A company in old part of Dhaka, Nahid Enterprise, allegedly dodged a total of Tk 2.75 billion in taxes abusing the facilities of a bonded warehouse.
VAT Intelligence and Investigation Department filed a case against the company with charges of tax evasion.
Anwar Hossain is the proprietor of Nahid Enterprise located in Bakshi Bazar area of Lalbagh in the capital Dhaka.
The VAT Intelligence Department started the inquiry after receiving information about the possible tax evasion by the company.
Then Nahid Enterprise was asked multiple times to submit tax files from July 2015 to June 2020.
A team led by VAT Intelligence Deputy Director Tanvir Ahmed conducted a drive at Nahid Enterprise office on June 17 this year.
A number of files related to taxes were seized during the drive.
The investigation also found that smuggling and illegal money laundering and tax related crimes were committed by the company.
The company also hid the sales information from July 2016 to May 2021.
In the past five years, Nahid Enterprise reported Tk 2.91 billion as transactions. But the real transactions were worth Tk 15.4 billion.
The company also didn’t disclose an amount of Tk 10.47 billion sales.
The investigation found the value added tax (VAT) should be on Tk 15.7 billion. After inclusion of late fee of 2 percent per month, the total outstanding tax stood at Tk 2.75 billion.
Nahid Enterprise transacted Tk 15.4 billion through two accounts at Prime Bank and Uttara Bank, according to the sources familiar with the investigation.