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DHAKA Thursday 17 May 2012 03 Jaishtha 1419 BS 24 Jamadi-us-sani 1433 HIJRI

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Chevron seeks exemption from advance income tax→ Staff Correspondent

US-based Chevron Bangladesh Ltd has urged the government to exempt it from advance income tax (AIT) in fiscal 2012-13, official sources said.

Importers have to pay AIT, which is charged on nearly all imports and can be credited against the importer’s income tax liability. The company has been enjoying the exemption since December 2011, which will expire on June 2012.

Chevron Bangladesh President Geaff Strong has sent a letter to Petrobangla director (PSC) Muhammed Imaduddin early this month, urging him to take measures to get the exemption extended by the National Board of Revenue (NBR).

State-run Petrobangla has forwarded Chevron’s requests to the Energy and Mineral Resources Division on Sunday, concerned officials said.

The Chevron President in his letter informed Petrobangla about his company’s ongoing and projects in Bangladesh.

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