In order to increase export earnings and diversify, temporary duty-free bond facility against bank guarantee will be provided to partial exporters. At the same time, complete automation of bond services is going to be completed.
The progress in this regard was presented at the second monthly coordination meeting of the National Board of Revenue (NBR) and Investment Development Agencies. The meeting was held at the conference room of BIDA under the chairmanship of Mr. Ashiq Chowdhury, Executive Chairman of Bangladesh Investment Development Authority (BIDA) and with the participation of NBR Chairman Md. Abdur Rahman Khan FCMA. Officials of Bangladesh Economic Zones Authority (BEZA), Bangladesh Hi-Tech Park Authority, Public Private Partnership Authority, Maheshkhali Integrated Development Authority and Chittagong Port Authority were present in the meeting. Important decisions/progress are as follows:
- In order to export goods at competitive prices, a notification will be issued as soon as possible to provide customs bond facility against 100% bank guarantee of applicable customs duty and tax on raw materials and equipment to be imported for export purposes in favor of partially export-oriented industries.
- Full automation of bond service is under process, once completed, manual service will be completely suspended.
- The applicability of Utilization Declaration (UD) has been relaxed subject to conditions in the case of supply of goods/services to warehouse licensee institutions against internal letter of credit established in foreign currency by warehouse licensee institutions established in export processing and economic zones.
- If there is a discrepancy between the HS Code and description of the goods declared in the bond license (or entitlement sheet and UD) of an organization and the HS Code and description determined by the Customs through examination, the consignment will be released from the Customs House if the first four digits of the HS Code determined by the Customs match the first four digits of the HS Code declared in the bond license of the organization. In this case, the importer will have to give an undertaking that he will correct the relevant HS Code and description of the goods in the bond license/UD within 30 days. This instruction will be applicable to the consignments of goods awaiting customs clearance.
- In addition, decisions were taken on 31 more issues with the aim of improving the investment environment.
“We are working on various policy support proposals, including partial exporter bond facilities based on the rational demand of investors. This is going to be implemented through the concerted efforts of the government, through which various domestic industries dependent on imported raw materials will get the opportunity to export at competitive prices. We hope that this will result in increased exports and diversification of non-RMG sectors and will also accelerate domestic and foreign investment,” said BIDA Executive Chairman Ashiq Chowdhury.
NBR Chairman Md. Abdur Rahman Khan FCMA emphasized on self-assessment, post-clearance audit to provide rational and investment-friendly facilities and expedite clearance of goods from ports and assured his direct intervention to implement the reforms.
