Tk 90cr VAT evasion allegation against Shah Cement
National Board of Revenue (NBR) has brought Tk 90cr value-added tax (VAT) evasion allegation against the authorities of Shah Cement Industries.
According to the NBR sources, the VAT Audit Intelligence and Investigation Department of the NBR has found the allegation after reviewing the audited financial reports for 2012, 2013 and 2014 of the company.
They have evaded the VAT by keeping their information secret over purchasing equipment, buying raw materials from unregistered organizations and various others ways.
The source also informed that Shah Cement is allegedly evading their VAT from last three years in a row.
The audited financial reports for 2012, 2013 and 2014 of the industries showed that the industry has purchased equipment worth Tk 3, 532.55 crore.
But in the VAT-16 report showed it was Tk 3, 316.43crore, the NBR authorities found.
Shah Cement Industries Ltd is a wing of Abul Khair Group, one of the largest business conglomerates in Bangladesh and Md. Abu Syed Chowdhury is the Managing Director of the company.