Govt tax collection from DSE dips in May

Staff Correspondent | Published: 00:05, Jun 07,2018 | Updated: 22:43, Jun 06,2018

 
 

Dhaka Stock Exchange building. - New Age file photo

The government’s tax collection from the Dhaka Stock Exchange in May dropped by 26.74 per cent compared with that in the previous month due to a fall in turnover on the bourse.
The National Board of Revenue in May received Tk 16.13 crore as tax from DSE, Tk 9.67 crore as tax on turnover and Tk 6.47 crore as tax on sponsor-directors’ capital gain from share sales.
In April, the government’s tax receipt from the bourse was Tk 22.02 crore — Tk 11.49 crore as turnover tax and Tk 10.53 crore as tax on sponsor-directors’ capital gain from share sales.
Turnover on the bourse declined in May amid the relentless fall in share prices of most of the scrips at the bourse.
The key index, DSEX, lost 395 points in the month that witnessed only three positive sessions mainly due to the ongoing crisis in the country’s financial sectors.
The average daily turnover on the DSE dipped 15.90 per cent to Tk 460.36 crore in May compared with that of Tk 547.36 crore in April having 21 trading sessions each month.
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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