The National Board of Revenue (NBR) has extended the tenure of bond licences for export-oriented industries to three years, from the date of issuance, to cut cost and time of business.
The Customs wing has issued a Statutory Regulatory Order (SRO), dated January 18, 2024, by extending the tenure by one year.
It was a long-drawn demand of the exporters to resolve hassles involving bond licence renewal.
In the SRO, the Customs tagged some conditions including completing an audit for at least two years and furnishing all details of export and import under the tax-free facility on the bonded warehouse scheme.
The exporters would also have to be active with export activities for at least one year of the three-year tenure of the bond licence.
For renewal of licences, exporters would have to pay a renewal fee of Tk5,000 30 days before the expiry of the three-year tenure through treasury challan and submit the documents to their respective associations for auto-renewal.
The associations would have to send the renewal data within 30 days of renewal to the bond commissioner.
Exporters, not members of any association would have to pay Tk10,000 in renewal fees for three years.
