Business

Oppo does not show accurate account of mobile sales in Tax return

Published

1 year ago

August 21, 2023

Reading Time: 4 minutes

The exact amount of mobile phone sets sold every month is not reflected in the monthly returns. Two and a quarter crore Taka in a month. Again, sales up to seven crore Taka in a month have been shown as low. Sales of at least a quarter of 28 crore Taka have been concealed in Mushak returns in one, two, nine or eight months. Technology brand Oppo has been hiding this sale mainly to avoid fraud.
But the end was not saved. Sales concealment and VAT evasion uncovered in Mushak detectives’ raids. Bangladesh Communication Equipment Company Limited, Oppo ‘s organization, has admitted to concealing sales information and evasion. This information is known from NBR sources. Earlier, customs detectives found proof of importing mobile sets against the company by evading customs duty.
According to sources, Oppo is one of the most famous technology brands in the world. One of the Chinese brands that have done well in the Bangladeshi smartphone market in a short period of time is Oppo. It started its journey to Bangladesh in 2014. Oppo ‘s organization is Bangladesh Communication Equipment Company Limited. The Directorate of Audit, Intelligence and Investigation (VAT Intelligence) received secret information that the company was evading VAT by not showing the correct account of mobile phone sales in the VAT returns.
To verify the matter, a preventive team of VAT detectives raided the company’s office at Police Plaza Concorde Tower on March 12 this year. In the operation, the intelligence officers seized the commercial documents related to mobile set production, sale and Mushak of this organization of Oppo. In this initial examination, signs of VAT evasion are found. Later, the officials printed and seized the monthly mobile set sales information from the organization’s computer database.
The intelligence officers cross-checked and reviewed the seized documents with the monthly Mushak returns of the institution and found massive discrepancies. In particular, eight months of sales data from July 2022 to February this year have been reviewed.
On review, according to the seized documents, in July 2022, the company sold mobile phones worth Tk 63 crore 85 lakh 78 thousand 150 (including VAT). But the monthly return submitted to the VAT office (filing) shows 61 crore 81 lakh 60 thousand 347 taka (including VAT). In July alone, the sale concealed 2 crore 4 lakh 17 thousand 803 taka; Out of which Musak taxable sales is one crore 94 lakh 45 thousand 527 taka. The applicable VAT with interest is Tk 10 lakh 50 thousand 58.
Similarly, the actual sales of the organization in August was 79 crore 11 lakh 55 thousand 190 taka. But 72 crore 8 lakh 41 thousand 380 taka is shown in Musak return. Sales understated at Tk 7 crore 3 lakh 13 thousand 810, in which Mushak chargeable sales are Tk 6 crore 69 lakh 65 thousand 533. VAT including interest is 35 lakh 82 thousand 656 taka.
It has also been seen that the actual sales of this organization in September is 105 crore 26 lakh 44 thousand 700 taka. But the return shows less sales of 1 crore 76 lakh 8 thousand 586 taka. So that the taxable sale is one crore 67 lakh 70 thousand 82 taka. On which applicable VAT including interest is 8 lakh 88 thousand 814 taka. The actual sales of the organization in the month of October is 101 crore 81 lakh 11 thousand 690 taka. But the return shows less sales of Tk 2 crore 28 lakh 10 thousand 924.
So that the taxable value is 2 crore 17 lakh 24 thousand 690 taka. On which applicable Mushak including interest is 11 lakh 40 thousand 546 taka. Actual sales in November is 107 crores 51 lakhs 16 thousand 510 taka. But in the return, the sale is shown to be less than one crore 61 lakh 71 thousand 131 taka; Out of which Musak chargeable sales have been shown to be less than 1 crore 54 lakh 1 thousand 77 taka. On which the applicable tax including interest is 8 lakh 856 taka. Actual sales in December are 79 crore 7 lakh 68 thousand 130 taka.
6 crore 38 lakh 73 thousand 17 taka is shown less in the return; Out of which Mushak taxable sales is 6 crore 8 lakh 31 thousand 445 taka. Musak on this including interest is 31 lakh 32 thousand 819 taka.

According to the review, the actual sales of the organization in January of this year is 113 crore 19 lakh 48 thousand 600 taka. 2 crores 17 lakhs 98 thousand 237 takas have been shown less in the return; Out of which Mushak taxable sales is 2 crore 7 lakh 60 thousand 226 taka. Musak on this including interest is 10 lakh 58 thousand 772 taka. In February, the company’s actual sales were 84 crore 89 lakh 78 thousand 410 taka. But in the VAT return, the sale is shown as less than 4 crore 48 lakh 90 thousand 972 taka.

Out of which Mushak taxable sales is 4 crore 27 lakh 53 thousand 307 taka. On which applicable Musak including interest is Tk 21 lakh 59 thousand 42. In other words, according to the Moosak Act, 2012, from July 2022 to February of this year, this company’s mobile phone sales were 734 crore 73 lakh 1 thousand 380 taka. But the company has shown sales of Tk 706 crore 94 lakh 16 thousand 900 in monthly VAT return.

In eight months, the company has concealed sales of 27 crore 78 lakh 84 thousand 480 taka, of which taxable sales were 26 crore 46 lakh 51 thousand 886 taka; On which applicable Mushak including interest is one crore 38 lakh 13 thousand 564 taka.
According to NBR sources, the VAT detective wrote to the company on March 9 this year to ask for a statement on this alleged evasion after reviewing and verifying the documents of this company. On April 5, the VAT detective was informed through a letter from the company that this fraudulent company will voluntarily and voluntarily submit to the government treasury. That is, the company has admitted the fact of evasion by concealing the actual sales information in the VAT return.
Later, this money, which was evaded in the treasury, was submitted to the government treasury by Oppo organization Bangladesh Communication Equipment Company Limited. The VAT Detective has submitted a report to the VAT Dhaka North Commissionerate to take further action against the company for depositing the evaded VAT in the government treasury.

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Progressive Life Insurance successfully settles claims totaling nearly Tk 40 crore in 2024

Published

3 weeks ago

January 10, 2025

kusha Kishoan

Reading Time: 2 minutes

Progressive Life Insurance Company Limited (PLICL) settled down insurance claims of approximately 40 (forty) crore taka in 2024 which has fortified clients’ confidence on the company. Progressive Life Insurance Company Limited entered 25th year on 6 January 2025. PLICL was founded on 6 January in the year 2000. Discussion programs, slicing a cake, offering dua and a colourful rally were organized to mark the company’s founding anniversary on Monday at PLICL corporate office in the capital.

The rally moved around different parts of Dhaka city and the officials of the company held a gathering in front of PLICL head office on Monday morning at 10:30 am.

PLICL Chairman (Acting) M Shoeb Chowdhury joined the 25th founding anniversary celebration virtually as the chief guest. M Shoeb Chowdhury said that the top management of Progressive Life Insurance Company Limited has been able to uphold the dream cherished by expatriate Bangladeshis whose contribution led to the establishment of the company. Shoeb Chowdhury laid emphasis on working with unity and solidarity for the company’s further advancement and to generate many more success stories.

PLICL Executive Committee Chairman Mezanur Rahman , Chairman of Audit Committee Dr. Md. Jamil Sharif, PhD, FCMA and former entrepreneur Prodeep Sen also attended the program. The event was presided over by the company’s Chief Executive Officer (CEO) Md. Saidul Amin. The 25th founding anniversary of Progressive Life Insurance Company Limited was celebrated in 32 districts and divisional offices across Bangladesh. Senior officials of the insurance company expressed hope and determination to transform PLICL into a top notch institution in days to come. The speakers at the program stated that Progressive Life Insurance Company Limited appointed 1200 development officers in 2024 and training courses have been initiated to upgrade their skills.

PLICL Deputy Managing Director (DMD) Mohammad Hossain Shaheed Suhrawardy, Senior DMD Shahjahan Azadi, Company Secretary Abdullah Al Mansur and Senior DMD Jaseem Uddin Prodhan addressed the program among other dignitaries.

Business

Banks see rising deposits for higher interest rates

Published

3 weeks ago

January 9, 2025

Md Mojahidul Islam

Reading Time: 2 minutes

Bank deposits grew in the third quarter of 2024 as many people were encouraged by rising interest rates to park their money at commercial lenders.

In the July-September period of the previous calendar year, bank deposits rose 7 percent year-on-year to Tk 18.25 lakh crore, with bank branches in rural areas registering higher deposit growth compared to their urban counterparts.

The significant hike in interest rates was a key driver behind the growth in bank deposits, said Syed Mahbubur Rahman, managing director and chief executive of Mutual Trust Bank PLC.

Besides, banks have carried out a lot of campaigns to attract depositors, he added while informing that they expect the uptrend of deposits to continue.

The weighted average interest rates on deposits rose to 5.88 percent in the July-September quarter last year from 4.55 percent during the same period of the previous year, according to data of the Bangladesh Bank.

But when comparing the April-June quarter, bank deposits declined by 0.73 percent year-on-year due to widespread unrest centring a mass movement that ousted the Awami League government on August 5.

Overall bank deposits stood at Tk 18.38 lakh crore by the end of last June.

Private commercial banks, including Islamic banks, constitute 68 percent of the total deposits at present.

However, the central bank data shows their deposits shrank 0.33 percent to Tk 12.58 lakh crore by the end of last September from Tk 12.62 lakh crore three months prior.

The crisis ridden Islamic banks recorded the steepest decline in deposits during the July-September period. Meanwhile, state banks closely followed even though both public and private banks saw deposit growth for about one year since the end of September 2023

On the other hand, loans and advances maintained an uptick for four quarters ending with the July-September period of 2024.

Loans and advances increased by 10 percent year-on-year to Tk 16.19 lakh crore by the end of September last year.

Between June and September of 2024, loans and advances to bank borrowers grew by 1.43 percent mainly in urban areas.

Business

২০২৪ সালে চল্লিশ কোটি টাকার বীমাদাবি প্রদান করলো প্রগ্রেসিভ লাইফ ইনসিওরেন্স

Published

3 weeks ago

January 9, 2025

Md Mojahidul Islam

Reading Time: < 1 minute

সফলতার ২৫ বছরে পা রাখলো প্রগ্রেসিভ লাইফ ইনসিওরেন্স কোম্পানী লিঃ।গতকাল ৬ জানুয়ারি ২০২৫ সালে ২৫তম প্রতিষ্ঠা বার্ষিকী উপলক্ষে আয়োজিত অনুষ্ঠানে এই তথ্য জানান কোম্পানিটির মুখ্য নির্বাহী কর্মকর্তা মোহাম্মদ সাইদুল আমিন। ৬ জানুয়ারী ২০০০ সালে এই কোম্পানিটির যাত্রা শুরু হয়। ঢাকায় প্রতিষ্ঠানের প্রধান কার্যালয়ে বর্ণাঢ্য শোভাযাত্রা,আলোচনা,কেক কাটা,দোয়া অনুষ্ঠান সহ বিভিন্ন আয়োজন করা হয়েছে।

২৫তম প্রতিষ্ঠা বার্ষিকী উপলক্ষে ঢাকার স্কাউট ভবন কার্যালয় থেকে সকাল ১০.৩০ টায় একটি শোভাযাত্রার আয়োজন করা হয়। পল্টন এর বিভিন্ন স্থান প্রদক্ষিণ শেষে প্রধান কার্যালয়ে সমবেত হন প্রগ্রেসিভ লাইফ ইনসিওরেন্স এর কর্মকর্তা কর্মচারীরা। প্রগ্রেসিভ লাইফ ইনসিওরেন্স কোম্পানী লিঃ এর মুখ্য নির্বাহী কর্মকর্তা মোহাম্মদ সাইদুল আমিন সেখানে সংক্ষিপ্ত বক্তব্য প্রদান করেন।

দুপুরে আলোচনা সভায় প্রধান অথিতি হিসেবে ভার্চুয়ালি যোগ দেন ভারপ্রাপ্ত চেয়ারম্যান এম শোয়েব চৌধুরী।তিনি বলেন, ২৫ বছর আগে যে লালিত স্বপ্ন নিয়ে প্রবাসী বাংলাদেশীরা এই প্রতিষ্ঠান তৈরি করেছে আমরা তা সমুন্নত রেখে এগিয়ে নিয়ে যাবো।তিনি সবাইকে একতাবদ্ধ হয়ে কাজ করার উপর গুরুত্ত আরোপ করেন।বিশেষ অতিথি হিসেবে উপস্থিত ছিলেন নির্বাহী কমিটির চেয়ারম্যান মোহাম্মদ মিজানুর রহমান, অডিট কমিটির চেয়ারম্যান ড. জামিল শরিফ ও সাবেক উদ্যোক্তা পরিচালক প্রদিপ সেন।

সভাপতির বক্তব্য মুখ্য নির্বাহী কর্মকর্তা মোহাম্মদ সাইদুল আমিন বলেন,দেশব্যাপী প্রগ্রেসিভ লাইফ এর ৩২ টি জেলা/বিভাগীয় অফিসে একযোগে আমাদের ২৫তম প্রতিষ্ঠা বার্ষিকী পালিত হচ্ছে যা আমাদের জন্য গর্বের বিষয়। ২০২৫ সাল প্রগ্রেসিভ লাইফ ইনসিওরেন্স ২৫তম বছরে আমাদের ঘুরে দাঁড়ানোর বছর। দেশের শীর্ষ বীমা কোম্পানিতে পরিণত করারা আশাবাদ ব্যক্ত করেন।তিনি জানান,২০২৪ সালে আমরা প্রায় ৪০ কোটি টাকা বীমা দাবি পুরন করে গ্রাহকদের আস্থা অর্জন করতে সক্ষম হয়েছি। সারা দেশে ১২০০ উন্নয়ন কর্মিকে নিয়োগ দিয়েছি এবং প্রশিক্ষণ কার্যক্রম চালু করেছি।বীমা খাতে দক্ষ কর্মী তৈরিতে প্রগ্রেসিভ লাইফ অগ্রণী ভূমিকা পালন করে চলেছে।

প্রগ্রেসিভ লাইফ ইনসিওরেন্স কোম্পানী লিঃ এর উপ-ব্যবস্থাপনা পরিচালক মোহাম্মদ হোসেন শহীদ সোহরাওয়ারদী , সিনিয়ৱ ডিএমডি শাহজাহান আজাদী,কোম্পানি সচিব আব্দুল্লাহ আল মনসুর,সিনিয়ৱ ডিএমডি জসীম উদ্দিন প্রধান সহ প্রমুখ বক্তব্য রাখেন।