VAT detectives realise Tk3.48cr evavded VAT from Incontrade 

The VAT Audit, Intelligence and Investigation Directorate on Sunday recovered Tk3.48 crore in evavded VAT from Incontrade Ltd, an inland container depot (ICD) based in Chattogram.

Earlier, the NBR's VAT intelligence agency in an investigation uncovered the dodging of the amount by the company and filed a case against it under the VAT Act.

A team, led by Tanvir Ahmed, deputy director of VAT intelligence directorate, conducted an investigation into its activities between July 2014 and June 2017.

According to the investigation report, Incontrade is bound to pay VAT as per the law, but it did not do so.

During the investigation, the VAT intelligence agency took into consideration the company's annual audit reports, copies of treasury invoices and other documents submitted at different times while making the report. They also took into account various information and statements in the company's defence during the investigation.

During the investigation, the company's payable VAT deduction at source amounted to Tk38.76 lakh during July 2014-June 2017, but it dodged the amount. The company was charged Tk21.80 lakh in interest at a monthly 2% rate as a penalty for VAT evasion.

The company also showed sales lower than the actual amount in its annual audit report and thus evaded over Tk1.61 crore, the investigation found.

Under the VAT law, around Tk1.26 crore in interest on the evaded amount is applicable at 2% monthly rate. 

All together the company had to pay around Tk3.48 crore.