The person responsible for registering the transfer of shares of a non-listed company from a resident person to any other person shall not register such transfer unless the transferor submits, at the time of filing application for registration, a challan of payment of tax at the rate of 15% (fifteen percent) on the difference between the fair value and face value of the shares being transferred.

Explanation: For the purposes of this section,—

(a) “face value” means the value determined by the issuer and shall include any additional amount if it is—

(i) done through bank transfer; and

(ii) duly disclosed in the income-tax return of the assessee;

(b) “fair value” means the fair value determined by the professional valuer in the valuation report prepared before the transfer of shares;

¹[(c) “Professional valuer” means a professional valuer approved by Bangladesh Bank or Bangladesh Securities and Exchange Commission. ]