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Dhaka to expand bonded warehouses to non-RMG exporters

May '19
Dhaka to expand bonded warehouses to non-RMG exporters
Bangladesh National Board of Revenue (NBR) has started a review of the existing bonded warehouse facility to expand it for the non-readymade garment (RMG) exporters, board chairman Mohammad Mosharraf Hussain Bhuiyan said recently at an orientation programme for members of the Economic Reporters Forum (ERF). Around 85 per cent of exports is dependent on the RMG sector.

A bonded warehouse is a building or other secured area in which dutiable goods may be stored, manipulated or undergo manufacturing operations without payment of duty. It may be managed by the state or by a private enterprise.

The event, titled ‘Tariff modernisation and expansion of bonded warehouse facilitates to non-RMG’ exporters’, was organised by the ERF in collaboration with Bangladesh Investment Climate Fund II (BICF) of the International Finance Corporation (IFC).

Bhuiyan said time has now come to diversify the export basket and expand the duty-free facility to other export-oriented sectors. Lather and jute exporters are in the priority list for expansion of the facility, he said.

He said local industries are bearing the brunt as duty-free products have flooded the market due to abuse of the facility by vested quarters. Punitive measures have been taken against 30 companies in Dhaka and 29 in Chattogram in recent months for abuse of the bonded warehouse facility, he said. (DS)

Fibre2Fashion News Desk – India

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