TOP TEN CORPORATE TAXPAYERS

The National Board of Revenue(NBR), for the first time in the country's History, exceeded its revenue target and earned an excess of tk.1,000 crore for the fiscal year 2007-2008. The actual revenue target for the fiscal year 2007-2008 was Tk.43,850 crore .It stood at Tk. 45,970 crore in the revised target. The Board stood at Tk, 47,200 crore, which was Tk.37,219 crore in the fiscal year 2006-2007. Following we give the list of the Top Ten Corporate tax prayers company:

List of the Top Ten Corporate Tax Prayers for the Financial Year 2007-2008 are given below(Tax in Crore Taka):

No.----Company Name----------------------- 2007-2008--------2006-2007
01.Grameen Phone-------------------------------- 435 ---------------128
02.Standard Chartered Bank---------------------- 220 ---------------188
03.Chevron Bangladesh Blocks 13 and 14 Ltd.------180 ----------------81
04. Islami Bank Bangladesh Limited----------------161 -------------- 101
05.Titas Gas(T & D) Company Limited -------------136----------------97
06.HSBC -------------------------------------------118 ---------------78
07.Southeast Bank Limited --------------------------88 ---------------49
08.Pubali Bank Limited ------------------------------78 --------------44
09.Citibank NA --------------------------------------76 --------------52
10.Prime Bank Limited ------------------------------67 --------------47


List of the Top Ten Corporate VAT Prayers for the Financial Year 2007-2008 are given below(Tax in Crore Taka):

01. British American Tobacco Co. Ltd. -----------2828 -----------2481
02.Grameen Phone ------------------------------1438 ------------918
03.Dhaka Tobacco co. Ltd. -----------------------1180 -----------1029
04.Titas Gas Field --------------------------------764 -------------834
05.Sheba Telecom --------------------------------601 ------------ 252
06.Hobiganj Gas Field ----------------------------465 -------------494
07.AKTEL ---------------------------------------277 --------------237
08.Kailastila Gas Field ---------------------------196 --------------159
09.Rural Electrification Board --------------------105 ---------------18
10.Rashidpur Gas Field --------------------------101 --------------125

Tax rate of the Company for the assessment year 2008-2009

a)Company, Local Authority and those tax payers in respect of whom tax will be imposed at the maximum rate according to the Income tax Ordinance-1984.


b) If any company,who's registered office in Bangladesh on the whole of the total income excluding their dividend income received:

01. For publicly traded company(listed with Stock Exchange)

Tax Rate: 27.5% of the Total Income

*Provided that rebate at the rate of 10% of Income Tax shall be allowable if such publicly traded company gives more than 20% dividend.


*Provided futher that if such a publicly traded company declares less than 10% dividend or does not give the declared dividend within the time determined by Securities and Exchange Commission, the rate of tax for the said publicly traded compnay shall be 37.5%

2. In case of every such Company not being a publicly traded company, in case of local authorities and in case of companies as mmentioned in sub-clauses (a), (b), (bb), (bbb), and (c) of clause(20) of section 2 of Income Tax Ordinance-1984.


Tax Rate: 37.5% of the total income


3. In the case of Bank, Insurance and Financial Institutions.


Tax Rate: 45% of the total income.

4. Mobile Phone Operator Companies.


Tax Rate: 45% of the total income.

*Provided that if the company is converted into Publicly Traded Company through at least 10% share for initial Public offer, in that case the rate of tax will be 35%.

To be continue

Finance Act-2008(Individual Assessee)

Rate of Income Tax for the assessment year 2008-2009(the rate mentioned in the Finance Act-2008):

01.The rates for every individual including Bangladeshi non-resident, Hindu undivided family, Partneship Firm and every artifitial Juridicial person other than company:


On the first Tk. 165,000.00 of total income-------- Nil
On the next Tk. 275,000.00 of total income -------10 %
On the next Tk. 325,000.00 of total income -------15 %
On the next Tk. 375,000.00 of total income------- 20 %
On the balance of the total income---------------- 25 %

In case of women, above 70 years oldman and disable assessee the minimum exemtion limit is Tk. 180,000.00

Provided that the minimum tax shall in no case be less than Tk. 2,000.00

Provided that those assesses who paid tax at 25% for the assessment year 2007-2008 with declaration of more than 10% higher income in 2008-2009 will get 10% tax rebate on tax attributable to that additional higher income declared in 2008-2009 assessment year.

Provided futher that an assessee owing a small or cottage industry located in the Less Developed Areas or the Least Developed Areas and being engaged in the production of goods for such cottage industry, shall be allowed rebate on incometax payable by him of income arising from such small or cottage industry at the following rates in the rate specified hereunder:


a) Where the production in volume of the relevant year exceeds by more than 25% of the Production in volume of the preceding year.

Amount of Rebate: 5% of the income tax attributable to such income.

b)Where the production in volume of the relevant year exceeds by more than 25% of the production in volume of the preceding year.

Amount of Rebate: 10% of the income tax attributable to such income


02.In case of an Individual assessee not resident in Bangladesh(not being Bangladeshi non-resident) not being a company.


Tax Rate: 25% of Such Income
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