TCB wants more time to pay taxes
Wednesday, 1 December 2010
FE Report
State-run Trading Corporation of Bangladesh (TCB) has sought more time to clear taxes for 6000 tonnes of soyabean oil that it released on deferred payment, officials said.
Md. Khalilur Rahman, TCB chairman, has recently requested the National Board of Revenue (NBR) to extend the tax payment by one month to release bottled soyabean oil from the Mongla EPZ.
The state trading group got the edible oil released from port without paying Value Added tax (VAT) and advance income tax (AIT).
The authority allowed the TCB to release the edible oil on deferred payment, providing it makes the payment by October. But the state-run entity defaulted on the payment.
TCB requested the revenue board to allow payment of the due taxes by December to help stabilise edible oil prices in the market.
Depending on the brand, the retail price of five litres of packed soybean oil is Tk 514-560 against its previous price of Tk 464-494. The price of loose soybean oil has crossed Tk 100 a kilogram.
According to retail price chart released by TCB, the price of loose soybean oil rose by 10 per cent to Tk 98-102 a kilogram, compared to its price a month ago.
Traders say consumption of loose oil is 85 per cent while packed oil is 15 per cent.
State-run Trading Corporation of Bangladesh (TCB) has sought more time to clear taxes for 6000 tonnes of soyabean oil that it released on deferred payment, officials said.
Md. Khalilur Rahman, TCB chairman, has recently requested the National Board of Revenue (NBR) to extend the tax payment by one month to release bottled soyabean oil from the Mongla EPZ.
The state trading group got the edible oil released from port without paying Value Added tax (VAT) and advance income tax (AIT).
The authority allowed the TCB to release the edible oil on deferred payment, providing it makes the payment by October. But the state-run entity defaulted on the payment.
TCB requested the revenue board to allow payment of the due taxes by December to help stabilise edible oil prices in the market.
Depending on the brand, the retail price of five litres of packed soybean oil is Tk 514-560 against its previous price of Tk 464-494. The price of loose soybean oil has crossed Tk 100 a kilogram.
According to retail price chart released by TCB, the price of loose soybean oil rose by 10 per cent to Tk 98-102 a kilogram, compared to its price a month ago.
Traders say consumption of loose oil is 85 per cent while packed oil is 15 per cent.