Impasse over car imports may be settled thru' discussion

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FE Report
The country's reconditioned car importers expect the impasse created over clearance of imported vehicles to be settled through amicable discussion with the National Board of Revenue (NBR).
The importers are refraining from taking delivery of their imported vehicles over the complexity at the fixation of depreciation rate, which has been fixed at 30 per cent for six-year old vehicles for the current fiscal year.
"We expect the crisis to be resolved through discussion," Abdul Hoque, president of Bangladesh Reconditioned Vehicles and Dealers Association (BARVIDA) said adding a meeting may be convened soon.
He also said car importers agreed to clear their cars by giving 'undertakings' but the NBR demanded bank guarantees against delivery of the vehicles until the verdict of the Supreme Court was announced.
Earlier, the BARVIDA filed a writ in the High Court (HC) challenging the import policy and the court gave verdict in favour of BARVIDA. But the NBR appealed against the writ and a hearing on the issue will take place on coming Monday.
Meanwhile, the Chittagong Port Authority (CPA) has issued notices to the importers to take delivery of their cars within September 15, otherwise it will slap a penalty that would be four times higher than the normal rent.
"We have sent notices to the importers to take delivery of their imported cars, otherwise we will impose penal rent after September 15," Motaher Hossain, deputy director (traffic) said Saturday.
The non-delivery of vehicles has created a serious congestion in the yards forcing the CPA to use another terminal - New Mooring Container Terminal - for storage purposes under open sky.
As of Saturday, 5100 cars have been stored against the capacity of 2600 cars, port officials said.
Another car carrier carrying 450 cars is likely to arrive at the outer anchorage by next two or three days.