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Panjeri Publications, Lecture Publications and Poppy Publishers have been accused of income tax evasion by showing business losses by understating the sales value for the year in their annual audit report.
The Anti-Corruption Commission (ACC) has written to NBR to look into the matter. According to ACC sources, the letter in this regard has been sent to NBR recently.
According to ACC sources, the investigation into allegations of illegal acquisition of wealth by evading huge amount of government tax and VAT by publishers company owners by printing and selling note books and guide books without government approval started in 2017. The report was submitted to the Commission on 31 October 2021. Commission quaries and decides to file re-examination report. The re-search report was submitted recently.
According to the ACC, the complaint was brought against publishers across the country. Names of 22 institutions were mentioned among them. Most organizations have more than one owner. Besides, the complaint did not contain any specific information about the assets of the owners.
During the re-examination, the annual income-expenditure statements, audit reports, copies of income tax returns filed with the Income Tax Department and bank statements of the last few years of the big five companies - Panjeri Publications Ltd., Lecture Publications Ltd., Captain Publishers, Poppy Publishers and The Royal Scientific Publications were examined. Relevant records have been reviewed.
Among them, Panjeri Publications Limited has incurred huge losses every year from FY 2016-2017 to FY 2020-2021. The business did not pay any income tax on the income due to losses. Paid the tax deducted at source on the raw materials of the business and the income tax applicable on the income earned in other sectors.
A review of the bank account statement held in the name of the organization with the amount of sales for the year shown in the audit report. According to the bank statement, there have been more transactions than the amount of sales shown in the audit report.
Panjeri Publications Limited Managing Director Kamrul Hasan Shayok 's mobile number was called several times on Monday, but he did not receive it.
Lecture Publications Ltd. has reviewed the bank statements of the organization in the name of the company with the annual sales amount shown in the audit report from the financial year 2014-2015 to the financial year 2020-2021. According to the bank statement, there have been more transactions than the amount of sales shown in the audit report.
When Azhar Farhad, General Manager (GM) of Lecture Publications Limited was called on his mobile number, he told The Daily Messenger, "I look at design and development. Talk to Azharul Islam Faraji, GM of Sales and Marketing about this.' When asked for the mobile number of the managing director, he did not give it. Later Azharul Islam Farazi was called several times but he did not receive.
From the financial year 2014-2015 to the financial year 2020-2021, Poppy Publishers incurred huge losses every year. The business did not pay any income tax on the income due to losses. Paid the tax deducted at source on the raw materials of the business and the income tax applicable on the income earned in other sectors. A review of the bank account statement held in the name of the organization with the amount of sales for the year shown in the audit report. According to the bank statement, there have been more transactions than the amount of sales shown in the audit report.
Apart from this, the ACC did not find any major discrepancies between the transactions conducted as banks of Captain Publishers and The Royal Scientific Publications and the annual audit report and income tax payment information. Therefore, it is recommended to settle the charges against these two publications and other organizations including income tax evasion.
Messenger/Disha
