Business Report :
Titas Gas Transmission and Distribution PLC, a publicly traded state-owned company, reported losses in the July-September quarter, attributing the setback to rising system losses and the recognition of tax at source as minimum tax.
As per the company’s unaudited financial statement for the first quarter of this fiscal year, Titas Gas reported a loss of Tk188.63 crore, a sharp contrast to the Tk7 crore profits recorded in the same quarter last year.
At the end of the first quarter, its loss per share was Tk1.91.
In its statement, Titas Gas reported a system loss of 8.63per cent, significantly exceeding the allowable limit of 2per cent.
The company further explained that, under Tax Law 2023, the provision for minimum tax previously did not apply to “any company related to gas transmission or distribution”. Leveraging this exemption, Titas Gas had claimed refunds for excess tax deducted at source that exceeded its actual liability. However, this provision was abolished this year.