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Tax collection from big corporates has witnessed a quantum jump since the inception of large taxpayers' unit (LTU) under income-tax wing of the revenue board following its prompt service delivery to taxpayers.
The LTU has grown 1,652 per cent in its tax collection against 1,280 per cent targeted in fiscal year (FY) 2023 than in 2003.
The unit under the National Board of Revenue (NBR) collected Tk 258.58 billion in taxes last fiscal year.
Addressing a programme to honour large corporate taxpayers on Wednesday, LTU commissioner Md Iqbal Bahar said they achieved 17.53-per cent growth in tax collection in FY23 over the corresponding year.
"We acknowledge our taxpayers' contribution and expect to see the continuation of such cooperation," he added.
The LTU's target for the current fiscal year has been set at Tk 350 billion, up by Tk 60 billion than that of last year's target.
Mr Bahar urged large taxpayers to clear the undisputed arrears and settle disagreements through the alternative dispute resolution (ADR) system.
According to him, the ADR has contributed to mobilising an additional Tk 9.15 billion in taxes last June.
Mr Bahar exhorted the taxpayers to continue to comply with the tax laws and monitor the proofs of submission of tax returns.
Some 53 large corporates received the laurels at the programme.
NBR member (tax admin) Abu Daud attended the programme as the chief guest and handed over the awards.
Mr Daud said Bangladesh was moving towards a developed economy with an intensified pace of domestic revenue collection.
Shahjalal Islami Bank chairman Mohammed Younus, IFIC Bank managing director (MD) Mohammad Shah Alam Sarwar, Islami Bank additional MD Altaf Hossain, Grameenphone chief risk officer Md Arif Uddin, National Life Insurance CEO and MD Kazim Uddin, and Bangladesh Bank additional director general Md Alauddin spoke on behalf of the large taxpayers.
Some 23 banks, five non-bank financial institutions, four insurance companies, one telecoms company, two service-providing entities, three engineering companies, four food and beverage companies, two energy companies, spinning and textiles, three medicine and chemical companies, one print media and two leather companies received the honour.
Of the honorees, 37 earlier received top taxpayer award at national level.
Mr Younus of Shahjalal Bank appreciated the service delivery by LTU officials, urging them to continue with such a taxpayer-friendly environment in the unit.
"Such recognition inspires taxpayers to come forward. We want to create an example to encourage others to pay tax regularly," he said.
Mr Sarwar of IFIC Bank requested to lay more focus on improving services to large individual taxpayers, especially salaried ones.
LTU additional commissioner Syed Mohidul Hassan delivered an address of welcome at the event.
Mr Alauddin of the BB said the regulator paid Tk 11.90 billion in taxes to the public exchequer last year.
Mr Arif of GP said both the company and government benefitted with the settlement of a case through the ADR under the LTU's effort.
THE LTU AWARDEES
The banks that got laurels are Islami Bank Bangladesh, BRAC Bank, Dutch-Bangla Bank, Eastern Bank, The City Bank, United Commercial Bank, HSBC Bank, Prime Bank, Al-Arafah Bank, IFIC Bank, First Security Islami Bank, Trust Bank, Mutual Trust Bank, Agrani Bank, The Premier Bank, Bank Asia, Dhaka Bank, National Credit and Commerce Bank, Shahjalal Islami Bank, Pubali Bank, AB Bank and Jamuna Bank.
Meanwhile, Apex Footwear and Bata Shoe Company of the leather industries received the awards.
British American Tobacco Bangladesh, Grameenphone and Bangladesh Bank also received the awards.
The awarded NBFIs are Infrastructure Development Company Limited, IDLC Finance Limited, Bangladesh Infrastructure Finance Limited, DBH Finance and Investment Corporation of Bangladesh.
On the other hand, the insurance companies are American Life Insurance, Sadharan Bima Corporation, National Life Insurance and Green Delta Insurance.
GP received the award in the telecoms sector.
The Power Grid Company of Bangladesh received the award under the service sector category.
BSRM Steels Ltd, Bangladesh Re-rolling Mills Ltd and Rangs Ltd were awarded in the engineering sector.
In the food and beverage industries, Nestle Bangladesh, Olympic Industries Ltd, Transcom Beverage Ltd and New Zealand Dairy Products Bangladesh were awarded.
Titas Gas Transmission and Distribution Company Ltd and Chevron Bangladesh received awards in the energy sector.
In the spinning and textile sector, Square Textiles and COATS Bangladesh received the LTU award.
Square Pharmaceuticals, Beximco Pharmaceuticals and Healthcare Pharmaceuticals received awards under the medicine and chemical industries categories. On the other hand, Media Star Ltd (The Daily Star) received the award under the print media category.