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Bonded warehouse, duty reduction and export diversification https://www.observerbd.com/news.php?id=352012 Published : Sunday, 6 February, 2022 at 12:00 AM Count : 170 M S Siddiqui M S Siddiqui The National Board of Revenue (NBR) provides Bonded Warehousing facility to RMG, backward linkage to RMG, shipbuilding industries and others. It includes: (1) Special bonded warehousing is applicable for 100% export-oriented RMG industries, (2) General bonded warehousing applies to other 100% export-orient oriented industries. These include-(a) 100% export-oriented ship building industry,(b) Accessories industries for :(i) Deemed exports (e.g. 100% export-oriented packing/carton, label, polybag, button, hanger etc. firms), and(ii) Direct exports.(c) General Bonded Warehouse for home consumption to a number of factories, including sugar and vegetable oil refiners, leather, steel, printing and packaging, electric and electronics and tobacco manufacturers are entitled for the home consumption bond facility. The local bond for industries, serving local market is basically deferred payment facility for 6 months. Duties are paid when raw materials/goods are cleared. (d) Diplomatic and privileged persons bonded warehouse to some bonded warehouses, Biman Bangladesh Airlines; Bangladesh Parjatan Corporation. Duty free articles are sold from these bonded warehouses in foreign currency to diplomats and privileged persons residing in Bangladesh. In fact, there is no revenue loss in the bonded warehouse system in comparison to its alternative - duty drawback or cash subsidy, both of which are meant to
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Bangladesh Trade & Tariff commission also specifically recommended to allow bond facility to partial export-oriented industries and there is no legal bar to give such facilities and NBR do not need additional manpower to implement such facility to the domestic industries for partial export.
