Tax incentives have not improved capital market: NBR chairman

NBR Chairman Abdur Rahman Khan has lashed out at the Dhaka Stock Exchange (DSE) chairman for demanding a tax exemption of up to Tk 50 lakh for investors in the capital market.

“Tax incentives have not improved the capital market. This market can never be for oligarchs,” he said while addressing a pre-budget discussion with the financial sector stakeholders, including the Dhaka and Chittagong stock exchanges at Rajaswa Bhaban at Agargaon in the capital on Monday (March 17) morning.

In the budget proposal at the meeting, DSE Chairman Mominul Islam demanded a 15 percent gain tax waiver to pull out the capital market stuck in the grip of recession.

In response, the NBR Chairman said, “The capital market has not benefited from the tax benefits. Why should those who make more than Tk 50 lakh profit be given this benefit even in this time of recession?”

Abdur Rahman Khan suggested filling the gap in good governance to eliminate the weaknesses of the capital market. However, he assured that excise duty will be reduced in the upcoming budget considering rationality.