Fu Wang Bar faces Tk 41cr VAT evasion charge

Fu Wang Bar has been sued by the VAT Audit, Intelligence and Investigation Directorate (VAIID) for allegedly evading Tk 41.08 crore in value-added tax.

A team of VAT intelligence reviewed the annual audit report and treasury related documents of Fu Wang Bar and found the evidence of the VAT evasion, said a statement of the VAIID, a field office of the National Board of Revenue (NBR), today.

Fu Wang Bowling and Services Ltd sells liquor and alcoholic beverages at bars and restaurant catering services on Gulshan-Tejgaon Link Road with a licence from the Department of Narcotics Control.

Fu Wang Bar has hidden the sales information of Tk 139 crore in five years since July 2015 and evaded VAT of about Tk 20.69 crore. Its interest amounts to Tk 15.75 crore.

Besides, the company did not pay its previous VAT of 2.38 lakh to the treasury and its interest amounts to Tk 1.36 crore

On the other hand, the amount of unpaid VAT against the rent of premises is Tk 43 lakh. With Tk 25.71 lakh interest, the amount stood Tk 68.82 lakh.

A three-member team led by Ferdousi Mahbub, deputy director of the VAIID, conducted the investigation on the financial transactions between July 2015 and June 2020.

In the statement, VAIID stated that the authorities concerned of Fu Wang Bar did not submit the required documents despite repeated notice by VAIID.

Finally, the investigators collected the necessary documents from the concerned local VAT office and the institution related bank, it said.

The authorities concerned of Fu Wang Bar could not be reached for their comment in this regard.