TCB seeks full tax exemption

Dhaka,  Mon,  25 September 2017
Published : 14 Jun 2017, 00:28:24

TCB seeks full tax exemption

FE Report

Trading Corporation of Bangladesh (TCB) has sought full tax exemption on its income for strengthening further its operational activities, officials said.

The state trading agency sells commodities including sugar, soybean oil, red lentils, grams and dates at subsidised rates as part of its intervention into the market.

The organisation incurs huge financial losses every year, but executes its administrative cost, development activities and wages of officials from the proceeds of other sector, said the officials.

At present, the entity under the Ministry of Commerce (MoC) provides corporate tax at 35 per cent on its net income. It was 37.5 per cent earlier.

Besides, it also gives minimum tax at 0.30 per cent on sales of products, according to a high official of TCB.

TCB has been facing setback in operating its development activities and managing administrative cost and wages of officials, after providing corporate tax and minimum tax to government exchequer, an official with good knowledge in this connection said.

The autonomous trading agency provided over Tk 80.42 million as corporate tax between the fiscal years (FYs) 2010-11 and 2012-13, according available data of the TCB.

"We are seeking tax exemption facility from the net income of TCB for last couple of years. But the government did not respond to the issues. It should take urgent step in this regard," a senior official of the TCB told the FE.

The TCB has long been facing capital shortage. As a result, market intervention by the entity is not being operated efficiently, a source concerned said.

There are a total of 2,811 dealers listed with the TCB across the country till date, according to the Corporation.
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