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Increased interest in SPSE

 

Nov 25, 2013 12:03:15 PM

Increased interest in SPSE South Pacific Stock Exchange chairperson Nur Bano Ali says they have had enquiries about the stock market in view of the incentives announced in the 2014 Budget.

The government plans to reduce corporate tax rate from 18.5 pre cent to 10 per cent and the exemption of income tax and capital gains tax in trading.

She said the reduction in the corporate tax is a huge attraction likewise clarification on taxing application.

“We believe new companies will take advantage of this and we hope it will see more participation from the public in the stock market,” Ali said.

“Now anyone can buy or sell their shares as many times as they like and they won’t be taxed on the amount of money they make which wasn’t there before.

“It’s a good thing because it means the public can use the stock market as a means to invest and save money.”

SPSE chief executive Jinita Prasad said they would not expect new companies to enlist as early as January 2014.

“Businesses especially family owned businesses will need to undergo restructuring to go from private to company to enlist. Other companies will want to plan out how they go about it.

“So it will take time. But with the incentives we believe it will encourage a lot more companies to list.”

No new companies listed on the stock exchange this year when the corporate tax was reduced from 20 percent to 18.5 per cent.

Prasad said this was to be expected because there were inconsistencies in tax application which created a lot of confusion.

"Now it’s a lot clearer and people will get total returns and it will also enhance efforts to encourage a culture of saving and investment.”

To encourage companies and members of the public to actively participate on the stock market, Ali says the SPSE is planning to hold roadshows and awareness workshops.

“We want to tell the people that putting your money on the bank is not the only way to invest. And that the market is another way."
 
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