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