A billionaire in S’pore, minnow in Bangladesh

A multibillionaire tycoon in Singapore is found a minnow in Bangladesh as tax sleuths find his local asset coming to only 2.52 per cent of his second-home wealth.
Taxmen's initial finding reveals that Aziz Khan, rated as the 43rd billionaire Singapore, has Tk 3.30 billion worth of assets in Bangladesh, which accounts only for 2.52 per cent, or a tiny part, of what he has amassed in Singapore.
The richest person in Bangladesh and on the Forbes billionaires list has not shown any car or land in his own name in the tax files.
Mr Khan, chairman of Summit Group, has net assets worth US$1.1 billion in Singapore in 2024. He has investment in energy sector.
Already the Central Intelligence Cell (CIC) of the National Board of Revenue (NBR) collected tax files of Khan and some of his family members, now that an anti-corruption crackdown is on stream following the fall of the Awami League government in a student-mass upsurge.
However, volumes of his annual income and his paid taxes in Bangladesh could not be known by the FE correspondent yet.
In his personal income-tax file, Mr Khan showed a total asset of Tk 3.30 billion in the last tax year. Of the amount, investment in banks, Fixed Deposit Receipt (FDR) and share market amount to Tk 2.95 billion, official sources said by citing his tax returns.
Tax officials have found a total of 150 tax files altogether filed by Mr Khan, seven family members and his associate companies. They, however, say the investigation is going on to look into his assets and income in Bangladesh and the provisional data may vary at final stages.
Seven members of Khan's family have assets worth Tk 12 billion as shown in their tax files. The Khan family members include his two daughters, his wife, brothers and nephew.
His two daughters--Aysha and Aziza--hold the highest riches. Aysha Aziz Khan's income-tax returns show Tk 2.82 billion while Azeeza Aziz Khan has Tk 2.75 billion.
Also, Ayesha Aziz has under her name non-agriculture land worth Tk 35 million.
Anjuman Aziz, wife of Aziz Khan, has assets worth Tk 940 million in her tax returns. Of the assets, she has investment worth Tk 500 million in the country's capital market while Tk 440 million in banks.
Latif Khan, brother of Aziz Khan, holds assets worth Tk 870 million. Of the amount, value of company shares showed Tk 760 million. He owns a car worth Tk 35 million.
Another brother of the blessed businessman, Farid Khan, owns around Tk 1.0 billion worth of asset. He has investment in share market worth Tk 1.40 billion while loan Tk 750 million.
Faisal Khan, nephew of Aziz Khan, holds Tk 530 million worth of assets. Of the assets, investment in share market is Tk 410 million.
On August 22 last, the CIC issued letters to banks and other financial institutions to furnish bank-account details of five tycoons, including Mr Khan.
Tax officials have said they would only scrutinize the individual tax liability of those tycoons assessing their paid and payable taxes.
American business magazine Forbes data showed Aziz Khan's real-time net wealth worth $1.0 billion in 2023 that increased to $1.1 billion in 2024.
Having residency in Singapore, he has investment in construction and energy sector.
A senior tax official says Aziz Khan filed tax returns as non-resident taxpayer as he is citizen of Singapore.
Any taxpayer who resides more than 180 days in Bangladesh has to file tax return as resident.
However, individuals having income and Taxpayer Identification Number (TIN) in Bangladesh need to file tax return as non-resident if they stay less than the aforesaid time period.
For the first time, any government entity moved to look into tax files and assets of Aziz Khan, who was first named on the Forbes Singapore list in 2018 with net wealth $910 million. His net wealth was $955 million in 2020 followed by $990 million in 2021.
Aziz ranked 2545th out of 2,781 billionaires across the world on the Forbes World's Billionaires List 2024.

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