Bangladesh suffers huge loss due to Chinese counterfeit documents

Dhaka [Bangladesh], January 7 (ANI): Some Chinese companies are involved in printing and supplying counterfeit documents in Bangladesh, causing huge losses to the government exchequer.
Although the Bangladeshi port authorities suspect the involvement of other Chinese companies in such illegal activities, they were apparently reluctant to take action due to 'pressure' from senior officials, reported Bangladesh Live News.
Trade in counterfeit and pirated goods has risen in recent years and it is estimated at about 3.5% of global trade by OECD.
The World Customs Organization estimates that 65 % of all counterfeit shipments globally originate from mainland China.
According to OECD, trade-in fake goods which infringe on trademarks and copyrights, creates profits for organized gangs at the expense of companies and governments.
Chinese companies are notorious for faking branded products.
Global Alliance for Tax Justice says, Bangladesh loses USD 143.96 million in tax income each year, or BD Taka 1235 crore, due to global tax evasion by multinational firms and rich people, reported Bangladesh Live News.
Despite the fact that the Chinese business had reported the cargo to the Bangladeshi company to include Art/A4 size sheets, it was discovered that they were selling counterfeit band rolls/ stamps. This resulted in fraudulent tax avoidance of over BD Taka 250 crore.
Bandrolls are produced by the Bangladeshi government's Security Printing Corporation, and cigarette/bidi firms are required to purchase them by paying tax/VAT, also known as cigarette tax.
The National Board of Money (NBR) generates revenue by selling these stamps / bandrolls, and no one else is permitted to purchase them other than from NBR. A bandroll is a narrow, thin ribbon that is wound around a packet of Bidi and Cigarettes. Certain corporate firms appear to have been obtaining the same from China.
According to reports, the Chittagong Customs House Port Control Unit (PCU) recently revealed that a Chinese business located in Shenzhen, 'Digit Anti Fake Company Ltd' (DAFC), had sold counterfeit band rolls/stamps to Chittagong-based Arafat Enterprise, said the news portal.
DAFC is also accused of printing various fake documents like passports, voting papers, national identity cards, birth registration certificates, and so on. Bangladeshi officials discovered a DAFC-run website that mentioned bandroll and said, "Bangladesh's National Board of Revenue, Customs Paid."
Significantly, following the consignment's capture in Chittagong, the Chinese business has taken down its website, which featured a variety of fraudulent papers.
Counterfeit and pirated products commerce has increased in recent years, with the Organisation for Economic Co-operation and Development (OECD) estimating that it accounts for around 3.5 per cent of global trade.
Counterfeit goods, which infringe on trademarks and copyrights, generates revenues for organised gangs at the expense of businesses and governments, according to the OECD. Chinese firms are well-known for imitating trademark goods. (ANI)