NBR Unearths PHP Float Tk 1cr VAT Evasion

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The National Board of Revenue (NBR) has uncovered over Tk 1 crore of VAT evasion by PHP Float Glass Industries Ltd after reviewing documents filed by the Chattogram-based company for the period spanning the financial year 2013-14 to 2017-18.

Out of the sum, Tk 65 lakh was evaded as value added tax, while the rest Tk 34 lakh came as interest on the amount, according to officials from the Audit Department, NBR Value Added Tax Intelligence and Investigations.

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In a report, VAT Intelligence said PHP Float Glass was claiming VAT refunds on various counts, including excessive gas usage.

In January this year, however, the company deposited Tk 1,0070,000 with Sonali Bank branch in Khatunganj for VAT and interest, said Hefazatur Rahman, Senior General Manager of Customs and VAT at PHP Float Glass Industries.

“So there is no VAT claim,” he said.

Moinul Khan, the Directorate’s chief executive, could not be reached for comment.

The Directorate inspects large companies based on information, an official said.

With technical assistance from Luoyang Float Glass Technology of China, PHP established PHP Float Glass Industries in Barabkunda, Sitakunda of Chattogram in 2004, with an annual production capacity of 40,000 tons.

Its monthly sales vary between Tk 30 crore and Tk 35 crore.


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