Govt tax collection from DSE doubles in April

Staff Correspondent | Published: 00:05, May 07,2018 | Updated: 23:23, May 06,2018

 
 

The government’s tax collection from the Dhaka Stock Exchange doubled in April compared with that in the previous month due to a rise in turnover on the bourse.
The National Board of Revenue in April received Tk 22.02 crore that included Tk 11.49 crore as tax on turnover and Tk 10.53 crore as tax on sponsor-directors’ capital gain from share sales.
In March, the government’s tax receipt from the bourse was Tk 10.35 crore — Tk 6.71 crore as turnover tax and Tk 3.67 crore as tax on sponsor-directors’ capital gain from share sales.
Turnover on the bourse increased in April amid the rise in share prices in the bourse.
The key index, DSEX, gained 141 points in the month.
The average daily turnover on the DSE soared by 63 per cent to Tk 547.36 crore in April with 21 trading sessions compared with that of Tk 335.75 crore in March with 20 trading sessions.
The tax on sponsor-directors’ capital gain shot up in April due to a significant amount of share transactions by directors of some of the companies in block market.
Under the Income Tax Ordinance 1984, the DSE collects 0.05 per cent tax on turnover from brokerage houses which collect the tax from investors on their daily transactions and 5 per cent tax on capital gains made by sponsor-directors and placement-shareholders.
Single-month tax collection by the government from the DSE hit a record high in November 2010 when it received Tk 47.71 crore thanks to the market boom in 2009-2010. 

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