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 Post subject: Another VAT fraud comes to light
 Post Posted: Sat Feb 02, 2008 8:54 am 
Another VAT fraud comes to light

Multisack, A Panadura based private company, involved in the manufacture of polythene, has allegedly defrauded over Rs 56,432,740. the company had submitted falsified documemtation on exports to get a refund of VAT related taxes. The owner of the Company had been summoned before the Commission yesterday, but he was not present.

by Shyam Nuwan Ganewatte
@ The Island / Saturday, February 02, 2008


Another large scale VAT fraud, to the tune of Rs 50 million, was revealed before the Presidential Commission investigating tax frauds yesterday.

A Panadura based private company, involved in the manufacture of polythene, has allegedly defrauded over Rs 56,432,740. This company is not among the 20 other firms already under investigation for VAT related fraud.

Evidence before the Commission exposed that the company had submitted falsified documemtation on exports to get a refund of VAT related taxes. The owner of the Company had been summoned before the Commission yesterday, but he was not present. Tax Consultant Lalendra Peiris, giving evidence before Chairman of the Commission, retired High Court Judge M.V.Paranagama, said that he knew cheques submitted by the Company to the Inland Revenue Department had bounced.

Lalendra Peiris had appeared before the Inland Revenue Department on behalf of Multisack Company on tax issues. He was not aware that this company had been involved in a scam of such a magnitude, otherwise he would have not have been a consultant to it, he said.

The Company had not informed him of this and now he realized that he had been used by the company, he said.

Attorneys-at-Law Derric Samarasekera and Senerath Arachchi appeared for the defence while State Counsel D. Totawatte led evidence.


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