The National Board of Revenue (NBR) has withdrawn tax benefits on interest and fees on loans taken in the name of the discussed business group S Alam Group’s SS Power Plant. The National Board of Revenue (NBR) has recently issued an order in this regard. The order to cancel the tax benefits will be effective from January 1.
On March 13, 2019, S Alam Group was exempted from withholding tax on interest on loans for a 1,320 MW power plant. Now, as a result of this order, advance withholding tax will have to be paid on interest while repaying the loan installments.
S Alam Group built this power plant in Gandamara, Banshkhali, Chittagong. The power plant went into production on September 18, 2023. This coal-fired power plant is a large private sector power plant. About $2.6 billion has been invested in it.
