Basundhara Steel sued for VAT evasion

The VAT Audit, Intelligence and Investigation Directorate on Wednesday filed a case against Basundhara Steel Complex Ltd of Buildtrade group over evading Tk 8.48 crore in VAT.

VAT Intelligence had investigated the basis of the company’s annual audit report, monthly statements, treasury copies and multiple documents from July 2015 to June 2019.

Dr. Moinul Khan, Director General of VAT Audit, Intelligence and Investigation Directorate said Basundhara Steel Complex Limited imported huge goods on customs duty reduction facilities as manufacturing items.

But the company sold the raw materials directly to customers without any changing size and shape and thus had evaded Tk 1.85 crore in VAT, Tk 95.18 lakh in customs duty and Tk 3.67 lakh in regulatory duty fees.

VAT Intelligence officials said during their investigations Basundhara Steel Complex Ltd was found to have evaded Tk 8.48 crore in different ways.

Buildtrade Group brought the ownership of Basundhara Steel Complex from Bashundhara Group in August 2015.