VAT intelligence unearthed Tk 1.47 billion concealment

VAT intelligence team has unearthed concealment of sales information worth Tk 1.47 billion from Ujala paint factory.

A team of VAT intelligence conducted a raid at the factory’s Shingair Road factory and detected VAT evasion of Tk 270 million by the company, said a statement.

Deputy directors of the VAT audit, intelligence and investigation directorate Nazmun Nahar and Ferdousi Mahbub conducted the raid on September 14.

The company had hidden related commercial documents in its head office so the VAT team did not find those by conducting raid in the factory.

From April 2014 to August 2020, the company had shown Tk 2.56 billion sales in its VAT returns and paid Tk 510 million as VAT.

However, the VAT intelligence, in its scrutiny from the seized documents, found total sales worth Tk 4.03 billion during this period.

Through concealment of sales information, the company evaded VAT of Tk 125 million, Supplementary Duty of Tk 42 million and Tk 103 million, to be added with the tax as 2.0 percent interest.

The VAT team found that the company has hidden its actual commercial information in Oracle. They have found a huge mismatch in the company's monthly returns.

A case has been filed against the factory as per VAT law for concealment of information.