Tax benefits won't restore lost public trust in stock market: NBR chairman
Listing weak companies on the market is the main cause of this lack of trust, says Abdur Rahman Khan
The public does not trust the stock market and this trust cannot be restored only with tax benefits, National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan said today (17 March).
"Listing weak companies on the market is the main cause of this lack of trust. Ordinary investors have lost their capital by investing in these weak companies," he said during a private discussion with stock market stakeholders at NBR Bhaban in the capital's Agargaon.
The NBR chief said investors' trust must be restored in the stock market by listing good companies. "Until this happens, no tax benefit will work," he added.
Keep updated, follow The Business Standard's Google news channel
"Many tax benefits have been provided until now. But none have worked," he said.
He urged the stakeholders to rather work on restoring good governance and trust in the stock market.
During the discussion, Dhaka Stock Exchange (DSE) Chairman Mominul Islam demanded withdrawal of capital gains tax in the upcoming budget.
He also demanded withdrawal of turnover tax, which is currently 0.05% per Tk100, and withdrawal of double taxation on dividends, to increase tax gap between listed and non-listed firms.
Mominul Islam also said tax on BO account fees needs to be reduced.
