The tax authority has not made opening taxpayer identification number (TIN) mandatory for stock investors, allaying the fears of general investors.
Following the media reports earlier this month about TIN becoming compulsory for investing in the capital market, the Dhaka Stock Exchange plunged to its three-month low on April 3 as general investors panic sold.
“Investors would be able to open beneficiary owner's (BO) accounts as they could in the past. No new rule has been framed making TIN compulsory,” said the National Board of Revenue in a press statement yesterday.
The NBR also said it is holding consultation meeting with stakeholders ahead of framing tax proposals for fiscal 2019-20.
As part of the consultation, the NBR recently sat with representatives of the DSE and the Bangladesh Insurance Association (BIA). At the meeting, the DSE, responding to a question from the NBR chairman, said those who have BO accounts have TINs, while representatives from the BIA informed that TIN is compulsory for opening insurance policy. Later, it was published in the newspaper that TIN is being made mandatory for stock investors.
The NBR said the report published in the media quoting NBR Chairman Md Mosharraf Hossain Bhuiyan that TIN would be made mandatory for share investors created mixed reaction among various quarters, which is not correct.