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Tax collection from DSE rises by 78pc in Nov

Staff Correspondent

A file photo shows the Dhaka Stock Exchange’s building in the city. The government’s tax collection from the DSE increased by 78 per cent in November compared with the previous month. — New Age photo A file photo shows the Dhaka Stock Exchange’s building in the city. The government’s tax collection from the DSE increased by 78 per cent in November compared with the previous month. — New Age photo

The government’s tax collection from the Dhaka Stock Exchange increased by 78 per cent in November compared with the previous month due to sharp increase in turnover as low-priced shares attracted investors during the month.
The DSE paid government Tk 14.42 crore in November, which was Tk 8.11 crore in the previous month.
Of the taxes, the DSE paid Tk 10.91 crore as taxes on turnover and Tk 3.50 crore as gain tax from sponsors-directors’ shares sales in November.
The bourse in October paid Tk 4.72 crore as taxes on turnover and Tk 3.38 from sponsors-directors’ shares sales.
The benchmark general index of the DSE, DSEX, declined to 3,763.88 points on October 21 — the lowest since May 28 when the index fell to 3757.99 points. The market started to rise as investors moved to buy shares in cheap and the turnover increased subsequently.
The DSE collects the tax as brokerage commission at 0.05 per cent rate and then submits it to the National Board of Revenue, while it collects 5 per cent tax from the sponsors-directors’ capital gain on shares sales.
The government’s tax collection from the bourse depends on its turnover. As the turnover of the bourse increased significantly in November, the amount of tax also increased.
The turnover of the DSE hit a two-year high of Tk 1,294.61 crore on July 9, which was the highest after Tk 1,341.26 crore recorded on July 31, 2011.
The government’s tax collection from the DSE had declined to Tk 3.22 crore in April, which was the lowest since May 2009 when the government had collected Tk 3.09 crore.
In the last financial year the NBR had collected Tk 85.70 crore tax on turnover from the bourse on a monthly average of Tk 7.09 crore.
Tax collection by the government had hit a record high in November 2010 when it received Tk 47.71 crore thanks to the market boom.
The NBR had collected Tk 168.91 crore tax on turnover from the DSE in the FY12.
The NBR got Tk 325.91 crore from the DSE in the FY11, when the market witnessed record turnover, with a monthly average of Tk 27.15 crore.
The DSE price index rose to a record high at the end of 2010 with the bourse’s index DGEN skyrocketing to 8,918.51 points on December 5.
The DSE turnover reached its record high to Tk 3,249.57 crore on the day.
The DSE turnover also declined due to the crash and stood at Tk 101.57 crore on January 21 this year, its five-year low.




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A file photo shows the Dhaka Stock Exchange’s building in the city. The government’s tax collection from the DSE increased by 78 per cent in November compared with the previous month. — New Age photo
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