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$4billion tax and duties dodged yearly thru false declaration

Thousands of exporters and importers of the country are dodging tax by declaring false statement regarding their goods and commodities in Chattogram and other ports.

This siphoning is depriving the government exchequer of huge amount of revenue each year.

An organized syndicate with the nexus of some unscrupulous customs officials, port staff and C&F agent men are committing tax evasion crime acts, NBR sources said.

After taking various steps, the customs authority concerned still remains in dark to estimate the amount of dodging tax, they added. In this backdrop, many unscrupulous businessmen also imported high duty based goods through false declaration of low-imposed duty goods via different ports of the country

The customs authority concerned still remains in dark to estimate the amount of dodging tax

“A businessman declared his imported goods as gypsum for 60 per cent duty, but it was 150 per cent valued goods tiles that a common cheating formula for tax evasion. Later, a case was filed against M/S N Islam enterprise on charge of tax evasion,” he added.

This unrecorded imports means either imports without due tariffs (smuggling) or the goods have not been imported at all but the foreign currency has been transferred (money laundering), according to the report.

Around 80 percent trade-based money laundering in the country occurred through under-invoicing and over-invoicing

Another research report of Bangladesh Institute of Bank Management, claimed that around 80 percent trade-based money laundering in the country occurred through under-invoicing and over-invoicing.”

NBR Chairman Abu Hena Md Rahmatul Muneem, said “All audit reports have been brought under a single database to stop tax evasion by submitting fake financial reports.”

 Document Verification System, to store the company audited report

The National Board of Revenue (NBR) and the Institute of Chartered Accountants of Bangladesh (ICAB) have jointly developed a software named Document Verification System, DVS in short, to store the company audited report, said the NBR chairman. Chattogram Port Authority’s Secretary Md Umar Faruq said that they are in dark about the estimated amount of dodging tax in the port.

The duty-hike on goods and commodities accelerated the tax evasion tendency

Benapole C&F Agent Association President Mafizur Rahman said that some businessmen have tendency to evade tax through false declaration. Benapole Export-Import Association Senior Vice-President Aminul Haq claimed that the duty-hike on goods and commodities accelerated the tax evasion tendency among the traders.

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