Scholarship should not be overlooked in budget: Mannan

MA Mannan

Planning Minister MA Mannan said on Sunday that the capital market should not be overlooked in the budget as the market can contribute significantly to the development of the country’s progressive economy.

He made the comment during a post-budget discussion jointly organized by the Capital Market Journalists Forum and the Bangladesh Merchant Bankers Association in the capital.

His comments came after stockbrokers and investment bankers expressed disappointment with the budget proposal for the 2023-24 financial year, saying the budget overlooked the stock market as nothing on the capital market. did not appear in the budget speech.

The intermediaries said that while no new taxes were made on the stock market in the budget, no incentives were provided either.

“The stock market has been neglected in the budget” is an important message and I will pass it on to the relevant authorities on your behalf,” the minister said.

He said, “To achieve a developed economy, we need capital. The stock market can be a source of that capital,” he said.

Mannan also expressed his agreement with recent demands for the abolition of withholding tax on income.

He said: “We have a more skilled workforce, better technology and a better business community, so we no longer need advanced income tax; it can be abolished. A discussion with the competent authorities may lead to this decision.

He also said, “Double taxation is not appropriate and we should look into this.”

He said multinational companies should be listed on stock exchanges and stressed the need for increased pressure on the issue.

Md Sayadur Rahman, Chairman of the BMBA, said: “The positive aspect of the budget for the stock market is that no new burdens have been imposed. However, the disappointing aspect is that there is no incentive for the stock market, not even any discussion about it.

He demanded an increase in the difference in tax rates for listed and unlisted companies in the draft budget.

He said that just 7.50 percentage points did not motivate companies to list.

Despite its potential, the country’s stock market appears unable to become the engine of the economy, said Dhaka Stock Exchange Chairman Hafiz Muhammad Hasan Babu, adding that a small change in government policy could bring significant positive changes in the stock market.

Asif Ibrahim, Chairman of Chittagong Stock Exchange, Richard Di Rosario, Chairman of DBA, and Ziaur Rahman, Chairman of CMJF, among others, spoke at the event.

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