Summit cites legal compliance in tax dispute

Staff Reporter :

The Summit Group has categorically denied unverified media reports suggesting it is under investigation for tax evasion.

The reports, citing unnamed officials from Bangladesh’s Central Intelligence Cell (CIC), allege that the country’s largest private power generation company failed to deduct withholding tax on dividends transferred to its Singapore-based parent company, Summit Power International Limited (SPIL).

In a statement, Summit Group described the allegations as “completely baseless and irresponsible,” adding that neither the CIC nor the National Board of Revenue (NBR) has formally communicated any concerns or violations to the company.

It reiterated its commitment to operating with full transparency and legal compliance, highlighting regular audits conducted by reputed international firms and legal advice from prominent Bangladeshi law firms.

The company clarified that the tax exemptions in question were provided under the Quick Enhancement of Electricity and Energy Supply Act 2010, a framework that applied to the entire energy sector.

Summit, which holds three of the 104 contracts granted under the Act, asserted that its operations fully comply with both local and international tax regulations.

Summit Group, a significant contributor to foreign direct investment (FDI) in Bangladesh, expressed concern that unsubstantiated allegations could undermine international confidence in the country.

It called on the media and officials to avoid making claims without evidence, noting its steadfast commitment to Bangladesh’s growth and infrastructure development.