Noha Fan Motor Industries has evaded duty totalling Tk 11.63 crore, said an investigation report sent by the Customs Valuation and Internal Audit Commissionerate to the National Board of Revenue (NBR).
The company was operating its business by setting up a shop on the first floor of Shams Electric Market in the capital’s Nawabpur area.
The Business Post has, however, found a company named “Tanveer Enterprises” operating their business in the market.
The investigation shows that Nawabpur Electric Market is the only wholesale dealer point for the products manufactured by Noha Fan Motors Industry. But the company does not carry out any business activity from its previous address now.
The name has been changed as Tanveer Enterprises, local shopkeepers claimed.
Noha Fan Motors Industry sells car fans, solar fans, rechargeable fans, batteries, electric fans, electric irons, blenders, exhaust fans, fire extinguisher bells, motors and solar switches.
Though the National Board of Revenue (NBR) has allowed import of raw materials and components at low duty to protect domestic electronic companies, the company is in the list of duty evasion.
The investigation report showed that the factory of Noha Fan Motors Industry is located in the capital’s Demra area and the company’s BIN number is 002179361-0307.
The company illegally and falsely declared parts of motors (rotor, stator and casing), stator motor coil, rotor with revolving, mechanism motors and goods under HS code 85030030 and 85030090 through 48 Bills of Entry (B/E).
By importing such goods, Noha evaded duty amounting to Tk 11.63 crore. As per SRO 121-Act/2020/72 and SRO 113-Act/2021/02 issued by the customs wing, only 1 per cent import duty is imposed on raw materials, machinery or parts or both.
Other than 1 per cent, total VAT, supplementary duty and duty is exempted, if any industry is granted exemption subject to compliance with the some conditions.