UNB, Dhaka :
The National Board of Revenue (NBR) has directed the customs intelligence to be more vigilant to detect the smuggling of imported materials under the bonded warehouse facility.
NBR chairman Ghulam Hossain was learned to have instructed the customs intelligence to act harshly to curb such smuggling that ultimately hampers the revenue collection target.
“The NBR chairman has directed us to be more vigilant and harsher to detect and curb the smuggling of materials under bonded warehouse facility,” a senior official at the Customs Intelligence Wing told UNB.
It is not only the government which is getting deprived of its revenue because of the smuggling, but also the honest businessmen who usually import the same kind of materials by paying customs duty, regulatory duty, supplementary duty and tax suffer huge losses.
According to the system, export-oriented industries are allowed to import duty-free items under the bonded warehouse system. Eighty percent of the items that come under the system are supposed to be exported while the rest 20 percent is allowed as wastage.
If anyone violates the rules or sells the imported items in the local market without giving proper duty and tax, there is a provision to impose 200 percent duty and tax on the items. Even the license of that organisation could be cancelled, according to the NBR sources.
They said the customs intelligence has recently detected some cases of smuggling out of bonded warehouse items in the local market.
A senior official at the Customs Intelligence Wing said they have recently detected a case where the imported raw materials for a printing and packaging factory have been sold in the local market.
As per the intelligence report, the price of imported raw materials was Tk 32.50 lakh and the government has got deprived of revenue about Tk 17.59 lakh.
The intelligence wing sent the report to the NBR for taking necessary actions to collect the evaded revenue.
As per the information of the Bond Commissionarate, the government has introduced the bonded warehouse facility for encouraging the export-oriented industries, allowing the garment manufacturers to avail themselves of the highest facility.
According to a Bond Commissionarate official, 90 percent of the woven raw materials, 45 percent garment accessories and 35 percent knit raw materials imported in the country. The rest of the demand is met from the local market.
More than 2400 garment factories and 150 plastic-based ones are now enjoying this facility.
The National Board of Revenue (NBR) has directed the customs intelligence to be more vigilant to detect the smuggling of imported materials under the bonded warehouse facility.
NBR chairman Ghulam Hossain was learned to have instructed the customs intelligence to act harshly to curb such smuggling that ultimately hampers the revenue collection target.
“The NBR chairman has directed us to be more vigilant and harsher to detect and curb the smuggling of materials under bonded warehouse facility,” a senior official at the Customs Intelligence Wing told UNB.
It is not only the government which is getting deprived of its revenue because of the smuggling, but also the honest businessmen who usually import the same kind of materials by paying customs duty, regulatory duty, supplementary duty and tax suffer huge losses.
According to the system, export-oriented industries are allowed to import duty-free items under the bonded warehouse system. Eighty percent of the items that come under the system are supposed to be exported while the rest 20 percent is allowed as wastage.
If anyone violates the rules or sells the imported items in the local market without giving proper duty and tax, there is a provision to impose 200 percent duty and tax on the items. Even the license of that organisation could be cancelled, according to the NBR sources.
They said the customs intelligence has recently detected some cases of smuggling out of bonded warehouse items in the local market.
A senior official at the Customs Intelligence Wing said they have recently detected a case where the imported raw materials for a printing and packaging factory have been sold in the local market.
As per the intelligence report, the price of imported raw materials was Tk 32.50 lakh and the government has got deprived of revenue about Tk 17.59 lakh.
The intelligence wing sent the report to the NBR for taking necessary actions to collect the evaded revenue.
As per the information of the Bond Commissionarate, the government has introduced the bonded warehouse facility for encouraging the export-oriented industries, allowing the garment manufacturers to avail themselves of the highest facility.
According to a Bond Commissionarate official, 90 percent of the woven raw materials, 45 percent garment accessories and 35 percent knit raw materials imported in the country. The rest of the demand is met from the local market.
More than 2400 garment factories and 150 plastic-based ones are now enjoying this facility.
