Battery maker Jiuzhou Industry accused of 318cr taka VAT evasion

The Audit, Intelligence and Investigation Directorate, VAT, Dhaka has detected alleged VAT evasion amounting to 317.92 crore taka by battery manufacturer Jiuzhou Industry Ltd.

Acting on intelligence information, a team from the directorate conducted a preventive operation at the company’s premises on August 3 and seized various commercial documents and records, according to a press release issued on Sunday.

The directorate said a detailed review and examination of the seized documents and records subsequently revealed the alleged VAT evasion.

According to the findings, the company evaded VAT on the production and sales of batteries by allegedly concealing actual information about its business activities with the intention of depriving the government of revenue.

The amount of VAT evasion detected was 317,92,51,378 taka it said.

The directorate said further legal and judicial proceedings against the company are underway in accordance with the VAT law for recovery of the evaded revenue.

It also said such surveillance and preventive operations will continue as part of efforts to curb revenue evasion.