July-March receipt

LTU fetches most taxes from PCBs

Doulot Akter Mala | Thursday, 19 April 2018

Private Commercial Banks (PCBs) together contributed the most part of the corporate tax, collected by Large Taxpayers Unit (LTU) until March of the current fiscal year (FY), 2017-18.
Six PCBs were among the top-ten income taxpayers during the first three quarters of FY '18.
Mobile phone company Grameenphone (GP) was at top of the list, according to the official data of LTU under the Income Tax Wing of National Board of Revenue (NBR).
The top-ten corporate taxpayers under LTU paid Tk 30.84 billion income tax, which is one-third of the unit's aggregate tax collection in the period. LTU collected Tk 104.40 billion income tax until March from the taxpayers.
Among the top ten taxpayers, GP alone paid Tk 8.0 billion income tax in July-March period. Islami Bank Bangladesh Limited (IBBL) paid Tk 4.36 billion, and Standard Chartered Bank (SCB) Tk 4.26 billion.
British American Tobacco, Bangladesh Co Ltd paid Tk 2.96 billion in the first three quarters.
Besides, the LTU received Tk 2.25 billion from the Hong Kong Shanghai Banking Corporation Ltd (HSBC), and Tk 2.17 billion from the largest PCB -- Pubali Bank Ltd.
MetLife Alico paid Tk 1.86 billion, National Bank Limited Tk 1.73 billion, Square Pharmaceuticals Ltd Tk 1.65 billion, and One Bank Ltd Tk 1.57 billion.
Talking to the FE on Wednesday, LTU income tax commissioner Apurba Kanti Das said the unit is displaying the names of national tax-card holders, tax champions and top-ten corporate taxpayers in a gallery to recognise their contribution. The names will be updated again by the end of this FY.
LTU's tax collection grew by 15.04 per cent in July-March period of this FY compared to the corresponding period, he added.
However, LTU officials expressed their doubt over achieving the income tax collection target set for the current FY.
LTU's income tax collection target has been set Tk 182 billion for the FY '18. In the FY '17, the unit collected Tk 138.25 billion.
The unit has a total of 394 corporate taxpayers and 759 individual taxpayers. Banking sector contributes 49 per cent of LTU's revenue, followed by telecom operators 7.0 per cent, and tobacco sector 4.0 per cent.
The officials also said LTU is operating with 40 per cent vacant posts.
The commissioner said LTU started its journey in November 2003 with a goal of modernising the tax management system. The approved space for LTU is 30,000 sq feet, but it is continuing operations only in 6,000 sq feet.
In the gallery, the LTU is displaying the names of tax champions and their families, including Latifur Rahman, Kutubuddin Ahmed, Abdus Salam Murshedi, Syed Abul Hossain, Ahmed Akbar Sobhan, A K M Rahmatullah, Abdul Matlub Ahmed, and A K M Shamsuddin Khan.
Besides, the names of IBBL, SCB, HSBC, United Commercial Bank, Pubali Bank and Dutch-Bangla Bank, IDLC Finance, Uttara Finance and Investment, and Infrastructure Development Company Limited are also in the gallery as national tax-card holders.

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