News Desk :
A case has been filed against Nahid Enterprise, Lalbagh, Dhaka for evading Taka 275 crore as VAT for its alleged involvement in misappropriating the bond facilities, reports BSS.
The VAT Audit, Intelligence & Investigation Directorate filed the case after detecting Taka 275 crore VAT evasion and also for selling products in the bond market through misuse of the bond facilities.
Talking to BSS, Director General of the VAT Audit, Intelligence & Investigation Directorate Dr Moinul Khan said that scrutinizing the papers of the Nahid Enterprise from July, 2016 to May 2021, it was found that the enterprise had showed less selling price in their submitted documents during that period which led to the VAT evasion of Taka 157 crore. Considering a monthly interest of 2 percent on the evaded amount, an additional amount of Taka 118 crore has been added with the actual dodged amount, which raised the total evaded amount to Taka 275 crore.
Dr Moinul said that after investigation, it was found that Nahid Enterprise was involved in misusing bond facilities.
Besides, the Directorate is also looking whether the enterprise has committed any money laundering or customs related offense or not.
Earlier, after being tipped off about the company’s history of evading VAT, the VAT intelligence directorate began investigating Nahid Enterprise and summoned the company’s VAT related documents from July 2015 – June 2020 but the company did not send the documents even after multiple follow-ups.
After that on 17 June, the directorate conducted a raid at the company led by the deputy director of the directorate Tanveer Ahmed and seized the company’s VAT-related documents.
Meanwhile, according to the investigation report, the company provided services without VAT invoice and recording proper revenue and stored actual sales information elsewhere in confidential documents, causing significant financial loss to the government.
It may be mentioned that in five years from July 2016 to May 2021, the company has shown a sales figure of more than Tk291 crore but as per the seized documents, the company’s actual sales figure was Tk1540 crore, of which Tk1, 339 crore was VAT-applicable sum.
The investigation revealed that the company hid the actual sales figure of Tk1,047 crore. And, the total amount of VAT evaded by the company is Tk275 crore. The sum is calculated by adding Tk118 crore in interests with the unpaid amount of Tk157 crore.
The company has paid a total of Tk43 crore from July 2016 to May 2021, evading some Tk157 crore, indicating that the company has been involved in various illegal transactions over the years.
The investigation has further revealed that the company has transacted some Tk1540 crore through the Moulvibazar branch of Prime Bank and Chawkbazar branch of Uttara Bank.
