An audit by the VAT Intelligence, Audit, and Investigation Directorate has uncovered significant VAT evasion by Daraz Bangladesh Limited in three areas: sales underreporting, improper deduction of VAT on services, and rental payments. Between April 2020 and March 2021, Daraz sold goods worth Tk 91 crore but declared only Tk 85 crore, hiding sales worth Tk 5.4 crore and evading VAT of over Tk 48 lakh, including interest. Additionally, the company failed to pay VAT on rental payments, amounting to Tk 36 lakh including interest. Daraz also underpaid VAT on services received, with an outstanding amount of Tk 1.09 crore, including interest, from services worth over Tk 306 crore during the audited period. The National Board of Revenue (NBR) has issued a demand notice to recover the unpaid amounts. The authorities expressed concern over the tax evasion, emphasizing stricter monitoring to prevent further violations by such multinational companies. Daraz has responded to the notice and is awaiting a final decision on the matter.
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