Business

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

Published

9 months 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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Anwar Group of Industries Organized ‘Induction of Leadership’ program

Published

2 months ago

March 8, 2024

kusha Kishoan

Reading Time: < 1 minute

Anwar Group of Industries, a leading Bangladeshi conglomerate, celebrated a momentous occasion with the formal induction of its new leadership team.

In a ceremony held at the Dhaka Chamber of Commerce and Industry (DCCI), Mr. Manwar Hossain, Chairman of Anwar Group of Industries, officially announced Mr. Hossain Mehmood as Vice Chairman and Mr. Hossain Khaled as the Group Managing Director of Anwar Group of Industries. Additionally, Mr. Furkaan N Hossain, Mr. Waeez R Hossain, and Ms. Faizah Mehmood were sworn in as Deputy Managing Director of Anwar Group of Industries.

The “Induction of Leadership” ceremony on March 3, 2024, marked a memorable and new chapter for Anwar Group of Industries. At the ceremony, Mr. Manwar Hossain, Chairman of Anwar Group of Industries, presented the group’s brooches to Mr. Hossain Mehmood, Mr. Hossain Khaled, Mr. Furkaan N Hossain, Mr. Waeez R Hossain, and Ms. Faizah Mehmood. The ceremony was also attended by members of the Anwar family, stakeholders, and employees.

Committed to empowering its employees and creating a shared vision for the future, Chairman of Anwar Group of Industries, Mr. Manwar Hossain announced a groundbreaking move, all future employees will be made shareholders. This bold initiative underscores the group’s belief in the value of its employees and its commitment to building a sustainable and inclusive future.

Business

Shark Tank Bangladesh: Meet the Sharks!

Published

3 months ago

February 10, 2024

Amino Ambian

Reading Time: 5 minutes

The global phenomenon show “Shark Tank” is finally coming to Bangladesh as Shark Tank Bangladesh. Bangladesh’s top OTT platform, Bongo, signed a deal with Sony Pictures Entertainment to bring the world’s number-one business show to Bangladesh.

“Shark Tank” allows entrepreneurs to pitch their business idea to a panel of investors, known as “Sharks”, who can offer the entrepreneurs cash for a deal if they like the opportunity. Whether it is a prototype of a new product, an existing product or service, or a company looking for a financial injection to grow, the entrepreneurs have to convince the five “Sharks” to invest in their idea and help turn their life’s work into a household name.

Since launching in 2001 as “Money Tigers” on Nippon TV in Japan, the format has become a phenomenal worldwide success. It is produced in territories on every continent under a variety of names including “Dragon’s Den”, “Lion’s Den,” and of course “Shark Tank.” The format has seen Dragons, Lions, and Sharks, all hugely successful entrepreneurs themselves, invest nearly $1 billion through all versions of the franchise across the globe, enabling dozens of companies to grow significantly. Entrepreneurs who have been onboarded into the “Shark” ecosystem have seen massive growth and generated billions of dollars in sales after receiving deals and being featured on the show.

Shooting for the much-anticipated show is scheduled to kick off on February 12th, after having screened more than 2,000 companies to select the best businesses. Producers from Sony, Arch Dyson, and Kevin Hyland, who have helped supervise and produce versions of the show around the world, will be present in Dhaka to unveil the Sharks and oversee the first few days of the shoot.

After a long wait, the panel of Bangladeshi Sharks is ready to be unveiled. The investors, aka Sharks, are all business leaders in their own right and are excited to hear the pitches from the innovative Bengali entrepreneurs.

Robi is the “Title Sponsor,” Startup Bangladesh is the “Powered By Sponsor,” Tally is the “Co-Sponsor”, Prime Bank is the “Banking Partner,” Olympic Foodie Instant Noodles is the “Snacks Partner,” Sunquick is the “Beverage Partner,” Yellow by Beximco is the “Wardrobe Partner”, Kloth Studio is the “Style Partner”, Holiday Inn is the “Hospitality Partner”, Inn Star is the “Pre-Pitch Interview Room Partner”, Euro Vigil Security Services is the “Security Partner”, Raw Exposure is the “Photography Partner”, Live2Web is the “Backstory Partner”, Chows is the “Restaurant Partner”,Miniso is the “Gift Partner” and Concito is the “PR Partner” of Shark Tank Bangladesh Season 1. Deepto TV will broadcast the inaugural season of the show while it will be streamed on Bongo.

Shark Tank Bangladesh Season 1: The Sharks

Sami Ahmed

Startup Bangladesh

Sami Ahmed, Managing Director and CEO of Startup Bangladesh Limited (SBL), a Government Venture Capital firm, spearheads seed-stage and growth-stage startup investments. He is committed to helping empower the local startup ecosystem and has dedicated his career to helping improve the tech landscape in Bangladesh. Previously, he advised LICT and held pivotal roles in Bangladesh’s IT-ITES Industry and BASIS. His influence extends to the Government and private sector. With a background in computer science from the University of Texas, Austin, he leverages US experience to foster Bangladesh’s ICT growth. Recognized for shaping digital policies, Ahmed’s return to Bangladesh signifies a commitment to societal and national progress, solidifying his pivotal role in the country’s startup ecosystem.

Nazim Farhan Chowdhury

ADCOMM

Nazim Farhan Choudhury is a serial entrepreneur and a feminist. He is also the Managing Director of Adcomm Holding Group which has investments in Advertising, IT, Hospitality, and Media. They have also been active investors in the Bangladesh startup scene for over a decade. The most prominent of their investment is in one of the top 3 advertising agencies in Bangladesh. With stellar clients like Unilever, Akij Ventures, and a host of top brands in the country, Adcomm over the last 50 years has been a powerhouse in the advertising communication space. The group’s IT companies GraphicPeople, SoftwarePeople, and The Kow Company are amongst the country’s top ITES exporters, employing over 600 people. The group’s Nazimgarh Resorts runs two luxury resorts in Sylhet. Choudhury’s involvement in the start-up ecosystem has been proven by an enviable string of investments including Aamartaka, HandyMama, and Babuland among quite a few others. Choudhury is also an active mentor and is involved in voluntary organizations like the Jaago Foundation as a founding trustee. Choudhury’s commitment to innovation and excellence cements his influence in Bangladesh’s business community.

Golam Murshed

Majesto Limited/Ex-Walton

Golam Murshed, currently the Managing Director of Majesto Limited is a dedicated business leader who has left an enduring mark on Walton, a renowned conglomerate, over a decade-long career, where he helped catapult them into a multi-billion dollar company as the Managing Director. His commitment to excellence, innovative production, and assertive marketing strategies have positioned him as a prominent figure.Murshed’s exceptional leadership, coupled with his expertise in technology and product management, empowers him to navigate dynamic market landscapes effortlessly. His dedication to innovation and industry leadership is now poised to revolutionize the furniture industry.

Kazi Mahboob Hassan

R Ventures PLC

Kazi M. Hassan, CEO of Robi’s digital ventures arm R Ventures PLC, drives the company’s digital growth, collaborating with partners to enhance customer experiences. With an MBA from Oxford and FCCA qualification, he chairs ACCA Bangladesh’s Member Advisory Committee. Previously, Kazi led international strategies at logistics giant DELHIVERY, advised a2i on restructuring, and held key roles at local Telcos. He supports Bangladeshi startups, mentors entrepreneurs, and attracts foreign investments, contributing significantly to the country’s tech ecosystem.

Samanzar Khan

AKS Khan Holdings Ltd

Samanzar Khan is the Managing Director of A K S Khan Holdings Ltd, an investment and operating company that aggressively identifies and acquires companies in which it can leverage its strengths to generate superior earnings or market value. She is the eldest daughter of Mr. A K Shamsuddin Khan, Chairman of A K Khan & Co. Ltd. A Barrister by qualification, she graduated from the London School of Economics. She founded Bonex UK Ltd in 2008, marketing unique fire-fighting solutions in the UK and Europe. In 2010, she returned to Bangladesh to become the CEO of A K Khan Healthcare Trust, a non-profit founded by her father to enhance healthcare in Bangladesh. A decade on, she now manages a diverse portfolio of companies across different sectors ranging from healthcare, agriculture to education.

Fahim Mashroor

Bdjobs.com

Fahim Mashroor is Managing Director of Bdjobs.com, the most popular online job searching platform in the country. Fahim founded Bdjobs 23 years ago in 2000. Currently the company has over 300 members working in the 10 offices across the country. It is the first tech company that got valued by a global tech company. In 2015, SEEK Australia purchased its 25% share at a valuation of 25 Million USD. Fahim Mashroor has been investing actively in different tech startups in software, logistics, fintech and eCommerce. For his innovative contribution in the tech industry, Fahim has received a number of prestigious awards such as Best SME entrepreneurs by SME foundation and ICT Personality of the Year by ICT ministry

Ahmed Ali

TISTA Science and Technology Corporation

Ahmed R. Ali, Founder and Chairman of TISTA Science and Technology Corporation, grew the company from a small operation to a thriving multimillion-dollar enterprise, emphasizing hard work and excellence. Inspired by Top Gun, he joined the military to fund his education, excelling as a radio frequency engineer. Transitioning to IT security, Ahmed founded TISTA, overcoming challenges with determination to take his cyber security firm to a several thousand crore annual revenue company which he built from the ground up. Raised by Bangladeshi immigrant parents, he values giving back to the country and honors his heritage through TISTA’s name. Ahmed’s story reflects resilience, service, and a commitment to impact.

In addition to these Sharks, several other high-profile female entrepreneurs will be joining the Tank. Their names will be shared soon.

Business

Telenor to sell Pakistan telecoms unit for $490 mln

Published

5 months ago

December 14, 2023

Md Mojahidul Islam

Reading Time: < 1 minute

OSLO, Dec 14 (Reuters) – Norway’s Telenor (TEL.OL) said on Thursday it had agreed to sell its Pakistan unit to state group Pakistan Telecommunications (PTCA.PSX) in a transaction valuing the unit at 5.3 billion Norwegian crowns ($490 million).

The Norwegian group has been restructuring its Asian businesses, building bigger units in Thailand and Malaysia via local mergers, and had said it hoped to decide on a solution for the Pakistan business by year-end.

“We also tried to do a merger in Pakistan but we didn’t manage to get that, and when we saw this wasn’t happening the second-best alternative was to arrange a sale,” Telenor CEO Sigve Brekke told Reuters.

“It was a combination of not getting the structure in place, and value. So we found a sale was better for our shareholders,” he added.

Telenor Pakistan, launched 18 years ago, has 45 million customers.

Pakistan Telecommunications’ share price rose 8.3% on Thursday, while Telenor’s was up 1.1% at 0837 GMT.

In the first nine months, Telenor Pakistan contributed 2.6 billion crowns in service revenue and 1.4 billion crowns in earnings before interest, tax, depreciation and amortisation (EBITDA) to the group.

The deal is subject to regulatory approvals, and the aim is to close it during 2024. The sale was not estimated to have a significant impact on financials for 2023, Telenor said.

Telenor’s remaining Asian portfolio consists of stakes in Grameenphone in Bangladesh, CelcomDigi in Malaysia and True Corp in Thailand, with close to 160 million customers combined.

“Telenor Asia will remain an active owner for the three market-leading businesses which make up our Asian portfolio,” said the head of the company’s operation in the region, Petter-Boerre Furberg.

($1 = 10.7403 Norwegian crowns)