NBR sleuths dig up VAT evasion by big business house
Wednesday, 1 December 2010
Doulot Akter Mala
NBR's Central Intelligence Cell (CIC) has unearthed a record amount of evasion of Value Added Tax (VAT), worth nearly Tk 2.0 billion, by four leading companies, owned by a former lawmaker and Partex group chairman, through an intensive investigation.
The companies are-Star Particle Board, Danish Condensed Milk, Partex Beverage and Star Vegetable.
The CIC launched the investigation in June last and confirmed the evasion of VAT by these companies recently. It has also found income tax evasion of a huge amount by its owner and his three sons.
Tax officials said the companies have collected the huge amount of sales tax from consumers and kept the tax without depositing it to the government exchequer.
"It's the highest amount that CIC has unearthed so far. The NBR is preparing to take legal action. A case has already been filed against the person," said a senior government official.
CIC has found up to Tk 350 million in evasion of income tax by the Partex group chairman and three sons each.
"Surprisingly, the intelligence cell has found seven companies that didn't submitted tax returns in the last four years," the official said.
Officials alleged involvement of the concerned income tax and VAT officials in the evasion.
A total of 23 companies under same ownership and its directors came under scanner of the intelligence team in phases to assess the actual amount of tax evasion.
The intelligence team has also found millions of taka in tax evasion through showing abnormally low price on purchase of thousands of acres of land.
Mismatch in VAT and income tax files was also identified in the investigation, officials said.
The CIC has scrutinised the income tax files of the Partex group owner and nine of his family members, who are directors of the company, to take necessary action for evasion of a large amount of taxes.
350 bank accounts were frozen for investigation of tax evasion as per request by the CIC.
Officials said the tax intelligence team has geared up its efforts since January last to detect tax evasion and boost revenue collection.
NBR's Central Intelligence Cell (CIC) has unearthed a record amount of evasion of Value Added Tax (VAT), worth nearly Tk 2.0 billion, by four leading companies, owned by a former lawmaker and Partex group chairman, through an intensive investigation.
The companies are-Star Particle Board, Danish Condensed Milk, Partex Beverage and Star Vegetable.
The CIC launched the investigation in June last and confirmed the evasion of VAT by these companies recently. It has also found income tax evasion of a huge amount by its owner and his three sons.
Tax officials said the companies have collected the huge amount of sales tax from consumers and kept the tax without depositing it to the government exchequer.
"It's the highest amount that CIC has unearthed so far. The NBR is preparing to take legal action. A case has already been filed against the person," said a senior government official.
CIC has found up to Tk 350 million in evasion of income tax by the Partex group chairman and three sons each.
"Surprisingly, the intelligence cell has found seven companies that didn't submitted tax returns in the last four years," the official said.
Officials alleged involvement of the concerned income tax and VAT officials in the evasion.
A total of 23 companies under same ownership and its directors came under scanner of the intelligence team in phases to assess the actual amount of tax evasion.
The intelligence team has also found millions of taka in tax evasion through showing abnormally low price on purchase of thousands of acres of land.
Mismatch in VAT and income tax files was also identified in the investigation, officials said.
The CIC has scrutinised the income tax files of the Partex group owner and nine of his family members, who are directors of the company, to take necessary action for evasion of a large amount of taxes.
350 bank accounts were frozen for investigation of tax evasion as per request by the CIC.
Officials said the tax intelligence team has geared up its efforts since January last to detect tax evasion and boost revenue collection.