Battery maker JiuZhou Industry accused of Tk318cr VAT evasion
NBR says the company concealed information to evade VAT.
Highlights:
- NBR alleges Tk317.93cr VAT evasion by battery maker
- Documents seized during August enforcement operation
- Company allegedly concealed production and sales information
- NBR begins legal process to recover revenue
- VAT directorate to intensify anti-evasion operations
The VAT Audit, Intelligence and Investigation Directorate has uncovered alleged VAT evasion amounting to Tk317.93 crore by battery manufacturer JiuZhou Industry Ltd, according to a press release issued by the National Board of Revenue (NBR) today (30 August).
The directorate said a team conducted an enforcement operation at the company's premises on 3 August based on intelligence information and seized various commercial documents and records during the operation.
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After reviewing the seized documents and examining the company's accounts, the directorate found that JiuZhou Industry had allegedly evaded Tk317,92,51,378 in VAT on the production and sale of batteries, according to the NBR.
The company had allegedly been conducting its operations by concealing actual information with the intention of evading government revenue, the press release said.
The NBR said further legal and judicial proceedings against the company were underway under the VAT law to recover the identified revenue.
The VAT Audit, Intelligence and Investigation Directorate will continue such surveillance and enforcement operations to prevent revenue evasion, the NBR added.
