Special Correspondent :
The Large Tax Payer Unit (LTU) has geared up its effort to realise over Tk 23,000 crore in arrear value added tax (VAT) from four state-owned entities.
The public entities are: Petrobangla, Titas Gas, Bakhrabad Gas Company Limited (BGCL) and Bangladesh Telecommunication Regulatory Commission (BTRC).
As part of the move, the Large Tax Payer Unit recently sought permission from the National Board of Revenue (NBR) in serving final (demand) notice to the Petrobangla to pay its arrear VAT.
Permission also sought to freeze bank accounts of Titas Gas, BGCL and BTRC to realize their VAT.
Of the total arrear, the state-owned Petrobangla owes the highest amount of Tk 13,036 crore followed by Titas Gas Tk 1,973, Bakhrabad Gas Company Limited Tk 191 crore and Bangladesh Telecommunication Regulatory Commission (BTRC) Tk 279 crore.
LTU and the companies have been embroiled over the past few years in the tax dispute.
“We are going through process to realise arrears of Tk 23,000 crore in taxes from the state-owned organizations,” Md Motiur Rahman, Commissioner of LTU (VAT), told The New Nation yesterday.
He said, realizing such a large chunk of VAT is necessary to meet this year’s revenue collection target.
“We are also in discussions with the concerned ministries as well as the companies for settling the issue amicably,” said Md Motiur Rahman.
When asked, he said, the LTU has geared up its effort to realize VAT to meet this year’s revenue collection target.
The LTU collected Tk 36,742 crore worth of VAT in Fiscal Year (FY) 2016-17, posting the highest growth about 20 per cent compared to revenue collection of last three years.
The Large Tax Payer Unit (LTU) has geared up its effort to realise over Tk 23,000 crore in arrear value added tax (VAT) from four state-owned entities.
The public entities are: Petrobangla, Titas Gas, Bakhrabad Gas Company Limited (BGCL) and Bangladesh Telecommunication Regulatory Commission (BTRC).
As part of the move, the Large Tax Payer Unit recently sought permission from the National Board of Revenue (NBR) in serving final (demand) notice to the Petrobangla to pay its arrear VAT.
Permission also sought to freeze bank accounts of Titas Gas, BGCL and BTRC to realize their VAT.
Of the total arrear, the state-owned Petrobangla owes the highest amount of Tk 13,036 crore followed by Titas Gas Tk 1,973, Bakhrabad Gas Company Limited Tk 191 crore and Bangladesh Telecommunication Regulatory Commission (BTRC) Tk 279 crore.
LTU and the companies have been embroiled over the past few years in the tax dispute.
“We are going through process to realise arrears of Tk 23,000 crore in taxes from the state-owned organizations,” Md Motiur Rahman, Commissioner of LTU (VAT), told The New Nation yesterday.
He said, realizing such a large chunk of VAT is necessary to meet this year’s revenue collection target.
“We are also in discussions with the concerned ministries as well as the companies for settling the issue amicably,” said Md Motiur Rahman.
When asked, he said, the LTU has geared up its effort to realize VAT to meet this year’s revenue collection target.
The LTU collected Tk 36,742 crore worth of VAT in Fiscal Year (FY) 2016-17, posting the highest growth about 20 per cent compared to revenue collection of last three years.
