Businessmen concerned over misuse of duty-free bond facility
Those businesses which are enjoying bonded warehouse facility, which is the importing duty free raw materials for export oriented production processes, are mis-using the aid. Instead of utilizing imported materials for processing export commodities, they are selling it to the local market. This is hitting small traders hard. The FBCCI president alerted traders to remain vigilant. An unchecked and ongoing process, which costs the government Tk 58,000 crore annually. The NBR has been asked to provide a list of merchants enjoying the facility.
Other issues related to encouraging VAT payment, reduction, taxpayer expansion and transparency have been discussed at a pre-budget discussion.
Those businesses which are enjoying bonded warehouse facility, which is the importing duty free raw materials for export oriented production processes, are mis-using the aid. Instead of utilizing imported materials for processing export commodities, they are selling it to the local market. This is hitting small traders hard. The FBCCI president alerted traders to remain vigilant. An unchecked and ongoing process, which costs the government Tk 58,000 crore annually. The NBR has been asked to provide a list of merchants enjoying the facility.
Other issues related to encouraging VAT payment, reduction, taxpayer expansion and transparency have been discussed at a pre-budget discussion.
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