Bond facilities - NBR policy changes

NBR plans policy changes to check misuse of bond facilities
To battle duty evasion exercised in bonded warehouse facilities the government has detected the incapacity in the existing system to deal with this. Thus, before the next fiscal, the NBR has planned initiatives to ensure bonded warehouse facilities are not extended to regular imports. It has planned to reduce or withdraw VAT on the items under this facilities. Only the 5% duty will be kept and the 15% VAT will be abolished.

Car importers worry

STRANDED CARS AT MONGLA PORT Barvida demands Tk2 lakh duty slab to release each of vehicles

The spotlight today turns to Mongla port where businesses are impeded due to bureaucratic government processes. Some 2,079 reconditioned cars remain stranded due to complexities in customs valuation and unauthorized import of more than five year old cars. Of them, imported between 2009 and 2013, a 1000 cars have been asked to be fixed a duty of Tk 2 lakh each, for their expedited release into the market. In addition to this, release also depends on meeting vehicle demand. The alternative was a counter-proposal to depreciate the cars at 95%, suggested by the Bangladesh Reconditioned Vehicle Importers & Dealers Association.