Monday, April 4, 2016, Chaitra 21, 1422 BS, Jamadius Sani 25, 1437 Hijri
Misusers of bonded warehouses 'national enemies': NBR
Published :Monday, 4 April, 2016, Time : 12:00 AM View Count : 13
the businessmen who are misusing the bonded warehose facility and
depriving the country of revenue as 'national enemies', The National
Board of Revenue (NBR) has decided to become harsh on the errant
A senior official of the Bond Commissionerate said that they
had found misuse of this bond facility increased significantly in the
recent times, causing a huge revenue loss for the revenue-collecting
"That's why we have decided to intensify our drive against these traders and become tough against them," he said.
also said that NBR chairman is very serious about curbing this misuse
and he has directed all concerned to check this irregularity. Couple of
days back, NBR chairman in a pre-budget meeting with associations,
organisations and persons related with service sector issued firm
warning against the bond misusers.
"The bond misusers are the national enemy, they will not be speared," he told the meeting.
also said that the NBR would take immediate effective punitive measures
as per the law against the misusers of the bond facility.
President Abdul Matlub Ahmad, who was present in that meeting, also
talked about the misuse of the bond facilities by dishonest businessmen.
According to the system, the export-oriented industries are allowed to
import duty-free materials under the bonded warehouse system.
bonded warehouse facility is important to export-oriented industries,
especially the garment factories, in reducing lead-time and keeping
product prices competitive.
A section of businessmen misuse the
bonded warehouse facility by selling the duty-free imported raw
materials and finished goods to the local market.
also sometimes use fake addresses to escape the monitoring mechanism of
the customs authorities, while some others do not maintain records of
their export and import activities to abuse the facility.
warehouse license is given to import raw materials without any duty
charges against a commitment to export the finished products, which
makes exports more competitive. All the imported goods are stored at the
bond holder's warehouses, and in case of failure to export, the
importers are to pay duty charges and taxes for the rest of the goods
According to the Bond Commissionerate to encourage the RMG
sector 90 percent woven items, 45 percent garment accessories and 35
percent knit items imported under the bond system. Rest of the demands
are fulfilled locally. More than 2000 RMG factories are enjoying this
bonded warehouse facility while the number of plastic industries is 150.
senior NBR official said that the government wanted to facilitate the
export oriented industries of the country to be more competitive in the
world market. "But that not means that this facility will be misused
depriving the revenue collection, so we have to take tough measurers
against this," he said.
The NBR has got a gigantic target of Tk 176,370 crore revenue collection for the 2015-16 fiscal against Tk 135,028 last year.
year, the target was set to collect Tk 64,971 crore from income tax,
while Tk 64,262 crore from VAT and Tk 18,752 from import duty. The
target for export duty has been fixed at Tk 37 crore, excise duty at Tk
1,239 crore and supplementary duty at Tk 25,875. ?UNB
Editor : Iqbal Sobhan ChowdhuryPublished by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka. Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000. Phone :9586651-58. Fax: 9586659-60, Advertisemnet: 9513663, E-mail: [email protected], [email protected], [email protected]