- NBR’s VAT audit identified 37 companies evading Tk 1.12 billion in VAT from 2008-2011
- Two foreign banks, eight local banks, and one insurance company evaded Tk 400 million
- Other sectors involved include beverage, food, ceramic, chemicals, particle board, and pharmaceuticals
- Audit was part of a regular review and identified intentional evasion
- 17 companies have paid Tk 160 million following notices
- Companies claimed non-payment was a mistake, but the department disagreed
- Penalties were imposed for late VAT payment
- Seven companies provided explanations instead of payment, but received no response
- Seven companies filed writ petitions against NBR’s claims
- Limited manpower in the audit department affects comprehensive investigation
- Increasing department capacity could enhance VAT revenue
- LTU collects tax from 160 organizations, established in 2001 following IMF suggestions
- Tobacco, telecom, and gas companies are top VAT payers
- Telecom companies have rapidly grown in VAT contributions
- Leading VAT payers include British American Tobacco, GrameenPhone, Dhaka Tobacco, Titas, BanglaLink, and AKTel
- Tax collection from large enterprises grew over 22 percent in the first eight months of the fiscal year
- LTU collected Tk 63.48 billion in VAT until February 2012
- Government’s VAT target for LTU is Tk 101.44 billion for the current fiscal year
Source: today.thefinancialexpress.com.bd
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
