[ad_1]
On Wednesday a case was filed with the VAT Intelligence Department of the National Revenue Board (NBR), according to a press release.
According to the VAT detective, on October 15, a surprise operation was carried out at the Gulshan-2 Food Panda office in the capital. The operation compared the evidence of VAT evasion by analyzing data from the sale of food pandas.
The company has been sued under the VAT law for using incorrect service codes, hiding actual sales information and failing to pay tax at source, the statement read.
The case will be sent to the North Dhaka VAT Commission for disposal.
The actual Foodpander service code is S-099.60. According to this code, VAT is applied at a rate of 5 percent and 15 percent on the rent of the house.
According to information seized from the organization’s computer, from July 2019 to January and April 2020, a total of 26 crore 57 lakh 57 thousand 517 sales information was found. At the same time, the company has shown a sale price of Tk 15 crore 85 lakh 19 thousand 982 on the local Gulshan VAT circle.
According to the VAT detective, the company has withheld a total of Tk 11 crore 93 lakh 36 thousand 545 sales information in the last eight months, on which VAT evaded Tk 53 lakh 10 thousand 84.
As this VAT is not paid on time, according to the VAT Law, an interest of 2 percent per month is applied at a rate of 9.75,620 Tk.
The company has not paid any VAT on the rent since its inception due to inconsistent registration under service code S-099.10.
According to the CA report seized from the company, from 2014 to 2016, 2 crore 50 lakh 35 thousand 499 taka have been shown for the rent of the house, in which the applicable VAT is 29 lakh 8 thousand 26 taka.
Also, according to the seized rental agreement for the period of January 2019 to August 2020, 1 crore 84 lakh rupees has been shown for the rental of the house, in which the applicable VAT is 26 lakh 70 lakhs rupees. In other words, a total of 56 lakh 6,26 rupees VAT has been evaded for the rental of the house.
As the VAT on the rental of this house was not paid on time, the interest rate at a rate of 2 per cent per month is 23 lakh 81,920 rupees.
The review of the communication also shows that the company, despite being a public limited company, did not pay VAT at any source for the purchase of goods. According to the seized CA report, from 2014 to 2016, 1 crore 24 lakh 35,553 rupees was evaded at the source.
Due to the lack of payment of this tax on time, according to the VAT Law, an interest rate of 2 percent per month is applied at the rate of Tk 82 lakh 12 thousand 819.
Foodpanda Bangladesh Limited did not pay VAT of Taka 53.10.084 for the sale of goods, Taka 58.07.026 for renting the house, and Taka 1.24.35.553 for withholding tax. Interest will be charged 1 crore 5 lakh 40,260 rupees on this unpaid VAT.
The company is involved in VAT evasion for a total of 34 million taka.
[ad_2]
