Tax Revenue from DSE Rises by 14.28% in April

Social Islami Bank announced that customers unable to pay their investment and credit card installments on time due to the ongoing situation can now do so without incurring late fees until the end of July 2024. All ATMs of the bank are fully operational. Additionally, customers who have not previously used or taken debit cards can now easily obtain them from any branch and conduct transactions accordingly, as stated in a press release.

For the fiscal year 2023–24, there was a notable increase in VAT collection, according to Bangladesh's Large Taxpayers Unit (LTU). Increased taxes from industries like banking, telecom, and tobacco caused the unit to significantly above its income objective. 

Grameenphone Ltd (GP) reported a 5.6% revenue increase to Tk 42.2 billion in Q2 2024 compared to the same period last year. The company gained 2.3 million new subscribers, totaling 85.3 million, with 58.3% using internet services.

Muhammad Yunus, the Nobel laureate, formed the organization Grameen Kalyan, which contested an income tax claim of Tk 5.76 billion made by the Bangladeshi tax authorities. On July 30, the High Court is expected to render a decision regarding the two petitions that Grameen Kalyan filed to contest this tax assessment. The conflict started when Grameen Kalyan disputed a 2017 tax notice that demanded payment within two weeks. The tax office maintained the claim in spite of several appeals, which sparked the ongoing legal dispute.

According to a press release from the Bangladesh Bank (BB), BB supplied 25,521 crore TK (or 255 billion TK) in a single day to banks and non-banking financial institutions (NBFIs) as borrowings. Shariah-based banks borrowed 1,500 crore TK, with the remainder taken by other banks and institutions.

The revenue authorities collected a record Tk74,000 crore in VAT from 109 companies under the large taxpayer unit (LTU), marking a 26% increase from the previous year. This growth was driven by rising prices for essential commodities, increased collections from Petrobangla, and successful dispute resolutions with mobile operators and banks.