Sunlife Insurance, a prominent company, faced allegations of VAT evasion totaling Tk 54 lakh between January 2019 and December 2020. Detected in an audit by the VAT Intelligence and Investigation Directorate, this irregularity led to penalties. Despite paying the evasion amount, an interest of Tk 3,80,000 remains unpaid as of October 2023. The Dhaka North VAT Commissionerate reported that the company evaded Tk 50,29,750 in revenue, resulting in a 2% penalty per annum until resolution in 2023. The Commissionerate allowed exemptions previously, but penalties apply for delayed VAT payments. The company attributed discrepancies to accounting practices, promising details soon. The company has settled Tk 3,75,801 of the interest, with Tk 3,80,000 outstanding. Appeals are an option against the ruling, as per the Commissionerate’s statement.
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