VAT evasion in three companies of S Alam is Tk 3521 crore

Chittagong-based S Alam Group's three industrial companies evaded Tk 3521 crore of VAT. The National Board of Revenue has received information on this huge amount of VAT evasion in the three years from the financial year 2019-20 to the financial year 2021-22.

Currently, the amount of VAT payable by S Alam including penalty is 7 thousand 200 crores. Chittagong Customs Excise and VAT Commissionerate Syed Mushfiqur Rahman has confirmed the truth of these facts.

According to VAT Customs Commissionerate sources, in the last three financial years, S Alam Vegetable Oil owned by S Alam Group has evaded Tk 1 thousand 917 crore, S Alam Super Edible Oil Tk 1 thousand 622 crore and Chemon Ispat Tk 140 crore. At present, the amount of VAT payable by S Alam including the penalty of NBR stands at 7 thousand 200 crores.

The VAT Commissionerate has received information that they have evaded this huge amount of VAT by concealing the sales information of the products or by showing less sales in the returns. Apart from this information of VAT evasion discovered by three industrial establishments, investigation of VAT evasion of at least 12 other establishments of the same group has been started.

Commissioner of Customs Excise and VAT Commissionerate Syed Mushfiqur Rahman said that S Alam Group companies will be audited to investigate VAT evasion. If there is VAT evasion through audit it will come out. Apart from this, strict measures will be taken against the organizations concerned for collecting the evaded VAT, said the VAT Commissioner.