The Customs, Excise & VAT Commissionerate has raided a manufacturing company and found VAT evasion of Tk3.76 crore.
Signed by Customs and VAT Commissioner (Dhaka West Zone) Dr Moinul Khan, a notice was sent on Thursday ordering the company to deposit the dues with the public treasury within the next seven working days.
"The company has also been ordered to deposit 2% monthly interest, in addition to depositing the VAT arrears to the government treasury," Dr Moinul Khan said.
According to the commissionerate, Alpha Composite Towel Ltd issued VAT-free invoices showing an export of around 5 metric tonne of their manufactured product (terry towel) from 2010 to 2016.
On information, a team from the commissionerate raided the company’s office at Ashulia and seized the documents.
After thoroughly examining the papers, VAT officials found that the products were in fact transferred to a partner company instead of being exported.
Primary investigations found that the company kept avoiding paying VAT applicable on their product by issuing the fake invoices.The company also failed to provide any proof of export before the officials.
