BSEC says Kamal assures tax incentives for stocks

Staff Correspondent | Published: 00:00, Apr 24,2019 | Updated: 22:34, Apr 23,2019


Finance minister AHM Mustafa Kamal has assured Bangladesh Securities and Exchange Commission that he would consider addressing the issue of double taxation against investment in listed companies, BSEC said on Tuesday.
The minister gave the assurance at a meeting with officials of the market regulator held at the BSEC office in Dhaka on Monday, said a press release.
The market regulator also placed a set of proposals seeking a number of tax incentives for the capital market in the upcoming budget.
The minister assured the commission that he would consider the proposals.
The commissions also submitted a proposal on strengthening state-run Investment Corporation of Bangladesh which usually supports the market.
The minister assured that he would consider the matter as well.
The market regulator at a commission meeting on Tuesday declined United Power Generation & Distribution Company Limited’s appeal to consider a share purchase agreement between the company and a foreign company regarding sell-off shares of UPGDCL held by United Mymensingh Power Limited as the SPA was not signed in line with the securities laws.
The SPA was signed on March 31, 2019 and the commission was informed about it on April 7.
The commission said that UMPL failed to submit requisite information and documents such as paid up capital of the foreign company and ownership information.
The SPA was not executed on non-judicial stamp, and the current securities laws do not support the process of timeframe and setting the value of shares.
The commission at the meeting also approved separate draft rules of sukuk, exchange traded derivatives and short-sales, which would be published in national dailies for public opinions.

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