Don't go for capital gain tax

The stockmarket regulator yesterday urged the government to scrap its plan to impose tax on capital gains from share sales for individual investors.
A delegation of Bangladesh Securities and Exchange Commission made the call at a meeting with Finance Minister AMA Muhith at his office yesterday.
"A decision on the issue will be taken on June 26 or 27," Muhith told reporters after the meeting.
In the proposed budget for the next fiscal year, the government slapped a 3 percent tax on capital gains upwards of Tk 10 lakh. For gains above Tk 20 lakh, a 5 percent tax will be applicable.
Muhith also said the stockmarket became stable after the demutualisation of the bourses.
Meanwhile, stock investors under the banner of Bangladesh Sharemarket Investors' Association held a sit-in in front of Dhaka Stock Exchange yesterday and termed the budget “unfriendly” for the market.
Stocks ended flat yesterday amid volatile trading with strong selling pressure in textile, cement and non-bank financial institutions, LankaBangla Securities said in its analysis.
DSEX, the benchmark general index of the DSE, lost 14.07 points or 0.31 percent to close at 4,401.88.

Turnover rose 7.53 percent to Tk 452 crore, compared to the previous day.
A total of 0.96 lakh trades were executed with 9.18 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 295 issues that changed hands on the DSE, 103 advanced, 161 declined and 31 remained unchanged.
Lafarge Surma Cement, which declared its maiden dividend, dominated the turnover chart, followed by Square Pharma and BSRM Steels.
Appollo Ispat Complex was the highest gainer rising 7.08 percent, while Midas Financing was the worst loser, slumping 7.42 percent.