NBR finds Tk3.28cr VAT evasion by firm registered as lithium battery maker
NBR officials found imported mobile chargers and branded headphones prepared for supply during a raid at the company's Dhamrai factory.
The National Board of Revenue (NBR) has detected Tk3.28 crore in VAT evasion by Xinlian Electronics Technology Bangladesh Co Ltd, a firm registered as a lithium battery manufacturer in the capital's Dhamrai area.
Acting on a tip-off, an NBR team raided the company's factory on 17 September, according to a press release issued today (20 September).
The team found batteries that had already been manufactured, along with raw materials and equipment used to make batteries, the release said.
Keep updated, follow The Business Standard's Google news channel
It also found imported mobile chargers, headphones of different brands and Bluetooth headphones prepared for supply, it added.
After finding initial signs of VAT irregularities, the team seized the company's records under VAT Form 12.3 for further examination. A review of the seized documents found that the company had concealed sales worth Tk14.56 crore, resulting in VAT evasion of Tk1.90 crore, according to the NBR.
The review also found that the company had concealed purchases of goods and raw materials worth Tk15.22 crore, leading to another Tk1.38 crore in VAT evasion.
The total VAT evasion detected from the company was Tk3,28,23,053, the release added.
The NBR said further action would be taken under the relevant laws and regulations to recover the unpaid government revenue.
