Income tax collection of LTU exceeds target in FY21

The income tax collection by the Large Taxpayers Unit (LTU) under the National Board of Revenue (NBR) stood at Tk 24,138 crore in the last fiscal year 2020-21.

Earlier, the provisional calculation showed the income tax collection by LTU Tk 24,011 crore in the last fiscal.

The revenue collection status of LTU is very much satisfactory despite the Covid-19 pandemic. After five years, the LTU this time has attained its revenue collection target side by side gaining a revenue collection growth of 16 percent.

The revised revenue collection target by LTU in the FY21) was Tk 24,000 crore. The revenue collection by LTU in the previous FY20 was Tk 20,838 crore, reports BSS.

Talking to the news agency, LTU Commissioner Ikbal Hossain said that due to the impacts of Covid-19 pandemic, the trade and commerce was a bit sloth for which no one was fined while the bank accounts of none was frozen.

“Rather, we’ve motivated the taxpayers to pay tax through different motivational activities. They’ve also supported us. We’ve remained vigil to avert tax evasion side by side maintaining intense relationship with the taxpayers,” he added.

Opining that it has been possible to attain the revenue collection target due to overall efforts, Ikbal thanked the taxpayers under LTU for paying their taxes despite the pandemic situation.

Currently, there are some 281 companies under the LTU representing the bank, insurance, manufacturing, media, mobile phone operators and pharmaceuticals sectors while some 987 directors of these companies submit their annual income tax statements before the LTU.