Bangladesh's National Board of Revenue has decided to introduce online utilisation declaration (e-UD) system in a bid to check forgery of documents and abuse of duty-free import facility by apparel exporters.
The online UD system will also ensure transparency in issuance of UD certificates and reduce time for traders in import and export procedures at customs houses, Bangladeshi newspapers quoted officials as saying.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) issue the UD certificates on behalf of the revenue board to its members to facilitate duty-free raw materials import for export purpose under bond facility.
The decision was taken at a stakeholders' meeting held at the revenue board with NBR chairman Md Nojibur Rahman in the chair on implementation of online UD and online export mechanism.
Representatives from the Federation of Bangladesh Chambers of Commerce and Industry, BGMEA, BKMEA, Bangladesh Bank, finance ministry, commerce ministry and other government agencies attended the meeting.
A working committee comprising representatives of the exporters, the NBR and the central bank will be set up to chalk out the plan for implementing the decision. (SH)
Fibre2Fashion News Desk – India
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
