May 19, 2022
2 mins read

Chinese firms involve in continuous tax evasion in Bangladesh

Some media reports suggest that the port authorities/ customs were under tremendous pressure from senior levels not to disclose the name and real identities of Chinese companies….reports Asian Lite News

Chinese companies, already suffering from a poor image in corporate ethics, are continually violating the laws through corruption and criminality in Bangladesh, causing loss to the national treasurer.

Recently, in May, a case of tax evasion against Chinese company, Sino-Kemmed Trading Co. unearthed by the Bangladesh authorities.

Sino-Kemmed Trading company, a subsidiary of Global Pet Products Co Ltd. located in Shenzhen, has declared to send a consignment of coated calcium carbonate to one of its Dhaka-based associate namely ‘NB Trading House’. However, on physical examination, the Bangladesh officials recovered 120 tonnes of high-value Dextrose Monohydrate. The Dextrose was concealed as the label was that of coated calcium carbonate inside, Bangladesh Live News reported.

According to the media report, the consignment arrived at Chittagong port and was carried in five containers under Vashi Shipping Pvt Ltd. If the authorities had not detected it at right time then it would have resulted in loss of Bangladeshi Taka (TK) 42 Lakhs 13 thousand to the exchequer.

Some media reports suggest that the port authorities/ customs were under tremendous pressure from senior levels not to disclose the name and real identities of Chinese companies.

Chinese authorities were apparently concerned over media reports highlighting the involvement of their companies involved in tax fraud in Bangladesh.

Notably, this is not the first case of tax evasion in Bangladesh, earlier, in December 2021, the authorities had discovered that China Road & Bridge Corporation (CRBC), engaged in the construction of road and bridges in Bangladesh, was involved in tax evasion while importing construction material for government projects.

Another Chinese company called ‘Digit Anti Fake Company Ltd’ (DAFC) had supplied counterfeit bandrolls (a thin ribbon wrapped on bidi and cigarette packets) resulting in fraudulent tax evasion of over Tk 250 crore for Bangladesh.

The company was also found involved in printing counterfeit passports, ballot papers, national identity cards, birth registration certificates, etc. In another case of evasion, Tianye Outdoor (BD) Co Ltd (TOCL), a subsidiary of Chinese company Comefly Outdoor Co Ltd had allegedly indulged in tax evasion and fraud to the tune of about Tk 21 crore.

Meanwhile, the Bangladesh government cancelled Chinese funding for one of its railway projects and was reportedly looking for alternative funding options for other projects including converting the existing Akhaura-Sylhet meter gauge rail road into a dual gauge and Joydebpur-Ishwardi double gauge project.

Though Beijing projects itself as a reliable economic partner, its economic partnership seems to be turning out as an albatross for the recipient countries. (ANI)

ALSO READ: China’s chip output shrinks

Previous Story

Flight data from China Eastern plane points to intentional nose-dive

Next Story

OPEC Fund provides US$18 mn to Rwanda

Latest from -Top News

Trump Begins Mideast Tour

The trip comes at a crucial time as US–Iran concluded the fourth round of indirect nuclear talks in Oman on Sunday….reports Asian Lite News U.S. President Donald Trump arrived in Saudi Arabia

Baloch Racer’s Death Sparks Outrage

Tariq Baloch, son of renowned Jiwani racer Ibraheem Kalamati, was abducted by alleged law enforcement agents on May 11. His body was found dumped in Palliri less than 24 hours later…reports Asian

India to Brief Envoys on Operation Sindoor

Sources confirmed that the session will cover a wide array of developments, including the destruction of Chinese and Turkish-made drones and PL-15 missiles…reports Asian Lite News India will brief Defence Attachés from

India Strikes Back on U.S. Tariffs

India, in its notification to the WTO, announced its intent to suspend concessions and other obligations in response to the US safeguard measures..reports Asian Lite News India has notified the World Trade
Go toTop

Don't Miss

G7 urges China to ‘play by the rules’

In a communique G7 leaders outlined a strategy for dealing

Shehbaz Sharif meets Xi in Beijing

Sharif landed in Beijing on Tuesday night on a two-day