50 large corporate taxpayers to come under Ctg LTU from July 1
Sunday, 24 June 2012
FE Report
A total of 50 large corporate taxpayers, having paid-up capital above Tk 50 million each, will come under the supervision of new Large Taxpayers Unit (LTU) in Chittagong from July 1 next.
The National Board of Revenue (NBR) is set to inaugurate the new LTU in June 30 next in the port city.
From fiscal 2012-13, corporate houses of Chittagong will not have to pay tax in Dhaka. They will be able to pay tax in the Chittagong LTU.
Directors of those 50 corporate houses will also remain under the supervision of the LTU Chittagong.
The existing corporate taxpayers who have industries in Chittagong but their tax files are in LTU Dhaka will be shifted to LTU Chittagong, said a senior NBR official.
Large companies and their directors including TK group, Abul Khair Group,
PHP Group will pay tax under the new unit, he added.
Following booming business growth in Chittagong centring the largest sea port, the government has taken the initiative to open a new LTU after eight years, he said.
The NBR is opening the unit as part of its expansion of the income tax administration and network.
The revenue board will open 346 tax circles, 64 supervisory offices, 13 tax commissionarates, two tax appellates, one divisional office under its expansion programme. It will recruit 3608 officials for those offices.
Currently, there are two LTUs for Income tax and VAT. LTU is the brainchild of International Monetary Fund (IMF). In 2003, the NBR opened the LTU income tax with the support of development partners.
All the 47 banks, non-banking financial institutions (NBFIs) including 61 insurance and 33 investment leasing companies and 135 other companies are the major tax payers under LTU.
LTU collects highest amount of revenue among the tax offices as taxpayers under the unit are monitored intensively to collect due taxes.
A total of 50 large corporate taxpayers, having paid-up capital above Tk 50 million each, will come under the supervision of new Large Taxpayers Unit (LTU) in Chittagong from July 1 next.
The National Board of Revenue (NBR) is set to inaugurate the new LTU in June 30 next in the port city.
From fiscal 2012-13, corporate houses of Chittagong will not have to pay tax in Dhaka. They will be able to pay tax in the Chittagong LTU.
Directors of those 50 corporate houses will also remain under the supervision of the LTU Chittagong.
The existing corporate taxpayers who have industries in Chittagong but their tax files are in LTU Dhaka will be shifted to LTU Chittagong, said a senior NBR official.
Large companies and their directors including TK group, Abul Khair Group,
PHP Group will pay tax under the new unit, he added.
Following booming business growth in Chittagong centring the largest sea port, the government has taken the initiative to open a new LTU after eight years, he said.
The NBR is opening the unit as part of its expansion of the income tax administration and network.
The revenue board will open 346 tax circles, 64 supervisory offices, 13 tax commissionarates, two tax appellates, one divisional office under its expansion programme. It will recruit 3608 officials for those offices.
Currently, there are two LTUs for Income tax and VAT. LTU is the brainchild of International Monetary Fund (IMF). In 2003, the NBR opened the LTU income tax with the support of development partners.
All the 47 banks, non-banking financial institutions (NBFIs) including 61 insurance and 33 investment leasing companies and 135 other companies are the major tax payers under LTU.
LTU collects highest amount of revenue among the tax offices as taxpayers under the unit are monitored intensively to collect due taxes.