Battery maker evades Tk 317.92cr in VAT

The National Board of Revenue's VAT Intelligence and Investigation Directorate has uncovered Tk 317.92 crore in VAT evasion by battery manufacturer JiuZhou Industry Ltd.

The VAT evasion was detected after the agency examined the company's business records following an enforcement operation, according to an NBR press release issued on Sunday.

An enforcement team of the directorate conducted a raid at the company's premises on August 3 and seized various commercial documents and records.

The agency later examined the seized documents and checked the company's accounts. It found that the company had evaded Tk 317.92 crore in VAT on the production and sale of batteries, the NBR said.

The agency also said the company had been concealing actual business information to avoid paying government revenue.
The NBR is now taking steps to recover the evaded revenue. Legal and judicial proceedings against the company are also under way under the VAT law, the press release said.