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Business Insider Bangladesh

Shumi’s Hot Cake sued for Tk 10.52cr VAT evasion

BI Report || BusinessInsider

Published: 03:22, 9 June 2021  
Shumi’s Hot Cake sued for Tk 10.52cr VAT evasion

Shumi’s Hot Cake logo

Shumi’s Hot Cake has been sued on charge of VAT evasion amounting to Tk 10.52 crore.

Tipped off, a team of VAT Intelligence Directorate led by Deputy Directors Nazmun Nahar Kaiser and Ferdousi Mahbub conducted an operation at Shumi’s Hot Cake factory in the capital’s Uttara recently and found that it sells machine-made cakes in the name of handmade cakes.

Fifteen 15 percent VAT is applicable on machine-made cakes but for handmade it is 5 percent. Shumi’s Hot Cake used to pay 5 percent VAT declaring that it sells handmade cakes.

The cake maker has 26 sales outlets across the country, mostly the capital.

According to the case report, Shumi’s Hot Cake evaded VAT of Tk 7,13,00,143 excluding interest of Tk 3,38,64,765 crore from July 2017 to April 2021. So, it will have to deposit a total Tk 10,51,64,909 crore to the government treasury.

Nagad
Monetary Policy Stance
Budget 2020-21
Walton