Nasir Glass faces Tk 11cr VAT evasion charge

Nasir Glass Industries has been accused of evading Tk 11.22 crore in value-added tax payment in a case filed by the VAT Audit, Intelligence and Investigation Directorate (VAIID).

A directorate team reviewed the company's annual audit report and treasury invoices from July 2014 to June 2018, said a statement of the VAIID, a field office of the National Board of Revenue (NBR), yesterday.

They found that the company, having one of the country's largest glass manufacturing factories in Gazipur's Sreepur, paid Tk 2.09 crore as VAT instead of the payable Tk 5.29 crore.

For this instance, the company evaded paying VAT of Tk 3.20 crore. As per the VAT act, under which the case was filed, an interest of Tk 1.52 crore is applicable at a monthly rate of 2 per cent.

Besides, the directorate found another Tk 8.01 crore of VAT unpaid. Its interest amounts to Tk 1.92 crore.

This brings the amount of VAT payment evaded during the investigation period to about Tk 11.22 crore while interest Tk 3.44 crore, taking the total to about Tk 14.66 crore.

The case has been sent to a VAT Commissioner (Dhaka North) concerned for necessary legal action, said the statement.

The VAT commissioner concerned has also been requested to monitor the company's activities, it added.

This correspondent tried to contact Nasir Uddin Biswas, chairman and managing director of Nasir Group, over the phone for comment but he could not be reached by the time this report was filed.