Finance firms top taxpayers’ list

Posted by BankInfo on Sat, Sep 14 2013 11:12 am


Financial sector entities and energy companies dominate the list of top 10 taxpaying firms that would be receiving “tax cards” from the National Board of Revenue next week.
The cards, to remain valid for one year, will be given for fiscal 2010-11 and fiscal 2011-12.
“We are providing the tax cards to encourage people to become tax compliant and help the government increase the amount of direct tax needed to finance the annual budget,” an NBR official said.
Of the 10 firms to receive the tax cards for fiscal 2011-12, five are from the financial sector — three banks, one life insurance company and one linked with the stockmarket — three from the energy sector and two from the manufacturing sector.
The financial sector entities had dominated the award list for fiscal 2010-11 as well: the list consists of six firms from the banking and finance sector, to be rounded off by firms from the energy and manufacturing sectors.
Well-known conglomerates, however, remained out of the lists, largely because of tax-related disputes, the official added.
From the companies, chairman and managing director of a firm will get the tax cards.
Together with the corporates, the revenue authority is set to honour 10 individuals with tax cards as well for their contributions to the state coffer, at the ceremony on September 15 marking the Income Tax Day.
The NBR has been observing the Income Tax Day since 2008 to motivate the people of a country rife with tax-dodging and non-compliance into paying taxes regularly.
At present, less than 1 percent of the 15.36 crore population pay taxes. The revenue authority thinks the number should be higher, given that the country has been experiencing steady economic growth, rising income and growing middle-class.
Also, the tax authority will honour taxpayers from district and city corporation levels in two categories — Longtime and Top taxpayers. Two longtime and three top taxpayers in each district or city corporation would be awarded for fiscal 2012-13.
The official said the companies were selected due to not having any default loan, income tax and VAT (value-added tax) related disputes in court. The firms paid taxes upwards of Tk 100 crore in each of the two years, he said.
Tax card winners will get some privileges including priority to reserve seats in the state-run airline, trains and water transport. The tax card holders will also be able to use the Commercially Important Person lounge at airports, according to the policy framed in 2011.

News:Thy Daily Star/14-Sep-2013