury bond may be considered as final tax for settlement for all taxpayers including individuals, corporate investors, mutual funds or pension funds. 5. The audited accounts of the listed companies may be adopted as acceptable without question by Income Tax authority as these accounts are carefully analyzed by the SEC, individual investors and other stakeholders. 6. Corporate reserve above 100% of the paid up capital may be subject to supplementary tax for non-listed companies, while reserve above 250% of paid up capital of a listed companies may be imposed supplementary tax. This policy will encourage the listed companies to either capitalize their undistributed income or to pay dividend to the shareholders. Such tax will also force companies to avoid dispute causing prolong deferment of AGM on legal issues. 7. Repatriation of dividend by the shareholders of non-listed companies should be subject to supplementary tax at of 10% or above. 8. With regard to corporate income tax rate on listed and non-listed companies for all companies including the financial institutions and other export oriented companies enjoying tax relief there should be a tax differential of 10% just like other listed companies. However, to encourage SME sector, such tax differentials may be exempted if the paid-up capital is less than Tk 50 million or total asset of the company is less than Tk. 100 million. 9. For larger companies, (paid-up capital above Tk 50 million or total asset of the company is above Tk. 100 million), supplementary tax on turn over may be imposed if not listed with any stock exchange. 10. Tax rate on brokerage income, which is deducted at source by the stock 0.015% on the turn-over be reduced to % in order to enable the brokerage houses to reduce their service charges (brokerage commission) on the investors. This will not only support the market players but also increase government revenue through enhanced participation by individual as well as institutional investors resulting in to significantly higher volume of trade. Other Non tax Market Reform Agenda for Budget: Bonds Market as Alternative for Public Sector Financing: The budgetary provisions in Bangladesh just like any other developing countries in the world, used to depend on donor support and soft loan provisions from multi lateral agencies. However, such provisions are gradually declining over the years forcing the public sector domestic debt to expand significantly in recent period (in the current fiscal year alone, domestic public debt increased by 32%). In this regard it is worth mentioning here that, the Treasury Bond is globally considered to be the most systematic source for financing public debt requirements. In Bangladesh, since , the government is also issuing such bonds and already 22 auctions were held. Using this mechanism the government has raised more than Tk.65 billion so far. Beside T-Bonds, government

3 also has borrowings of Tk billion from the banking system and another approximately Tk.30 billion through selling savings certificates. Among these alternative sources, the government borrowing directly from the banking system has the crowding-out effect on the private sector. On the other hand, interest and management cost of the savings certificates are also pretty high and involves huge administrative setup of the government. Given this, it needs no further argument that, the marketable Treasury Bonds can be considered as the prime source for public debt management of the government. However, as the available data reflects, the Marketable Treasury Bond could not become major source of credit needs of the government; neither a credible secondary market for these bonds was created despite the fact that these bonds are listed by the stock exchanges for last 3 years. The secondary markets for treasury bonds can ensure stability in the money market in the inter-bank borrowing lending operations. Beside inter-bank liquidity operation, a strong secondary market can provide the basis for Open Market Operations of Bangladesh Bank. Further, a long term Yield Curve can be developed to map the overall interest rate pattern for the country. Recommendations The Board of DSE request the government of Bangladesh to place special emphasis on the need for developing a strong and effective Treasury Bond market in Bangladesh and take up the following provisions for the greater interest of the financial markets in Bangladesh. Commercial banks use of Treasury Bonds as component of SLR be restricted to a maximum of 2.5% as these instruments are now having very high yields (more than 10% yield at present) but now remaining only within the control of very few banks only who are mostly the primary dealers. As per provisions of the Gazette Notifications for T-Bonds, the Primary Dealers are to be required to make Two way quote (asking and bid price) which is not practiced by the PDs. Therefore it is required to be made mandatory for the PDs to make Two-way qoute for the T-Bonds through the stock exchange in addition to the Reuter system which is not accessible to most of the potential investors in order to facilitate such trading. Zero Coupon Treasury Bonds be re-introduced with all facilities of existing bonds for replacing existing coupon based Bonds and Saving Certificates and process of fazing out of the Savings Certificates can be initiated gradually. Tax on Bonds should be relaxed (preferably deductions at source be made final at least for a limited time) on investors end while holdings of the PD s should be made taxable otherwise those held as SLR component with the limit set by the government. More institutions having capital market participation can be given license as Primary Dealers. Some of these institutions are ICB, BSRS, IDLC, Pubali Bank etc. The size of the Bonds to can be scaled down to the size of Tk.10, 000/-.

4 DSE President Mr Md. Abdullah Bokhari addressing an investors awareness programme in Khulna on April 29,2007. DSE Senior Vice President Mr Ahmad Rashid Lali, Member of Securities and Exchange Commission (SEC) Mr. Mohammad Ali and Executive Director of SEC Mr Monsur Alam are also seen in the picture. A thorough knowledge on the stock market can ensure participation of more and more investors in the securities market and there is no alternative of a vibrant capital market to develop the country s economy through the spontaneous participation of investors. DSE President Mr Bokhari said. DSE Senior Vice President Mr. Ahmad Rashid Lali said it is possible to establish big industrial units though small capital owned by small investors of the securities market. Besides capital gain is also possible when the stock prices rise. Share business is a legal business as per Islamic law. World renowned Islamic scholars in an international conference in Cairo in 1986 recognised the share trading as a legal one. He said the DSE has taken all-out preparation to handle daily turnover worth Tk 5.0 billion within next two-three years as strong companies under telecommunications and power and energy will go public by this time. Participants at the investors awareness programme in Khulna on April 29,2007. DSE Chief Executive Officer Mr Salahuddin Ahmed Khan said the DSE trading has been expanded through the upgraded automated system. He asked the investors to invest considering the financial strength of the companies concerned. He presented an overview on different aspects of investment operations in primary market and

5 secondary market, central depository system and clearing and settlement systems of stock trading. Executive director of SEC Mr. Mansur Alam presented a paper on investors awareness in stock trading. SEC Executive Directors Mr. Shuvra Kanti Chowdhury and Mr. Anwarul Kabir Bhuiyan and DSE Manager Mr. Khonkder Asadullah discussed on the paper. DSE has already provided necessary logistic support to the investors to trade from the divisional cities. The bourse has expanded its trading network inside Dhaka, Chittagong, Sylhet and other cities through four IT vendor companies. The vendor companies are using optical fiber, radio-link and asymmetric digital subscription link (ADSL) in addition to optical fiber to do their networking business. DSE began online stock business in Chittagong through LankaBangla Securities, a member of both DSE and Chittagong Stock Exchange from August of The DSE move on business expansion was taken in view of an upgraded trading system launched from August 21 of 2005 to cater to the growing demands of securities market including enhanced trading capacity of 50,000 howlas per day, which is scaleable upto 100,000.Previously the daily trading capacity was only. Hewlett & Packard (HP) of USA, Scandent Solutions of Chennai (India) and Syscom Information Systems Ltd of Bangladesh completed the upgradation project at a cost of Tk 60-million which doubled the previous 16-bit Tandem Electronic Security Architecture (TESA) application to 32-bit architecture.

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