June 14, 2024

Chinese firm Fujian Industries bosses, fined shs226m by URA

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The Uganda Revenue Authority‘s war on tax fraud has finally landed Wakiso-based Fujian Industries Park Limited’s Chinese bosses in hot soup.

This was in respect to invoice trading by Fujian Industries Limited in the period of March till May 2020, during which the company claimed input VAT based on supplies from 3 taxpayers, thus causing a loss of taxes worth UGX 226,920,749.

Additionally, one of the directors, Dai Qi, has been charged on three counts of making false declarations to a tax officer contrary to Section 58(1)(a) of the Tax Procedures Code Act, 2014.

The accused was granted bail on June 1, 2023, by the Anti-Corruption Court in Kampala, where he was required to pay UGX 10,000,000 in cash and UGX 300,000,000 in non-cash bail for his sureties.

Despite the good business income earned by owners and directors, just like many other foreign investors that have been arrested by the revenue authorities in Kampala in the recent past, the country is continuously losing a lot of revenue as a result of tax fraud schemes orchestrated by crafty investors.

However, when the matter came up for mention on July 21, 2023, the accused changed his plea and pleaded guilty to all three counties.

Fujian Industries Park Co., SMC Ltd. is located in Wakiso Industrial Area, and it has been in operation for three years with its headquarters in Wakiso.

In conclusion, they deal in the production and sale of furniture such as hardwood doors, flush doors, wooden furniture, kitchen cabinets, and wardrobes, among others.

written by @enock katamba

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