Jashore zone starts VAT refund to businesses
FE Report | Thursday, 14 January 2021
The Customs, Excise and VAT Commissionerate, Jashore has started refunding the VAT to businesses by paying back Tk 40 million to the Jessore Feed Limited, according to a statement.
It has handed over a cheque to the Jessore Feed Limited, a sister concern of Paragon group.
Moshiur Rahman, managing director of the Jessore Feed Limited, received the cheque on behalf of the company on Tuesday.
In a letter to the company, the Jashore VAT zone said it has issued the refund cheque to the company, but in case of detection of any information that may bar the refund entitlement, the zone will realise the amount.
However, the VAT authorities can consider any misinformation as a criminal offence as per section 111 of the VAT law.
As per VAT and Supplementary Duty Act-2012, businesses are entitled to get refunds of their paid Advance Tax (AT) that the National Board of Revenue (NBR) collects at import stages.
Businesses have been claiming their long-pending AT arrears as the process of refunding the AT remained almost halted until November 2020.