• Monday, Aug 19, 2019
  • Last Update : 08:30 pm

ASA pays accrued Tk1.22cr VAT

  • Published at 10:10 pm March 18th, 2019
ASA
Logo of ASA Collected

Dhaka West zone’s audit team had previously found a number of transactions where VAT is applicable

The National Board of Revenue (NBR) received Tk1.22 crore in accrued value added tax (VAT) from the NGO Association for Social Advancement (ASA) at the national exchequer yesterday.

Customs commissioner of the revenue authority’s VAT (Dhaka West) zone Moinul Khan, said that the NGO deposited the money in three invoices at the Shyamoli branch of Sonali Bank.

Dhaka West zone’s audit team had previously found a number of transactions where VAT is applicable, but the organization did not deposit the tax.

The audit team had served the organization a notice last week, giving an ultimatum of 15 days to pay the VAT, along with the late penalty fees, he added.

The team has conducted audit of the last three years-from January 2015 to July 2017-18 of ASA.

According to the audit report, the NGO evaded Tk1.2 crore VAT.

According to the VAT law, section 37, the VAT officials imposed a 2% penalty on their accrued total VAT.

The company will have to pay Tk1.77 crore in total, including the late penalty fees.