Capital gains tax is not withdrawn from the budget.

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Capital gains tax is not withdrawn from the budget.

Finance Minister Abul Hasan Mahmud Ali presented the proposed budget for the financial year 2024-25 in the National Assembly on June 6. In the proposed budget, it has been proposed to keep capital gains up to 50 lakh taka in the stock market tax-free. However, if the capital gain is more than 50 lakh taka, the tax will be applicable.

Capital gains up to Tk 50 lakh in the share market will be tax-free. However, if the capital gain is more than 50 lakh taka, the tax will be applicable. In these cases, income tax will be collected from individual taxpayers in two ways.

First, if a person makes a profit by selling shares within five years of buying the shares, they will have to pay tax according to their income tax bracket.

For example, if a person buys shares and sells them after six months or one year and makes a profit of taka 51 lakh, in this case, taka 50 lakh will be tax-free and capital gains tax will be payable on taka1 lakh. This one lakh taka will be added to the total income of the taxpayer and the taxpayer will have to pay income tax according to the class.

Secondly, if a person buys shares and makes the same profit after five years, his tax calculation will be different. In this case, also his 50 lakhs will be tax-free. On the remaining one lakh taka, an income tax of 15 percent has to be paid at the rate of 15 thousand taka.

Although regulatory body Bangladesh Securities Exchange Commission (BSC) chairman Prof. Shibli Rubaiyat-ul-Islam said before the budget presentation, that gains tax is not being imposed on ordinary investors.

After the budget proposal, he met the chairman of the National Board of Revenue and said that there would be no capital gain tax in the final budget proposal for the fiscal year 2024-25.

But still, in the final budget proposal for the fiscal year 2024-25, there is taxation on capital gain or capital income of more than 50 lakh taka.

Meanwhile, various organizations and institutions related to the stock market are still raising their demands at different levels for not imposing capital gate tax.

The stock market regulator BSEC and executives of two stock exchanges have been trying to withdraw the proposal to impose capital gains tax at various stages. Investors are still hopeful that the government will withdraw its proposal to impose a capital gate tax, albeit at the last moment.

 

Bmirrorhttps://bmirror.net/
businessmirror20@gmail.com

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