Saturday, 18 September, 2021

Nasir Glass dodges Tk 146.6m VAT

  • Staff Correspondent
  • 3 September, 2021 12:00 AM
  • Print news

Nasir Glass Industries has evaded payment of Tk 146.6 million of value added tax, according to an inquiry of the VAT intelligence.

The amount includes Tk 112.2 million VAT and Tk 34.4 million interest, said the officials involved with the investigation.

VAT intelligence team led by assistant director Md Mahidul Islam conducted the investigation to the company from July 2014 to June 2018 against the anomalies on registration number.

The officials considered the audited annual report, VAT files and treasury chalaan in the investigations.

Nasir Glass paid Tk 20.9 million VAT against the payable dues of Tk 52.9 million during the investigation period.

The company tried to dodge Tk 32.03 million during years from 2014 to 2018.

The officials imposed an additional sum of Tk 1.52 million as 2 percent monthly penalty on dues as per the law.

The investigation unearthed anomalies including the differences in transactions between payable and current accounts, availing incentives on extra use of sodium sulfate and, mixture gas and natural gas and agency commission on media buying.

Besides, the company also sold imported spare parts in open market where the government loses a huge amount of revenue, the VAT intelligence officials said.

Nasir Glass Industries dodged Tk 80.1 million in this regard and following the VAT Law there would be an additional amount of Tk 19.1 million as 2 percent penalty on the dues.

For further legal action, the case is now forwarded to Dhaka north VAT commissionerate.

Monitoring over the company’s activities has been strengthened, the officials added.