VAT intelligence realises Tk34.8m tax from Incontrade

Value Added Tax (VAT) intelligence team has realised Tk34.8 million unpaid tax from port service provider Incontrade Limited.

The company has paid the amount voluntarily and apprised the VAT wing after VAT team detected it.

In a press statement on Sunday, the VAT Audit, Intelligence and Investigation Directorate said it has unearthed the VAT evasion though investigating business activities of the company.

It has also filed a case under VAT law against the company after the VAT evasion was detected. The company is located in Laldiar Char, East Patenga, Chattogram.

Deputy Director of VAT intelligence Tanvir Ahmed led the team that investigated the company's activities from July 2014 to June 2017.

In the investigation, the team found the company did not preserve necessary documents that were mandatory for a VAT registered businesses.

The VAT team has scrutinised annual audit report of the company prepared by a chartered accountant, VAT return, treasury chalan and other documents to prepare the investigation report. It has also considered the point of the company placed for self defence.

In the investigation, the team has found the company refrained from depositing VAT deducted at source to the public exchequer. The company was supposed to pay VAT worth Tk3.8 million as tax at source alone in that period.

It has also showed lower sales prices in the tax returns concealing actual price showed in the CA audited financial reports. The VAT team has sent the matter to the VAT zone Chattogram to resolve the issue amicably.

doulot_akter@yahoo.com