Petro Bangla evades VAT Tk 23,000cr

Staff Reporter :
Bangladesh Oil, Gas and Mineral Resources Corporation (Petrobangla) owes about Tk 23,000 crore in arrears of VAT and supplementary duty. Meanwhile, the National Board of Revenue (NBR) has been in trouble for collecting this money which has been evaded year after year.
Besides, the inability to collect arrears of revenue from various organizations, on the other hand, the deficit of thousands of crores of taka to meet the revenue target, the organization (NBR) is facing a difficult challenge.
Till the last financial year 2020-21, the absolute arrears with Petrobangla stood at Tk 22,601.04 crore. Adding the arrears of Tk 375.95 crore till April of the current financial year, the total amount of arrears of VAT stands at Tk 22,977 crore. The large taxpayer unit (LTU) of the NBR is going through petitions and letters to collect the arrears of revenue from Petrobangla. But it is not being realized in any way. The reason is that Petrobangla says they have no money. As a result, it is not possible to pay the VAT demanded by the NBR.
On the other hand, the VAT department of the NBR says that as a bank of Petrobangla, a large amount of money is in balance. Moreover, they are making a profit every year. With which it is possible to pay the arrears.