Will speak in parliament to withdraw advance income tax: Mannan

Planning Minister MA Mannan said he will speak in the parliament in favour of withdrawing advance income tax to encourage investment in the capital market.

“The issue of withdrawing the double tax policy, increasing the tax rate gap between listed and non-listed companies will be presented to the government. If you send these proposals in writing, I will forward them to the government for consideration,” the minister said.

“Bangladesh’s capital market is not getting proper attention like what usually happens in the economies of the developing nations. But this sector has the ability to become the key driver of the country’s economy,” the minister said while addressing a post-budget discussion as the chief guest in the capital on Sunday.

The programme styled ‘Discussion on Budget 2023-24: Capital Market Perspectives’ was jointly hosted by Capital Market Journalists’ Forum (CMJF), and Merchant Bankers Association (BMBA).

“The stock market can become the forerunner of Bangladesh’s economic prosperity, and we are currently marching towards that path; we just need proper monitoring to achieve this goal,” MA Mannan stated.

Speaking at the event, Dhaka Stock Exchange (DSE) Chairman Hafiz Muhammad Hasan Babu said, “If we get a necessary policy supports, our capital market can give a significant boost to the economy by creating sustainable long-term financing opportunities.”

Chittagong Stock Exchange (CSE) Chairman Asif Ibrahim said they in their budget proposals, had sought some necessary facilities including to widen the tax rate gap between listed and non-listed companies, but none of them was reflected in the proposed budget.

Bangladesh Merchant Bankers Association (BMBA) President Sayedur Rahman said the positive thing of the proposed budget is that no provision was kept there which goes against the interest of the capital market. But the matter of disappointment is that there was no word in the budget concerning the stock market.

CMJF President Ziaur Rahman said when the national budget does not represent any of the capital market issues, it then sends a message to stock investors that the government is not careful enough about the capital market.

“It is not possible to build a Smart Bangladesh by promoting only the conventional financial sectors, because it is proven that capital market is the prime source of financing in many major economies across the globe,” Ziaur added.