NBR unveils Tk 8.48cr VAT evasion against Buildtrade Group

The VAT Audit, Intelligence and Investigation Directorate has unveiled a VAT evasion of Taka 8.48 crore against Bashundhara Steel Complex of the Buildtrade Group.

The VAT Intelligence has already filed a case against the business entity.

Officials said a team of VAT Intelligence, headed by its Assistant Director M Mahidul Islam, conducted a drive at the firm and investigated its operations from July 2015 to June 2019.

The statement of the case has been prepared based on the annual audit reports submitted by CA firms, copies of treasury invoices submitted in different times.

The VAT Intelligence officials said although the firm imported goods under SRO facilities, it sold these goods to other business firms without changing the size and structure of the goods.

The imported products are not the raw materials of the importer for which there has been misuse of SRO facilities.

Under the circumstances, the revenue board unveiled a VAT evasion of Taka 1,85,35,415 at import stage, customs duty evasion of Taka 95,18,354 and RD evasion of Taka 3,67,561.

Since the firm did not deposit any VAT at source, the revenue board unveiled a VAT evasion of Taka 44,45,064 while there has been an interest amount of Taka 46,22,867 has been added in addition to the principal amount.Besides, the VAT Intelligence also unveiled VAT evasion of Taka 2,39,40,885 against the firms in various segments of its operations while an interest amount of Taka 68,67,922 has been imposed in addition to the principal amount.

In total, the VAT Intelligence unveiled a Taka 8.48 crore VAT evasion against this firm of Buildtrade Group