VAT detectives realise Tk3.48cr evavded VAT from Incontrade 
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Saturday
January 28, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SATURDAY, JANUARY 28, 2023
VAT detectives realise Tk3.48cr evavded VAT from Incontrade 

Economy

TBS report
31 October, 2021, 08:40 pm
Last modified: 31 October, 2021, 08:42 pm

Related News

  • 4 held in Ctg while smuggling endangered animals
  • Epic Health Care introduces Spiro-Feno-FOT combo test in Ctg
  • Man sentenced to death for killing 2 Tripura girls after rape
  • Gold worth over Tk1cr seized at Chittagong airport
  • Intimidating businesses to pay VAT not helpful: FBCCI

VAT detectives realise Tk3.48cr evavded VAT from Incontrade 

TBS report
31 October, 2021, 08:40 pm
Last modified: 31 October, 2021, 08:42 pm
Represenattional image. Picture: Collected
Represenattional image. Picture: Collected

The VAT Audit, Intelligence and Investigation Directorate on Sunday recovered Tk3.48 crore in evavded VAT from Incontrade Ltd, an inland container depot (ICD) based in Chattogram.

Earlier, the NBR's VAT intelligence agency in an investigation uncovered the dodging of the amount by the company and filed a case against it under the VAT Act.

A team, led by Tanvir Ahmed, deputy director of VAT intelligence directorate, conducted an investigation into its activities between July 2014 and June 2017.

According to the investigation report, Incontrade is bound to pay VAT as per the law, but it did not do so.

During the investigation, the VAT intelligence agency took into consideration the company's annual audit reports, copies of treasury invoices and other documents submitted at different times while making the report. They also took into account various information and statements in the company's defence during the investigation.

During the investigation, the company's payable VAT deduction at source amounted to Tk38.76 lakh during July 2014-June 2017, but it dodged the amount. The company was charged Tk21.80 lakh in interest at a monthly 2% rate as a penalty for VAT evasion.

The company also showed sales lower than the actual amount in its annual audit report and thus evaded over Tk1.61 crore, the investigation found.

Under the VAT law, around Tk1.26 crore in interest on the evaded amount is applicable at 2% monthly rate. 

All together the company had to pay around Tk3.48 crore.

Bangladesh / Top News

VAT Auditvat / vat / Incontrade Ltd / Chattagram

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: Bloomberg
    India state insurer doubles down on Adani amid short seller row
  • The Bombay blood type: A rare blood group in urgent need of database
    The Bombay blood type: A rare blood group in urgent need of database
  • Photo: TBS
    TBS Roundtable: What lies ahead in 2023

MOST VIEWED

  • TBS file photo
    Z&Z Fabrics introduces Sorona fabric line
  • Top 20 defaulters owe Tk16,588 crore to lenders: Finance minister
    Top 20 defaulters owe Tk16,588 crore to lenders: Finance minister
  • Cry for dollar for Ramadan imports
    Cry for dollar for Ramadan imports
  • Fund crisis, cost rise stall over 1,000 dev projects
    Fund crisis, cost rise stall over 1,000 dev projects
  • Manufacturers feel the pinch as consumers tighten belt
    Manufacturers feel the pinch as consumers tighten belt
  • Photo: TBS
    Indian ship arrives in Ashuganj river port with 958 tonnes of rod

Related News

  • 4 held in Ctg while smuggling endangered animals
  • Epic Health Care introduces Spiro-Feno-FOT combo test in Ctg
  • Man sentenced to death for killing 2 Tripura girls after rape
  • Gold worth over Tk1cr seized at Chittagong airport
  • Intimidating businesses to pay VAT not helpful: FBCCI

Features

Snipe in flight. Photo: Enam Ul Haque

Baikka Beel: 'A world where snipe work late'

1h | Panorama
Photo: Noor-A-Alam

Pet cafes: Where love for food and animals cohabit

3h | Food
Illustration: TBS

How MFS is turbocharging national economy

6h | Thoughts
Now is the time to focus on FDI composition

Now is the time to focus on FDI composition

8h | Panorama

More Videos from TBS

Gold covered mummy discovered in Egypt

Gold covered mummy discovered in Egypt

1h | TBS World
Kajol’s road paintings bring change in Gafargaon

Kajol’s road paintings bring change in Gafargaon

1d | TBS Stories
Carew & Company witnessed a remarkable growth

Carew & Company witnessed a remarkable growth

1d | TBS Stories
Gavi may have to leave Camp Nou

Gavi may have to leave Camp Nou

19h | TBS SPORTS

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Four top bankers arrested in DSA case filed by S Alam group 
Bangladesh

Four top bankers arrested in DSA case filed by S Alam group 

3
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

4
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

5
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net