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VAT from 17 large banks falls to 7.0%

Economic Tag: Vat & Tax

Value-added tax (VAT) collection from 17 big banks fell short of the target for the first half of the current fiscal year by approximately 7.0%, or Tk 1.53 billion. In contrast to the period’s Tk 22.41 billion targets, the National Board of Revenue’s VAT division’s large taxpayer unit (LTU) collected Tk 20.87 billion from July through December of FY ’23. According to the most recent NBR data, the collection was Tk 18.76 billion during the same period last year. In the first half of this year’s H1, VAT collection totaled Tk 17.65 billion, down from Tk 18.76 billion during the same period last year.

Agrani Bank, AB Bank, Dhaka Bank, Uttara Bank, Pubali Bank, Standard Chartered Bank, National Bank, Premier Bank, Bank Asia, and Southeast Bank all made payments in H1 that fell short of what the NBR anticipated from them. In light of charges of wrongdoing, officials blamed the lower-than-expected earnings on a precarious environment in the banking industry. Bank Asia and Standard Chartered Bank paid 44.59 percent and 7.35 percent less in VAT for the same time period last year, respectively. The largest VAT payment was made by Islami Bank Bangladesh Limited for Tk 3.34 billion, followed by Sonali Bank for Tk 2.99 billion.

 

 

Source for more details:   

 Financial Express

 

 

Source for more details:

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