The government would soon introduce full automation system in all bonded warehouses in a move to prevent corrupt practices. Sophisticated digital devices would be installed to prevent companies from selling duty-free goods in the local markets. Currently certain 100% export-oriented companies enjoy duty-free facilities on import of their raw materials.
The National Board of Revenue (NBR) has recently detected serious violations of the rules in which certain number of the listed companies instead of re-exporting manufactured finished goods opted to sell the duty-free raw materials in the local market making quick money. NBR proposed to introduce such digital recordings or tracking system of the imported duty-free items in order to prevent such corrupt practices and identify the fraud gang.
NBR Chairman Mosharraf Hossain Bhuiyan said a number of manufacturing companies are involve with corrupt practices misusing the bonded warehouse facility as a result the government is being deprived of huge amount of revenue. The National Board of Revenue (NBR) chairman was speaking on Sunday at a workshop on ‘Tariff Modernization and Expansion of Bonded Warehouse Facilities to Non-RMG Exporters’ held at Economic Reporters Forum (ERF) auditorium in the city.
The international finance corporation (IFC) and Economic Reporters Forum (ERF) jointly organised the event. Bhuiyan said there are 30 bond licenses at Dhaka and 29 at Chottagram identified as violating the rules. They are now on suspension order. NBR would soon cancel the registrations of these corrupt companies.
He said for implementing the automation NBR has taken a number of initiatives including building skilled manpower. The NBR chief said that the country’s export almost depend on readymade garment (RMG) sector. Now the government is giving emphasis to other sector. He said they are going to provide bonded warehouse facility to other sectors. The opportunity will be helpful to boost country’s export basket. The firm can usually import machinery and replacement parts and get duty free access. They also could buy from domestic suppliers and will get free of domestic excise sales and other taxes.
