Dhaka:The National Board of Revenue (NBR) has uncovered significant revenue evasion totaling Tk 102.57 crore by two export-oriented garment manufacturers. The companies, Riyaz Knitwear Ltd and Lisha Tex (Pvt.) Ltd, are accused of misusing bonded warehouse facilities, which included the illegal removal and domestic sale of duty-free imported fabrics.
According to United News of Bangladesh, the NBR's Central Intelligence Cell (CIC) conducted investigations that revealed Riyaz Knitwear Ltd evaded Tk 94.73 crore, while Lisha Tex (Pvt.) Ltd was involved in an evasion of Tk 7.83 crore. The companies allegedly removed imported fabrics from their bonded warehouses and sold them locally, in addition to understating export values and evading value-added tax (VAT).
The report highlights that Riyaz Knitwear imported 2,862 tonnes of woven polyester fabric under 41 Utilisation Declarations (UDs) but around 2,237 tonnes were unaccounted for, suggesting illegal removal. The CIC inspection found discrepancies in export records and noted that the company reported exports of yarn and knitwear without corresponding records for significant quantities of fabric.
For Lisha Tex, the investigation found that 174,000 kg of imported polyester fabric was missing. The company allegedly exported more garments than approved but declared lower export values and failed to meet the mandatory value-addition requirement. They also reportedly purchased local accessories without paying VAT and supplied knitwear to an unlicensed company, resulting in further VAT evasion.
The NBR has emphasized its commitment to continuing operations to prevent the misuse of bonded warehouse facilities.