36 cos evade Tk 3,390cr VAT: NBR

Some 36 multinational and local companies have dodged Value Added Tax (VAT) of Tk 3,390 crore, reports BSS. Large Taxpayers Unit (LTU) of National Board of Revenue (NBR) unearthed the VAT evasion scrutinizing the documents submitted by the companies in fiscal year 2018-19.

Banks, insurance, tobacco, cement, pharmaceutical companies, mobile phone operators as well as few government entities were also on this list of VAT dodging. Talking to BSS, LTU Commissioner Muhammad Mubinul Kabir today said LTU has able to discover the big chunk of evasion for strengthening its scrutiny activities.

“We found that these companies either submitted wrong information or violated the law to run their business,” he added. Kabir said they have issued show cause notice and demand letter to these companies. Meanwhile, few companies have deposited Taka 13.82 crore immediately after knowing their misdeed. In fiscal 2017-18, LTU had unearthed Taka 120.62 crore VAT dodging.