LTU’s VAT payment grows 16pc in Jul-Apr

Staff Correspondent

27 May, 2021 12:00 AM printer

LTU’s VAT payment grows 16pc in Jul-Apr

Revenue earning from Large Taxpayer Unit’s (LTU) value-added tax has grown up by 16 percent to Tk 410.5 billion in 10 months of the current fiscal year.

According to the National Board of Revenue (NBR), 110 companies, listed under the LTU, paid the tax during July-April period of FY2020-21.

The figure was Tk 370 billion during the same period of the previous fiscal.

VAT is as an indirect tax which is actually paid by the customers on their purchased goods and services.

The cigarette producing companies enjoyed business growth this fiscal year. NBR collected Tk228.1 billion as VAT and other taxes from the large cigarette manufacturers - British American Tobacco Company and United Dhaka Tobacco.

The revenue earning from the tobacco manufacturers increased by Tk 34 billion this fiscal year from the previous year.

Seventeen banks listed by under the LTU paid Tk 206.48 billion as excise VAT and fees during July-April, growing 42 percent from the same period a year ago.

Grameenphone, Robi, Banglalink and Teletalk, the four mobile phone operators in the country, paid VAT of Tk 70.86 billion in the first 10 months of this fiscal year. The amount is 28 percent higher than the previous year. Besides, 24 pharmaceutical LTU companies paid VAT of Tk 26.34 billion while four soft drink companies paid Tk 5 billion as VAT during the first 10 months of the current fiscal year.