Titas Gas incurs Tk947cr lossed in nine months
Titas Gas Transmission and Distribution PLC incurred a loss of Tk947.50 crore in the July-March period of FY25.
According to the company's un-audited statement, its loss per share stood at Tk9.58 during the period, which was 474% higher from Tk1.67 in the same time previous year.
The company said in its statement, during July- March, the company reported a system loss of 10.13%, of which allowable system loss is 2%. That is why the company had to bear a huge amount of purchase liability without getting any revenue.
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On the other hand, According to Tax Law, the minimum tax was not applied to "any company related to gas transmission or distribution." As a transmission and distribution company, Titas Gas utilized this provision and claimed a refund for excess tax deducted at source over its actual tax liability.
However, the Finance Act 2024 abolished the exemption. As a result, tax deducted at source will now be treated as the minimum tax if the actual tax liability is lower than the tax deducted at source.
Consequently, the company has recognized the entire amount of tax deducted at source as a current tax expense, resulting in a net loss of Tk947.50 crore, said the company.
