Popular Posts
-
Local business conglomerate Orion Group has appointed world renowned ABN AMRO Bank N.V., the Dutch banking giant headquartered in Amsterd... -
BSEC has approved the Initial Public Offering (IPO) of Bangladesh Building System Limited. The company will collect Tk.140.00 million by ... -
The securities regulator has said that it is not logical to allow the existing board of the Dhaka Stock Exchange (DSE) to continue until ... -
The Chittagong Stock Exchange (CSE) Saturday said scrapping the opportunity of money whitening provision in the stocks will not affect the... -
Meghna Life Insurance Company Limited has declared 30% cash dividend for the shareholders of the company for the year 2012. Means share... -
A group of investors staged protests in front of the Dhaka Stock Exchange yesterday as shares fell 1.67 percent. Investors under the ban... -
Sunlife Insurance Co Limited board meeting will be held on 27th June, 2013 at 4.00 pm to consider the financial report for the year ende... -
Ms. Rehana Rahman, one of the Sponsor Director of Southeast Bank Limited has express her intention to buy 2,40,000 shares of the company t... -
Private banks’ capital increased by 7.75 percent in the first half this year though their default loans marked a rise during the period... -
Md. Imamul Kabir Shanto, Chairman, Sunderban Courier Services (Pvt.) Ltd., Dr. Shahadat Khan, CEO, Progoti Systems Ltd and Dr. Muhamm...
Govt earning from DSE down more than 15 per cent
Wednesday, October 9, 2013
The government bagged tax worth Tk 441.08 million in the first three month (July to September) of the current fiscal year compared to Tk 519.17 million in the same period last fiscal year, registering 15.04 per cent decline, according to statistics from the DSE.
The government earned the amount on brokerage commission and share sales by sponsor-directors and placement holders.
The DSE, on behalf of the government, collects the tax as brokerage commission and sponsor and placement shares at the rate of 0.05 per cent and 5.0 per cent respectively and deposits the amount to the government exchequer.
Among the total earnings of Tk 441.08 million in the first three month of the current fiscal year, the government earned Tk 327.81 million on brokerage commission and Tk 113.26 million on share sales by sponsor-directors and placement holders.
However, month-on-month government' earrings from DSE increased by 28.48 per cent in September compared to August in 2013. In September, the government earned tax worth Tk 144.28 million against Tk 112.30 million in August.
DSE officials said the tax collection declined in first quarter (Q1) in current fiscal year due to lower transaction following the sluggish trend in stock prices.
"A bearish trend in the capital market has pulled down the government's earnings from stocks, as the trading volume is on the decline," he said.
The DSE witnessed a daily average turnover of Tk 4.87 billion in the first three months of the current fiscal year while it was Tk 5.82 billion in same period last fiscal.
"The earnings are related to turnover. It's usual that tax will fall if turnover declines," said Akter H Sannamat, managing director of Union Capital.
"The turnover marked a decline in first three months in FY 2013-14, compared to same period last fiscal year, so did tax," said Mr Sannamat.
He also said: "The tax flow will rise when the market will be back on track."
Data showed that in the last three fiscal years, the revenue earnings of the government from the stock market declined at a stress due to lower turnover value following slide in shares prices.
In fiscal year 2010-11, DSE paid tax worth Tk 4.46 billion, in FY 2011-12 DSE paid worth Tk 2.72 billion and FY 2012-13 DSE paid tax worth Tk 1.27 billion on brokerage commission and share sales by sponsor-directors and placement holders.
Comments[ 0 ]
Post a Comment