Move to change rules for giving licences to freight forwarders

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Jasim Uddin Haroon
The National Board of Revenue (NBR) has taken a move to amend some of the rules for providing licences to freight forwarders after a number of major stakeholders lodged complaints.
The NBR issued detailed rules for the sector in January this year.
Separate letters were issued by the NBR to the freight forwarders seeking their opinions before amending the existing rules.
One senior NBR official told the FE Wednesday that it had sent letters to the freight forwarders on October 30 and has received some responses.
He also said: "We took the move for changing some key issues of the rules after objections were raised by major stakeholders."
He said NBR will sit with the stakeholders in Dhaka shortly and discuss the changes to be brought in the rules after taking opinions from all parties.
Apart from freight forwards, the garment exporters, shipping agents, ports and clearing and forwarding agents are expected to join the discussions.
Syed Badrul Hoque, a senior freight forwarder told the FE that they were not aware of any objections and the necessity to amend the existing rules.
Sources at the Bangladesh Freight Forwarders Association (BAFFA) said it has already sent their opinions to the NBR.
BAFFA officials said their opinions included of annulment of the rule for providing wealth statement, withdrawal of the bank guarantee system needed during submission for fresh licenses.
However, according to the existing rules, a local freight forwarder will require to submit Tk 300,000 as security money for obtaining licenses.
The licence seekers would have to purchase application form at a cost of Tk 5000 and pay Tk 50,000 as registration charges.
For joint ventures the requirement for paid-up capital is Tk 5.0 million and the company must be registered with the Registrar of Joint Stock Companies and Firms.
In such case of joint venture, foreign companies should not own more than 49 per cent.
In case of 100 per cent foreign owned companies, Tk 10 million paid-up capital will be needed to get licenses for trading.
The NBR has so far awarded a total of 560 licences.