Petrobangla pays Tk5,000cr in tax arrears | The Business Standard
Skip to main content
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Thursday
May 29, 2025

Sign In
Subscribe
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
THURSDAY, MAY 29, 2025
Petrobangla pays Tk5,000cr in tax arrears

NBR

Jasim Uddin
25 June, 2024, 10:25 pm
Last modified: 25 June, 2024, 10:31 pm

Related News

  • Protesting Secretariat staff to submit memo to 5 advisers, announce suspension of work abstention
  • Ishraque's mayoral oath: Protest continues despite rain, Nagar Bhaban remains locked for 14th day
  • Secretariat staff observe 1-hr work abstention
  • Tax gap between listed and non-listed firms may widen to 7.5% 
  • Shushilan distributed eid gifts among children in char areas and Rohingya Camps

Petrobangla pays Tk5,000cr in tax arrears

The amount was arranged thru interest-free long-term loan

Jasim Uddin
25 June, 2024, 10:25 pm
Last modified: 25 June, 2024, 10:31 pm
Petrobangla pays Tk5,000cr in tax arrears

The Bangladesh Oil, Gas, and Mineral Resources Corporation (Petrobangla) paid Tk5,000 crore in arrears for value added tax (VAT) on Monday and Tuesday. 

However, the total amount owed by this organisation to the Ministry of Energy and Mineral Resources was Tk37,549 crore till March of this year, sources from the government-owned company said.

They said Petrobangla has faced financial challenges in meeting its fuel import costs, resulting in long-standing non-payment of duties, taxes, and income tax to the National Board of Revenue (NBR). 

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

The situation worsened due to the increased dollar exchange rate and rising LNG prices, they added.

A senior official from Petrobangla, wishing anonymity, said they decided to settle their dues by securing interest-free long-term loans. The loan has a repayment plan spanning 15 years of grace period and a total repayment period of 20 years.

Under this arrangement, Tk5,000 crore in VAT arrears has been paid to the Large Taxpayers Unit (LTU)added the official. 

Before clearing the VAT arrears, Petrobangla's outstanding taxes amounted to Tk22,584 crore, with additional dues of Tk14,965 crore in income tax and import duties, according to NBR data. 

Discussions between the finance ministry and Petrobangla had been ongoing for a while, considering options like book adjustments for debt settlement. However, a decision was made last May to make a partial cash payment towards the arrears.

Besides Petrobangla, the Bangladesh Petroleum Corporation (BPC) and its affiliated marketing companies collectively owe about Tk17,226 crore in arrears. 

Specifically, BPC owes Tk6,899 crore in income tax, VAT, and duties. Other entities with outstanding dues include Titas Gas Transmission and Distribution (Tk2,284 crore), Padma Oil Company (Tk2,145 crore), Sylhet Gas Fields Ltd (Tk1,735 crore), and Meghna Petroleum Limited (Tk1,028 crore).

Top News

Petrobangla / tax / Bangladesh

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Illustration: Duniya Jahan/TBS
    Tax gap between listed and non-listed firms may widen to 7.5% 
  • Incessant raining since this morning (29 May) caused intense traffic congestion on almost all the streets in the capital. The photo was taken from Tejgaon Industrial Area. Photo: Syed Zakir Hossain/TBS
    Commuters suffer as rain causes intense traffic congestion on city roads
  • Photo: Courtesy
    New notes featuring 'historic, archaeological structures of Bangladesh' to be circulated from 1 June

MOST VIEWED

  • Google Pay. Photo: Collected
    Google Pay likely coming to Bangladesh soon
  • IFIC Bank receives Tk6,000 cr in new deposits in six months
    IFIC Bank receives Tk6,000 cr in new deposits in six months
  • Dhaka areas at a gridlock on Wednesday, 28 May 2025. Photo: Syed Zakir Hossain/TBS
    BNP, Jamaat rallies: Traffic clogs Dhaka roads, including Motijheel, Paltan, Dainik Bangla intersection
  • Abdul Awal Mintoo, chairman of National Bank Limited. Sketch: TBS
    'Regulatory support must for National Bank to restore depositors' confidence'
  • Mohammad Abdul Mannan, chairman FSIB Ltd. Sketch: TBS
    FSIB to bounce back soon
  • Mohammad Mamdudur Rashid, managing director and CEO, UCB. Sketch: TBS
    Customers’ trust and confidence fueling deposit growth at UCB

Related News

  • Protesting Secretariat staff to submit memo to 5 advisers, announce suspension of work abstention
  • Ishraque's mayoral oath: Protest continues despite rain, Nagar Bhaban remains locked for 14th day
  • Secretariat staff observe 1-hr work abstention
  • Tax gap between listed and non-listed firms may widen to 7.5% 
  • Shushilan distributed eid gifts among children in char areas and Rohingya Camps

Features

In recent years, the Gor-e-Shaheed Eidgah has emerged as a strong contender for the crown of the biggest Eid congregation in the country, having hosted 600,000 worshippers in 2017. Photo: TBS

Gor-e-Shaheed Boro Maath: The heart of Dinajpur

2d | Panorama
The Hili Land Port, officially opened in 1997 but with trade roots stretching back to before Partition, has grown into a cornerstone of bilateral commerce.

Dhaka-Delhi tensions ripple across Hili’s markets and livelihoods

3d | Panorama
Photo: Collected

Desk goals: Affordable ways to elevate your study setup

3d | Brands
Built on a diamond-type frame, the Hornet 2.0 is agile but grounded. PHOTO: Asif Chowdhury

Honda Hornet 2.0: Same spirit, upgraded sting

3d | Wheels

More Videos from TBS

Trump's tariffs on various countries are illegal: US court

Trump's tariffs on various countries are illegal: US court

12m | TBS World
Politics should be done openly, not secretly, in every educational institution

Politics should be done openly, not secretly, in every educational institution

42m | TBS Today
Elon Musk steps down as head of DOGE under Trump administration

Elon Musk steps down as head of DOGE under Trump administration

1h | TBS World
Low Pressure over the Bay of Bengal, Signal No. 3 Issued for Sea Ports

Low Pressure over the Bay of Bengal, Signal No. 3 Issued for Sea Ports

3h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net