Tecno Infinix Parent company Transsion Holdings
Tecno and Infinix’s parent company Transsion Holdings has been accused of tax evasion. The company is being investigated for tax evasion of more than 3.02 billion US dollars i.e. about 25 thousand crores rupees. Infinix has recently launched the Infinix GT 20 Pro gaming smartphone in the Indian market. At the same time, Tecno has also launched many of its foldable and premium devices in the global market.
Allegations of multi-billion dollar tax evasion
The Chinese smartphone maker is currently on the radar of Kenya government’s revenue authority KRA. Tecno is Kenya’s leading smartphone brand. The Kenyan government says that Transsion Holdings has evaded taxes worth several billion dollars, due to which an investigation is being conducted. KRA Commissioner General Humphrey Wattanga has formed a special team for this.
In view of this huge tax evasion by Transsion Holdings, KRA called an emergency meeting, after which it is being investigated. The company’s Nairobi headquarters were inspected. The parent company of brands like Infinix and Tecno is currently a major player in the Kenyan smartphone market, due to which the company’s annual revenue is very high. However, despite this, the company is not listed among the top taxpayers of the country.
HR firm also made allegations
Kenyan authorities say that the company does business worth crores of rupees here but the tax returns in return are very low. Apart from tax evasion, the company is also accused of bringing Chinese workers to Kenya without documents. A Kenyan HR firm Market Dimension Limited has also accused Transsion Holdings of tax evasion. This HR firm hires resources for Transsion Holdings in Kenya. KRA believes that this tax investigation on Transsion Holdings can yield good returns.
No statement has been issued by Infinix and Tecno regarding these allegations. According to a recent IDC report, both these companies of Transsion Holdings have performed well in the first quarter of the year in India. The market share of both these companies has increased significantly in India.