In a decisive move aimed at ensuring tax compliance, the National Board of Revenue (NBR) has instructed the Registrar of Joint Stock Companies & Firms (RJSC) to immediately freeze the transfer of shares belonging to seven prominent conglomerates, including Orion Group, Bashundhara Group and Beximco Group, all of which flourished under the Awami League government.
NBR's directive applies to any transfer or sale of shares, whether conducted through donation or other means, involving some major conglomerates in the country, according to a letter from the Central Intelligence Cell (CIC) of the NBR.
CIC asserted that, under the Income Tax Act, it possesses the authority to temporarily seize or block the properties of taxpayers as a preventive measure against tax evasion.
The letter further stated, "There are serious allegations of financial irregularities, including tax evasion, against these companies. Your cooperation is crucial for the national interest."
A senior official of the NBR confirmed the action, highlighting its importance in the ongoing investigations.
This latest development follows a request made more than a month ago by the NBR, asking banks to provide detailed financial account information of key figures from five major business groups. The individuals under scrutiny are Salman F Rahman, Vice chairman of Beximco Group; Nazrul Islam Mazumder, chairman of Nassa Group; Mohammed Aziz Khan, chairman of Summit Group; Ahmed Akbar Sobhan, chairman of Bashundhara Group; and Mohammad Obaidul Karim, chairman of Orion Group.
The NBR's request encompasses a wide range of financial details, including term deposits, savings accounts, current accounts, loan accounts, foreign currency accounts, credit cards, lockers, and vaults owned by these business tycoons and their family members, dating back to 1 July 2015.
The tax authority revealed, in an August notice, that the CIC had launched a special inquiry into allegations of substantial tax evasion against individuals who had amassed considerable wealth.
NBR’s special investigation seeks to uncover tax evasion in line with the provisions of the Income Tax Act 2023 and the Money Laundering Prevention Act 2012, reinforcing its commitment to holding corporate entities accountable for their financial conduct.
