Banks dominate LTU recovery list
July 17, 2010 00:00:00
NEW DELHI, India : In this handout photograph provided by Innovaid, Australian cricketer Brett Lee receives a traditional blessing as he arrives to inaugurate the Music Therapy Academy here Monday. The academy aims to teach Indian musicians to be clinical
Doulot Akter Mala
The banking sector, which makes up around 52 per cent of big taxpayers, continued to steal limelight as nine out of top 10 corporate taxpayers in the just-out fiscal were private sector lenders.
Of the banks, Islami Bank Limited topped the list, becoming a jewel in the crown as it paid Tk 2.93 billion in income taxes in 2009-10 financial year ended on June 30.
The National Board of Revenue (NBR) netted Tk 24.16 billion from top 10 corporate taxpayers, with 70 per cent coming in from banks, insurance and other financials.
"Banks have emerged as top payers over the years," a top income tax official said.
The UK's Standard Chartered Bank PLC, the Asia-focussed lender, secured the second position, followed by local AB Bank Ltd. Standard Chartered paid Tk. 2.93 billion while AB Bank paid Tk 1.95 billion.
Hong Kong and Shanghai Banking Corporation (HSBC), a foreign bank, gave Tk 1.75 billion in income tax.
Southeast Bank Ltd paid Tk 1.55 billion tax as it secured the fourth position among the banks.
Pubali Bank Ltd. ended up in paying Tk 1.45 billion income taxes.
Other big payers include Prime bank (Tk 1.30 billion) and Eastern Bank (Tk 1.28 billion).
Dutch-Bangla Bank, known for its charity work, was placed on the bottom, paying Tk 1.13 billion in taxes.
The large taxpayers unit (LTU) of the income tax surpassed its target by Tk 3.0 billion with private banks and Grameenphone contributing the bulk of the revenue.
NBR officials said corporate tax cut could not weigh on tax collection from big taxpayers.
Tax officials said banks alone contribute 52 per cent of total taxes collected from large taxpayers out of 281 companies.
Around 987 large taxpayers have been paying taxes under LTU. Of them, there are 281 companies and 706 individuals.
