Stocks
Investors to Benefit from Capital Market: Finance Minister
Finance Minister Abul Hasan Mahmood Ali announced that individual investors in the capital market will not be taxed on capital gains up to 50 lakh taka in the proposed budget for the 2024-2025 fiscal year. However, gains exceeding 50 lakh taka will be subject to taxation. He expressed hope that this measure would benefit stock market investors.
The minister made this statement on Friday, June 7, during a post-budget press conference at the Osmani Memorial Auditorium in the capital. Finance Secretary Dr. Md. Khairuzzaman Majumdar moderated the conference.
Local Government, Rural Development, and Co-operatives Minister Md. Tajul Islam; Industries Minister Nurul Majid Mahmud Humayun; Planning Minister Major General (Retd.) Abdus Salam; Housing and Public Works Minister A. M. Obaidul Muktadir Chowdhury; Prime Minister’s Economic Affairs Advisor Mashiur Rahman; Agriculture Minister Dr. Md. Abdus Shahid; Education Minister Mohibul Hasan Chowdhury Nowfel; State Minister for Commerce Ahsanul Islam Titu; State Minister for Finance Wasika Ayesha Khan; Cabinet Secretary Md. Mahbub Hossain; Bangladesh Bank Governor Abdur Rouf Talukder; and Chairman of the National Board of Revenue (NBR) Abu Hena Md. Rahmatul Muneem was also present at the press conference.
Finance Minister Ali further elaborated on the tax structure reforms aimed at controlling inflation. He highlighted that realized capital gains from stock market transactions exceeding 50 lakh taka would incur a 15% tax. Gains below this threshold would remain tax-free.
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
