• Thursday, Oct 28, 2021
  • Last Update : 03:06 pm

NBR: Customs duty evasion of 1C will be considered money laundering

  • Published at 06:36 pm September 13th, 2021
NBR headquarters
The National Board of Revenue (NBR)

Bond licence holders under strict surveillance by NBR


The National Board of Revenue (NBR) has taken a strict stance on the recent abuse of bond facilities, worrying traders about misuse of the newly issued decision.

A recent order by the NBR also said that, if necessary, commissioners can send the cases to the customs intelligence for further investigation.

In addition, the tax evasion cases should be sent to the Central Intelligence Cell (CIC) to investigate whether the owners or directors of the company are also involved in income tax evasion.

If a company with a bond licence is caught evading customs duty of more than Tk1 crore, it will be investigated under money laundering rules.

The directive was issued on August 17, said an NBR official.  

In order to expand export trade, the government has permitted export-oriented industries to import raw materials without paying any duties, but some organizations have been abusing this facility, the official said.

The goods brought with the duty-free facility are being sold in the open market causing the government to lose revenue while the local industries are also being adversely affected.

“A few days ago, a person was arrested for some products imported under bond licence facilities. These products were recovered in covered van loads during raids of other government agencies including the Bond Commissionerate.

“Due to this cycle, the entire export sector and the country's economy is being harmed. This initiative has been taken to bring them under control,” the official added.

According to an investigation, last July, a team of the Lalbagh Division of the Detective Branch arrested 11 people with 508 rolls of stolen curtain cloth and 18,750kg of stolen cloth in six covered vans.

The value of the seized clothes was about Tk1.27 crore.

Following the incident, the NBR directed the Dhaka Bond Commissionerate to exercise caution when renewing bond licences.

In this regard, Mohammad Hatem, vice-president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), told Dhaka Tribune: “We applaud the decision of NBR as we also want those who are abusing bonds to be punished. And for that, we are ready to cooperate with the government.”

But business leaders advised paying attention to officials of the NBR so that they do not abuse this authority.

President of the Exporters Association of Bangladesh (EAB) Abdus Salam Murshedy said traders do not abuse bonds, but occasionally, the whole sector is blamed for the actions of a few dishonest people.

“I think the NBR's decision is right but they have to be careful in implementing it so that honest traders are not harmed,” he added.


57
Facebook 55
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail