Doulot Akter Mala
The National Board of Revenue (NBR) will hold a meeting with all the customs house commissioners Tuesday to discuss performance of pre-shipment inspection (PSI) companies.
The board will closely monitor field-level performance of the PSI companies against the backdrop of allegation against the firms. All customs commissioners will attend the meeting.
The NBR will take decision on the fate of PSI company Cotecna, which has been charged with irregularities, sources said.
The contact period of existing four PSI companies, including Cotecna will expire on 2008.
The board has planned to sit with the country's business community and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) for their recommendations on continuation of the PSI system.
In an investigation, the board has detected irregularities of the PSI company Cotecna relating to the import of luxury cars.
The NBR investigation team found that the government was deprived of a substantial amount of duty on import of seven luxury vehicles.
The NBR already fined Tk 9.7 million for under-invoicing of a luxury car.
Recently, the board served showcause notices for under-valuation of other six luxury cars.
Sources said the board might take stern action against Cotecna. It might consider cancellation of licence of the PSI company, if it failed to come out with a satisfactory reply.
The board is contemplating imposing penalties to the tune of around Tk 80 million for under-valuation of the six luxury cars.
Sources said there is a provision to charge an amount of penalty equivalent to three times of the evaded tax.
The NBR is exploring possibility to award the large operating area of Cotecna to other company, a source said.
The board might call fresh tender or award the zone to existing PSI companies if such a decision is taken, he said.
NBR to closely monitor performance of PSI cos
FE Team | Published: November 12, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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