The Financial Express

Petrobangla seeks Tk 26b to pay VAT, SD to NBR

| Updated: December 05, 2017 16:43:29

Evaly and Fianancial Express Evaly and Fianancial Express
Petrobangla logo seen in this photo. Petrobangla logo seen in this photo.

The state-owned Petro-bangla has sought over Tk 26 billion from the government for paying the outstanding value added tax (VAT) and supplementary duty (SD) to the National Board of Revenue (NBR).

The company owed over Tk 40 billion to the revenue board in VAT and SD arrears during the period between November 2016 and June 2017, officials said.

It paid over Tk 65.30 billion in VAT and SD arrears to the government in June last. The sum of VAT and SD remained outstanding during the period between April 2015 and June 2016, according to an official data.

Earlier, the government provided Tk 10 billion to the Petrobangla for payment of outstanding VAT and SD and the amount was paid to the revenue board in October last, the officials said.

The state-owned gas companies collected VAT and SD worth Tk 132.78 billion from their clients during the period between the fiscal year (FY) 2009-10 and January 2017, but they didn't deposit the money with the public exchequer, according to the NBR.

As per Section 37 (3) of the VAT Law 1991, nearly Tk 90.80 billion got added as an accumulated interest on VAT and SD for non-payment on the right time.

From July 2009 to January 2017, state-run gas distribution companies under Petrobangla collected tax/duty from customers, but they didn't pay it to the national exchequer, a source said.

The Petrobangla now has a surplus fund due to a hike in the price of gas, produced by international oil companies (IOCs), since March 2017.

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