Alpha Composite evades Tk 3.76cr VAT
DHAKA, – Alpha Composite Towels Limited, a local terry-towel manufacturing company, has evaded Taka 3.76 crore as VAT through showing fake exports.
After unearthing the tax dodging, Dhaka West VAT Authority has sent a demand notice to Alpha Composite Towels Limited seeking that amount.
From 2010 to 2016, Alpha Composite Towels issued VAT invoice at zero rate through showing false export of 7,167 metric tons of terry towel.
When contacted, Dhaka West VAT Commissioner Dr Moinul Haque Khan told BSS that acting on a tip off, a VAT team seized necessary documents after searching their factory. “After scrutinizing those papers, it was found that these items were not exported, rather those were transferred to
other associate organizations,” He said the initial investigation showed that the company authorities issued VAT invoice at zero rate, but they could not produce any evidence in support of their exports.
“Under the circumstances, a demand notice was sent today to Alpha Composite as per the Section 55 (3) of the VAT Act and they have been given next seven working days to deposit that evaded amount before the state exchequer,” he added.