The New Nation - Internet Edition

UNB, Dhaka

The International Oil Companies (IOCs) operating in the country are likely to be exempted from paying 'Tax on Tax' from the next fiscal (2008-09).

In this regard, the National Board of Revenue (NBR) has decided to issue a SRO that will take effect from the next fiscal year, official sources said.

The decision came from a recent meeting between NBR and the representatives of Energy Ministry, Petrobangla and Chevron.

The NBR took the decision as the state-owned Petrobangla and US-based oil company Chevron are at loggerheads over the payment of Tk 300 million as 'tax on tax' to the national exchequer. According to the existing provision, the government charges such tax on the amount of tax paid in previous year along with current year's income.