DHAKA, July 31, 2024 (BSS) - The Large Taxpayers Unit (LTU) under the National Board of Revenue (NBR) fetched a record Taka 73,660 crore revenue from VAT in the last fiscal year (FY24) posting a growth of 26 percent in revenue collection. 

LTU's revenue collection in VAT in FY23 was Taka 58,566 crore.

Talking to BSS, LTU additional commissioner Abdul Rashid Miah said that the LTU witnessed much higher revenue collection in the last fiscal year because of realization of significant amount of revenue from cigarette companies, strengthening internal audit operations and revenues coming through alternate dispute resolutions.

Besides, he said the government also received higher revenues from Petrobangla due to the tariff hike in gas.

Rashid said that a good number of policy supports are being given to the cigarette sector for which revenue collection witnessed a sharp rise.

According to the National Board of Revenue (NBR), the highest amount of VAT in the last fiscal year came from the cigarette sector with Taka 35,515 crore of which the bulk of Taka 33,235 crore came from the multinational British American Tobacco (BAT) while Taka 2,280 crore from Japan Tobacco International (JTI).

Besides, four telecom operators of the country namely Gremeenphone, Robi, Banglalink and Teletalk also contributed Taka 10,000 crore as revenue to the state coffer.

Apart from this, Petrobangla contributed Taka 9,622 crore to the state exchequer.

In the last fiscal year, the revenue board collected an overall revenue of Taka 3,82,562 crore from income tax, customs and VAT of which Taka 1,50,717 crore came from VAT.

Currently, the operations on VAT, supplementary duty and other related duties of some large 110 companies are being operated under the LTU.