SIBL evades Tk 520 million as VAT

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Golam Mowla
Published : 12:03, Oct 26, 2018 | Updated : 12:04, Oct 26, 2018

Social Islami Bank (SIBL), a private sector bank, has evaded around Tk 520 million as VAT, informs a report of the National Board of Revenue, NBR. Recently, the report was submitted to the Director General of NBR’s intelligence, analysis and VAT division.

It’s known that the report has been made after analyzing information between January 2014 and December 2016.

The report recommended that the bank should be brought under the net of the local VAT authorities to ensure compliance and it should be audited on a regular basis.

SIBL Managing Director Kazi Osman Ali did not respond to the query made by the reporter.

However, a senior official of the bank says: “Discussions are underway with NBR to settle the matter.”

The VAT evasion report has been made following assessment of annual report, documents signed by senior executive vice president and chief financial officer respectively.

It is a second-generation commercial bank, operating since 22nd November, 1995 based on Shariah' Principles, has now 150 branches all over the country with two subsidiary companies - SIBL Securities Ltd. & SIBL Investment Ltd.

At the Dhaka Stocks, shares of the bank closed at Tk 14.5 Thursday closing, a drop of 2 percent from the opening price.

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