B Mirror Report:  State-owned fuel marketing company Meghna Petroleum Limited has sought a refund of around Tk 60.17 crore, claiming excess tax payments over the past five fiscal years.

The company made the claim through a letter sent to the Chattogram Tax Zone of the National Board of Revenue (NBR).

In the letter, Meghna Petroleum said it operates under a fixed margin or commission determined by the government. However, tax authorities have been deducting tax at 0.60 percent on total sales instead of actual income, creating significant financial pressure on the company.

According to the company, the applicable tax per litre of diesel should be 15 paisa, but 62 paisa is being deducted. This results in an excess payment of 47 paisa per litre. Similarly, additional tax deductions stand at 48 paisa for kerosene, 58 paisa for octane, and 56 paisa for petrol.

A review of accounts from FY2021–22 to FY2025–26 shows that the refundable amount due to excess tax payments has reached Tk 60,17,43,373, the company said. It added that the situation is disrupting its normal cash flow.

Meghna Petroleum also stated that under the Income Tax Act 2023, as a publicly traded company it is required to pay 20 percent corporate tax. However, due to excessive withholding tax, it is effectively paying more tax than its actual profit.

The company has called for urgent coordination between the NBR, the Ministry of Power, Energy and Mineral Resources, and Bangladesh Petroleum Corporation (BPC) to resolve the issue.