State-owned Bangladesh Satellite Company Limited (BSCL) has paid Tk291.5 million in outstanding income tax liabilities accrued during its first four financial years of operation, clearing all of its tax arrears.
The payment, covering the 2018-19, 2019-20, 2020-21 and 2021-22 financial years, was made in a single instalment in June of the current fiscal year. Following the settlement, the company no longer has any outstanding income tax liabilities.
BSCL said its current management initiated the process of settling the long-standing tax arrears after reviewing the company’s financial position upon taking office.
After assessing the company’s financial management, the management decided to resolve the outstanding liabilities, resulting in the one-off payment of Tk291.5 million to the government.
The company described the move as a significant step towards strengthening financial discipline and said clearing past obligations would reinforce its financial position while promoting greater accountability and good governance.
“We have prioritised transparency and financial discipline since assuming responsibility for the company,” said Dr Imadur Rahman, Managing Director and Chief Executive Officer of BSCL.
“We have been working systematically to settle outstanding financial obligations inherited from previous years. The payment of income tax arrears for the first four financial years is an important milestone in that process. Our goal is not only to achieve financial success but also to build BSCL into an accountable, sustainable and well-governed organisation,” he said.
BSCL recently reported its first-ever annual profit since its establishment. As a state-owned enterprise, the company recorded a net profit of Tk383.5 million in the 2024-25 financial year.
According to the company’s financial statements, total revenue for the year stood at Tk2.45 billion, while total expenditure amounted to Tk2.07 billion, resulting in a net profit of Tk383.5 million.