NBR blocks share transfers by seven corporate giants

NBR blocks share transfers by seven corporate giants

In a bid to ensure tax compliance, the National Board of Revenue (NBR) has directed the office of the Registrar of Joint Stock Companies & Firms (RJSC) to freeze the transfer of shares of seven conglomerates, including S Alam and Beximco Group, which have thrived under the Awami League rule.
The NBR instructed the RJSC to immediately block any sales or transfers of shares, whether through donations or otherwise, by Bashundhara Group, Orion Group, Summit Group, Beximco Group, S Alam Group, Nassa Group, and Third Wave Technologies Ltd (Nagad Ltd), according to a letter from its Central Intelligence Cell (CIC).
The CIC said that under the Income Tax Act, it has the authority to block or seize taxpayers properties temporarily to prevent tax evasion.