VAT evasion in three companies of S Alam is Tk 3521 crore

Chittagong-based S Alam Group's three industrial companies evaded Tk 3521 crore of VAT. The National Board of Revenue has received information on this huge amount of VAT evasion in three years from 2019-20 financial year to 2021-22 financial year.

Currently, the amount of VAT payable by S Alam including penalty is 7 thousand 200 crores. Chittagong Customs Excise and VAT Commissionerate Syed Mushfiqur Rahman has confirmed the truth of these facts.

According to VAT Customs Commissionerate sources, in the last three fiscal years, S Alam Vegetable Oil owned by S Alam Group has evaded Tk 1,917 crore, S Alam Super Edible Oil Tk 1,622 crore and Chemon Ispat Tk 140 crore. Currently, the amount of VAT payable by S Alam including NBR penalty stands at 7 thousand 200 crores.

The VAT Commissionerate has received information that they have evaded this huge amount of VAT by concealing the sales information of the goods or by showing less sales in the returns. Apart from this information of VAT evasion discovered by three industrial companies, investigation of VAT evasion of at least 12 other companies of the same group has been started.

Commissioner of Customs Excise and VAT Commissionerate Syed Mushfiqur Rahman said that S Alam Group companies will be audited to investigate VAT evasion. If there is VAT evasion through audit it will come out. Apart from this, strict measures will be taken against the organizations concerned for collecting the evaded VAT, said the VAT Commissioner.