Grameen Bank sued for Tk 670m VAT 'evasion'

The National Board of Revenue (NBR) has lodged a case against Grameen Bank for allegedly evading value added tax (VAT) of around Tk 67 crore.   It also filed another case of irregularities against the microfinance organization for giving VATable services without taking registration according to the VAT act. Dr Moinul Khan, the director general of the VAT Audit, Intelligence and Investigation Directorate under NBR, made the disclosure on Thursday.

He said a team of the VAT intelligence found evidence that Grameen Bank evaded about Tk 67 crore, and it  committed irregularities not being registered under the VAT act. Organisations supplying taxable goods and services must register for VAT in line with the law. All banks and non-bank organisations must register regardless of their turnover.