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Grameen Bank evaded Tk 670m in VAT: NBR

Two cases filed


FE Report | September 24, 2021 00:00:00


The NBR's Value Added Tax (VAT) intelligence team has unearthed evasion worth Tk 670 million by the Grameen Bank while investigating its business operations.

The team has found the banking and non-banking service providing entity has not obtained VAT registration yet.

The VAT Audit, Intelligence and Investigation Directorate has filed two cases against the entity under VAT law on Thursday, said a statement, issued by the National Board of Revenue (NBR).

A tem of the directorate, led by deputy director Nazmun Nahar Kaiser, carried out an investigation from January 2011 to December 2016, and detected the irregularities.

The bank, located in the city's Mirpur area, has been providing both banking and non-banking services since its inception, but has not followed the government's mandatory provision to obtain VAT registration.

The Grameen Bank disburses loans to micro businesses in installments. VAT at a rate of 15 per cent is applicable against the charges and fees of such loans.

According to the VAT law, it is also a VAT deducting authority, and supposed to collect VAT at source against different spending.

The VAT intelligence wing has prepared the investigation report by cross-checking chartered accountant-certified annual audit report and other documents, provided by the bank authority.

The wing has also allowed the bank to provide data and statements for self-defence.

The VAT intelligence team has found mismatch between paid and payable VAT by the company.

The team handed over the case to the Dhaka West VAT zone to realise the evaded VAT and take legal actions.

The VAT team has suggested the bank authorities to obtain VAT registration immediately and submit VAT returns regularly.

Despite several attempts, spokesperson of the Grameen Bank could not be contacted over phone.

[email protected]


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