Asset management cos gets reduced tax benefits for 2 more years | The Business Standard
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WEDNESDAY, MAY 28, 2025
Asset management cos gets reduced tax benefits for 2 more years

Stocks

TBS Report
14 March, 2024, 10:20 pm
Last modified: 14 March, 2024, 11:01 pm

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Asset management cos gets reduced tax benefits for 2 more years

Asset management companies have responded positively to the government's decision

TBS Report
14 March, 2024, 10:20 pm
Last modified: 14 March, 2024, 11:01 pm
Representational image. Photo: Collected
Representational image. Photo: Collected

The National Board of Revenue (NBR) has decided to reintroduce a 15% income tax on the fees charged by asset management companies for mutual fund management services.

This measure will come into effect starting this month and will remain applicable until the tax year 2026-27, according to sources within the NBR.

Previously, asset management companies were subject to the same tax rate on mutual fund management fees until last November. However, this concession was not extended beyond that point.

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Asset management companies have responded positively to the government's decision.

Shekh Mohammad Rashedul Hasan, managing director and CEO of UCB Asset Management Limited, told The Business Standard, "This measure will serve as an incentive for us."

Without this tax benefit of the reduced rate, such companies would be liable to pay taxes at the standard rate of 27.5%.

However, experts say that instead of offering such benefits emphasis should be given on making the stock market more effective and dynamic.

Dr M Masrur Reaz, former senior economist at the International Finance Corporation, which operates under the World Bank Group, told TBS, "Instead of providing such benefits, the focus should be on ensuring the sustainability of the stock market. A vibrant stock market would enable companies to operate independently."

There are currently 65 asset management companies operating in the country. These companies collectively manage a total of 36 closed-end and 95 open-end mutual funds.

The mutual fund industry in Bangladesh, boasting assets exceeding Tk16,000 crore, aims to generate long-term wealth for investors through risk-adjusted strategies. It typically focuses its investments on a select number of investment-grade stocks.

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Asset Management Company / Tax Benefits / Bangladesh

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