Two S Alam firms evade Tk 3,521 crore in VAT

Chattogram-based three firms of S Alam Group have evaded Tk 3,521 crore in VAT.

The National Board of Revenue (NBR) found that the firms evaded the money in three years from 2019-20 financial year to 2021-22 financial year.

Syed Mushfiqur Rahman, commissioner of Customs, Excise & VAT Commissionerate, Chattogram, confirmed the matter. 

According to the audit report carried out by the field office of Customs, Excise & VAT Commissionerate, Chattogram, of the amount, S Alam Vegetable Oil Ltd allegedly evaded Tk 1,917 crore, S Alam Super Edible Oil Ltd Tk 1,622 crore  and Chemon Ispat Tk 140 crore.

At present, the unpaid value added tax (VAT) and consequent penalty worth have reached over Tk 7,200 crore.