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Business Insider Bangladesh

Petrobangla owes National Board of Revenue Tk 994cr in unpaid VAT

Hasan Azad || BusinessInsider

Published: 09:04, 9 December 2021  
Petrobangla owes National Board of Revenue Tk 994cr in unpaid VAT

Representational Image. Business Insider Bangladesh infographics.

The National Board of Revenue has claimed that Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) owes it Tk 994 crore in unpaid VAT accumulated in 8 months beginning last December.

The government’s revenue collection body, NBR, sent a letter to Petrobangla in this regard on December 1, signed by Large Taxpayers Unit (VAT) Commissioner, Wahida Rahman.  

The letter asked Petrobangla to appear before a hearing --- to be held on December 20--- with necessary documents and written explanations to settle the ad valorem tax amount, the letter said.  

Petrobangla Secretary Syed Ashfaquzzaman told the Business Insider Bangladesh that they were working on the matter.  

However, he also advised Business Insider Bangladesh to discuss the matter with the officials concerned – particularly the officials of the Financial Management Division.

Despite several attempts, it was not possible to reach the General Manager Ghulam Murtuza of the division.    

The letter also said the amount of total VAT from December 2020 to July this year (eight months) stood around Tk 1,546.42 crore.  

Of this amount, the government exchequer received one third of the amount or Tk 552.17 crore from the Petrobangla.

The letter also incorporated breakdowns of VAT that were accumulated in eight months.

It reads that the net VAT on December of the last year was Tk 195.68 crore while the deposited amount was only Tk 82.96 lakh.  

In January of the current year, the VAT stood at Tk 199.54 crore while the treasury received Tk 96.83 crore.

In February, the VAT amounted to Tk 199.98 crore and the government exchequer received Tk 90.95 crore.  

In March, the treasury received Tk 77.17 crore as against Tk 183.37 crore worth VAT.

In April, the amount was Tk 183.58 crore and the treasury got Tk 81.27 crore.

In May this year, the VAT was estimated worth Tk 180.47 crore and the treasury received only Tk 2.77 crore. In June, the VAT was calculated at Tk 200.69 crore as against a payment of only Tk 50.38 crore.

In July, the VAT stood at Tk 203.57 crore while Petrobangla paid Tk 90.28 crore.

According to the Section 73 (1) of the VAT and Supplementary Duty Act, 2012, the tax commissioner or any appropriate official mentioned in the list of 86 can set the payable tax amount by arranging a hearing.

Nagad
Monetary Policy Stance
Budget 2020-21
Walton