LTU unsure about reaching corporate tax target in FY ‘16

Doulot Akter Mala | Published: August 13, 2015 00:00:00 | Updated: November 30, 2024 06:01:00

Into the second month of the current financial year (2015-16) some officials at the Large Tax Unit (LTU) of the National Board of Revenue (NBR) are increasingly becoming sceptical about achieving a 36 per cent growth in corporate tax revenue during the year.
Developments in the bank sector that fetches almost half of the corporate tax revenue, cut in tax on income of listed banks by 2.5 per cent and stay order issued by the higher court on 3.0 per cent source tax on cigarette companies have made the LTU officials uncertain about meeting the target, sources said. Â
Banks are among the large payers of income tax and the revenue board eyes a robust growth in income-tax earnings from the banking sector, officials said.
The target for the large taxpayers unit (LTU) under the income-tax wing of the National Board of Revenue (NBR) has been set at Tk 197.80 billion for the FY2015-16.
In 2014-15, the LTU collected Tk 145.75 billion in income tax, posting a 15.20 per cent growth over that of the corresponding period.Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â More Story on Page 7
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