NBR urges large companies to settle tax disputes through ADR
53 large taxpayers received honour
The National Board of Revenue's specialised unit for large taxpayers has urged the country's large corporations to settle tax-related disputes through the alternative dispute resolution (ADR) mechanism to ensure win-win situation for all parties.
The tax agency's Large Taxpayers Unit (LTU) organised the programme to honour about 53 large corporates for their contribution in the government exchequer.
"We are requesting the large corporate taxpayers to clear their undisputed arrears and settle disputes through ADR," said LTU Commissioner Md Iqbal Bahar, at a programme in the capital on Wednesday.
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"ADR contributed towards mobilising an additional Tk915 crore in taxes in the last fiscal year," Iqbal added, requesting "taxpayers to continue complying with the tax laws and preserve their 'Proof of Submission of Tax Returns'."
Representatives of large taxpaying companies also praised the ADR system as it solves tax disputes within a short period of time.
Grameenphone Chief Risk Officer Md Arif Uddin said, "both the company and the government have benefitted from the settlement of cases through ADR under LTU's efforts."
According to LTU officials, the unit started its journey in 2003. In the fiscal year ending June 2023, the unit collected Tk25,858 crore taxes.
NBR Member Syed Mohammad Abu Daud handed over the awards to the top corporate taxpayers at the event.
Managing Director and Chief Operating Officer of IFIC Bank Md Shah Alam Sarwar emphasised more focus to improve services to large individual taxpayers.
Award recipients
In banking sector: Islami Bank Bangladesh, BRAC Bank, Dutch Bangla Bank, Eastern Bank, The City Bank, United Commercial bank, The HSCB, Prime Bank, Al-Arafah Islami Bank, IFIC bank, First Security Islami Bank, Trust Bank, Mutual Trust Bank, Agrani Bank, Premier Bank, Bank Asia, Dhaka Bank, National Credit and Commerce Bank, Shahjalal Islami Bank, Pubali Bank, AB Bank, Jamuna Bank got the honour.
From NBFIs, Infrastructure Development Company Limited (IDCOL), IDLC Finance Limited, Bangladesh Infrastructure Finance Limited (BIFL), DBH Finance, Investment Corporation of Bangladesh (ICB) got recognition.
Out of them, Apex Footwear, Bata Shoe Company, British American Tobacco, Bangladesh, Grameenphone and Bangladesh Bank, American Life Insurance, Sadharan Bima Corporation, National Life Insurance, Green Delta Insurance, Power Grid Company of Bangladesh BSRM Steels Ltd, Bangladesh Re-rolling Mills Ltd and Rangs Ltd received award.
Nestle Bangladesh, Olympic Industries Ltd, Transcom Beverage ltd and New Zealand Dairy Products Bangladesh, Titas gas transmission and distribution company, Chevron Bangladesh Block 13 and 14, Square Textiles, COATS Bangladesh, Square Pharmaceuticals, Beximco Pharmaceuticals, Healthcare Pharmaceuticals and Media Star Limited received the award.
Chairman of Shahjalal Islami Bank Mohammed Younus, Managing Director of IFIC Bank Mohammad Shah Alam Sarwar, Additional MD of Islami Bank Md Altaf Hossain, Chief Risk Officer of Grameenphone Md Arif Uddin, CEO and MD Md Kazim Uddin of National Life Insurance and Additional Director General Md Alauddin of Bangladesh Bank spoke on behalf of the large taxpayers.
Md Younus, chairman of Shahjalal Islami Bank, Syed Mohidul Hassan, Additional Commissioner of Taxes of LTU spoke among others.
