The government has exempted Unique Meghnaghat Power Limited. a total of Tk 11 crore stump duty on the ground of emergency need of the nation. But experts claimed that power plant has now not necessary to cover-up duty exemption on the ground of emergency need.

The Internal Revenue Department (IRD) has waived stamp duty of Tk 11 crore on private sector Unique Meghnaghat Power Limited (https://www.uniqueeastern.com/unique-meghnaghat-power-ltd.html#) . Stamp duty levied against financial instruments and contracts is waived. These include land titles, land leases and insurance stamps. A 584 MW power plant is being constructed at Meghnaghat in Narayanganj.

On December 19, RID issued a notification in this regard has been issued by the IRD. This waiver is in the power conferred by the Stamp Act, 1899. However, this is not the first time that a power plant company has waived stamp duty. Earlier several institutions were exempted from stamp duty in this way. IRD scrutinizes and waives the application if the institutions apply.

Talking to the IRD officials, it is known that such stamp duty is waived in the big projects of the power sector in the national interest. Stamp duty has also been waived earlier in this way.

There are other reasons for waiving stamp duty. Until 2022, the rule was that stamp duty should be levied in full. The amount of stamp duty of many institutions would have been hundreds of crores of Taka. For this, various institutions used to apply for exemption and got exemption. In such a context, the Stamp Act was amended in 2022. The amendment states that whatever amount of stamp duty is leviable on an institution, it shall in no case exceed Tk 10 crore. If it is more than this, it is waived if the institution applies.

The biggest stamp duty waiver happened in January this year. Barisal Electric Power Company Limited (BEPCL) is constructing 307 MW coal based thermal power plant. 1 thousand 23 crore 72 lakh 20 thousand 618 taka has been waived for stamp duty imposed against financial documents and contracts in that project. A total of 15 sectors are exempted from this duty. The highest waiver of Tk 199 crore is in the marine insurance sector. Apart from this, huge sums are also waived off in land rent, insurance, security, share contracts, electricity distribution contracts etc.

According to IRD sources, Barisal Electric Power Company requested IRD through the Department of Power a few years ago for stamp duty waiver of this company. This request is made to meet the national interest and growing demand for electricity. Earlier, the electricity department has made such a request for other companies as well.