Alpha Composite evades Tk 3.76cr VAT

DHAKA, Alpha Composite Towels

Limited, a local terry-towel manufacturing company, has

evaded Taka 3.76 crore as VAT through showing fake exports.

After unearthing the tax dodging, Dhaka West VAT

Authority has sent a demand notice to Alpha Composite Towels

Limited seeking that amount.

From 2010 to 2016, Alpha Composite Towels issued VAT

invoice at zero rate through showing false export of 7,167

metric tons of terry towel.

When contacted, Dhaka West VAT Commissioner Dr Moinul

Haque Khan told BSS that acting on a tip off, a VAT team

seized necessary documents after searching their factory.

After scrutinizing those papers, it was found that these

items were not exported, rather those were transferred to

other associate organizations, He said the initial

investigation showed that the company authorities issued VAT

invoice at zero rate, but they could not produce any evidence

in support of their exports.

Under the circumstances, a demand notice was sent today

to Alpha Composite as per the Section 55 (3) of the VAT Act

and they have been given next seven working days to deposit

that evaded amount before the state exchequer, he added.

Source: Bangladesh Sangbad Sangstha