4H Group’s attempt to evade Tk50 lakh tax foiled

The Chattogram Customs Intelligence and Investigation Directorate (CIID) have foiled an attempt of the 4H Group, a renowned industrial establishment in the port city, to sell the goods imported under the bond facility in the open market.

The CIID sources said the company stored about 18 MT fabrics in an unauthorised warehouse for sale, apparently with an aim to evade tax worth Tk 50 lakh.

Acting on a tip-off, a CIID team conducted a raid on December 18 at the two-storied unauthorised warehouse located at the premises of the headquarters of 4H Group at Ashkarabad area under Double Mooring thana in Chattogram.

During the raid, the CIID team seized imported fabrics stored in the warehouse to sell in the open market.

The 4H Group authorities failed to show the valid documents for the 17,800 kg fabrics stored in the warehouse.

According to the CIID estimate, the taxable value of the goods is worth Tk 56,62,536 while its revenue is worth Tk 50,57,777.

In this regard, Chattogram CIID Director General Mohammad Fakhrul Alam told The Business Post that the company violated the Fabrics Bonded Warehouse Licensing Rules-2008, hoarding the fabrics at an unauthorised warehouse without permission.

As the fabrics were stockpiled for sale in the open market, the customs intelligence seized the goods and took them to the auction shed of Chittagong Custom House. Such activity is a punishable offense under the Customs Act.

Gauhar Siraj Jamil, managing director of 4H Group, is currently staying in the United States. As a result, it was not possible to take his statement over the issue.