Dhaka:The National Board of Revenue (NBR) has uncovered a case of VAT evasion amounting to Tk3.20 crore by the online shopping platform Korean Mart Bangladesh. This finding came after a thorough inspection and examination of the company's business records.
According to United News of Bangladesh, the Customs, Excise and VAT Commissionerate, Dhaka (West), carried out a preventive operation at Korean Mart Bangladesh on September 21. The operation was initiated based on confidential information and was conducted under the direction of the commissioner of the Dhaka (West) commissionerate, with oversight from the Pallabi Divisional Office.
Korean Mart Bangladesh, which sells cosmetics and various products online, was found with potential VAT discrepancies when officials reviewed data from the company's laptops, computers, courier service records, proprietary software, and other documents. The examination suggested possible VAT evasion.
Following the operation, officials issued Mushak-12.3 and seized copies of relevant data, which were stored on a pen drive for further verification. Upon reviewing the seized records, VAT authorities discovered irregular sales transactions totaling Tk46.74 crore, revealing that the company neglected to pay Tk3,19,57,490 in VAT on these sales.
Authorities are now preparing to file a case against Korean Mart Bangladesh for the alleged VAT evasion.