The customs authorities have identified more than 2000 exporting companies, located in and around the capital city, as being inactive for years, though these have taken the advantage of bonded warehouse facility to import duty-free raw materials.
The bonded warehouse commissionarate, Dhaka, under the National Board of Revenue (NBR), recently identified the companies as neither responding to the authorities nor submitting any documents relating to bonded warehouse facility, sources said.
The customs authorities decided to launch an investigation to ascertain whether the companies are running illegally.
In a recent meeting, the customs authorities decided to take actions against the companies and intensify monitoring to punish the non-compliant exporters.
The meeting, chaired by Dr Md Shahidul Islam, commissioner of the customs bond commissionarate, Dhaka, decided to freeze the bank accounts of the related companies and file certificate cases against them.
Talking to the FE last Wednesday, Mr Islam said the customs authorities have geared up thier efforts to bring discipline among the beneficiaries of the bonded warehouse facility.
He said the bond commissionerate held the meeting to monitor the status of the companies enjoying duty-free facility.
Earlier, the government high-ups expressed their concern over the abuse of the bonded warehouse facility as those imported products are available in the local markets posing a threat to the survival of domestic industries.
The customs authorities will deposit the revenue to the public exchequer to be collected from the frozen accounts of the companies, said a source.
"The customs authorities will also take stern actions against the companies having arrears. They will find out the identity of the persons from the banks and take legal and other actions accordingly," he said.
The authorities concerned have found that a number of companies had 'disappeared' after obtaining the bond licences. Some of the companies have discontinued their business with an intention to evade taxes.
A senior customs official said many of the companies are reluctant to submit audit reports to the customs authorities, in violation of a legal provision for doing so annually.
The authorities will take actions against the companies which did not submit audit reports in the past two years.
The customs authorities have decided to serve show-cause notices upon those companies. They will suspend licences and freeze bank accounts in phases, if the companies fail to comply with the NBR's directives.
The bond commissionerate will have to assess the revenue loss from their respective data-base if the companies did not respond to the authorities.
Earlier, the bond commissionarate found 110 companies, located in Dhaka, 'vanished' after availing the bond facility. After a thorough scrutiny, the commissionerate has found more companies are out of public view.
There are 6,700 exporting companies which obtained licences from the bonded commissionerate, Dhaka.
The NBR issues bond licences on the basis of recommendations of some 17 departments or bodies, in both private and public sectors. The consent of the ministry of environment as well as apex trade promotion bodies in the apparel sector like Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), is required for issuance of bond licences to any readymade garment (RMG) exporter.
Exporters can import raw materials under duty-free facility under bonded warehouse facility, on condition of exporting the finished products. The government granted the facility to facilitate the exporters offer competitive prices of RMG products in the international market.
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