BEPZA suggests rationalising HS Codes

Bangladesh Export Processing Zones Authority (BEPZA) has suggested rationalising the Harmonized System (HS) Codes to help the existing flow of investments, technology transfer and exports continue.

BEPZA made the recommendation at a pre-budget meeting with the National Board of Revenue (NBR) ahead of framing the national budget for the fiscal year 2024-25 on Thursday in the city.

"NBR issued a Statutory Regulatory Order (SRO) in 2017, by inserting some HS codes on import of machinery and machinery parts of different industries under Export Processing Zones. However, HS codes for many capital machinery and parts used for the direct and indirect production at industries were not included in that SRO. As a result, industries are facing difficulties with importing machinery."

Exemption of advance income tax and advance tax on import of machinery and parts needed to be clarified in the revised SRO, it also said.

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