17th April 2018
EP Report

   The revenue authority is set to settle the long-standing Value Added Tax (VAT) worth Tk 35.64 billion dues from Bangladesh Petroleum Corporation (BPC) through book adjustment after all its efforts to realize the outstanding amount proved unsuccessful.

 

Four marketing companies --- Padma Oil Company, Meghna Petroleum, Jamuna Oil and Standard Asiatic Oil Company --- of the corporation collected the VAT from consumers against supply of fuel but deposited it partially to the public exchequer, officials said.

 

Following a large amount of aggregate revenue shortfall against the target, the National Board of Revenue (NBR), on March 13, 2018, asked the Chittagong VAT commissionerate to find out ways to settle the dues lying with the BPC, officials said.

 

In 2015, the Chittagong VAT commissionerate found that the oil companies under BPC paid less VAT and ATV (advance trade VAT) than these companies had collected from consumers.


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