DCCI, DSE seek tax exemption from industrial investment

Dhaka Chamber of Commerce and Industry (DCCI) and Dhaka Stock Exchange (DSE) have urged the government not to introduce any tax and penalty on undisclosed money in case it is invested in industrial sector.

“If conditions on investment of undisclosed money is relaxed, a big amount of undisclosed money will be invested in the industrial sector, which will ultimately enhance the velocity of money circulation, augmenting the economic activities of the country,” said Hossain Khaled, president of DCCI, told a press briefing to express his organisation’s reaction to the new proposed budget in Dhaka yesterday.

The DCCI leaders were also of the view that in the FY 2008-09 the earning from undisclosed money will be dropped, as the time limit for whitening money is only four months.

They also urged the government to make the lowest earning ceiling of income tax at Tk 2.5 lakh from the proposed Tk 1.5 lakh since the cost of living has increased significantly on inflation and price spiral of essentials.

UNB adds: Dhaka Stock Exchange (DSE) operators yesterday urged the government to exempt the holders of undisclosed money earned by legal means from additional penalty if the money is invested in industrial sector.

“The government could exempt such money from additional charges for the betterment of the country’s economy,” DSE Chief Executive Officer Dr Salahuddin Ahmed Khan said at a post- budget press briefing at the DSE auditorium.