The National Board of Revenue (NBR) has directed the Registrar of Joint Stock Companies & Firms (RJSC) to freeze the transfer of shares of seven conglomerates, including Bashundhara, Beximco, Orion, Summit, S Alam, Nassa, and Nagad Ltd, to ensure tax compliance. The NBR’s Central Intelligence Cell (CIC) cited allegations of financial irregularities, including tax evasion, and invoked its authority under the Income Tax Act to block such transfers. This move follows a request made to banks for account details of business leaders from five major groups, including savings, loan, and foreign currency accounts, as well as lockers, dating back to July 1, 2015. Additionally, VAT compliance audits have been launched for 18 concerns under S Alam Group. The NBR’s actions are part of a broader investigation into tax evasion, conducted under the Income Tax Act 2023 and the Money Laundering Prevention Act 2012.
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