Govt to relax rules on import of plastic raw materials
Thursday, 13 September 2007
FE Report
The government is going to relax its rules on import of plastic raw materials up to September 30.
After the announcement of the budget for fiscal 2007-08, the government issued a Statutory Regulatory Order (SRO) saying that the importers should mark the bags containing plastic raw materials as 'Imported under bond, not for sale' in red, using punching method.
The order was issued to check duty evasion as well as abuse of bond facility.
The SRO said that the raw materials entitled to have bonded warehouse facilities would not be allowed to be unloaded from ships if such mark was not found.
The National Board of Revenue (NBR) has prepared a summary in line with the finance ministry's directives in this regard.
The board will now issue a new order suspending the SRO for the time being.
The local plastic industry owners and importers have been opposing the government's decision. They demanded simplification of the method to maintain smooth flow of export.
The NBR has suspended the operation of the SRO for import of plastic raw materials for the period from July 1 to September 30, considering the interest of the local plastic industries.
The importers will able to enjoy the earlier opportunity for import of raw materials for this period. The SRO will automatically come into effect from October 1, a competent source said.
The SRO is aimed at checking duty evasion of plastic raw materials imported for export-oriented industries. In fiscal 2006-07, the country imported plastic raw materials worth Tk 7.84 billion.
The government is going to relax its rules on import of plastic raw materials up to September 30.
After the announcement of the budget for fiscal 2007-08, the government issued a Statutory Regulatory Order (SRO) saying that the importers should mark the bags containing plastic raw materials as 'Imported under bond, not for sale' in red, using punching method.
The order was issued to check duty evasion as well as abuse of bond facility.
The SRO said that the raw materials entitled to have bonded warehouse facilities would not be allowed to be unloaded from ships if such mark was not found.
The National Board of Revenue (NBR) has prepared a summary in line with the finance ministry's directives in this regard.
The board will now issue a new order suspending the SRO for the time being.
The local plastic industry owners and importers have been opposing the government's decision. They demanded simplification of the method to maintain smooth flow of export.
The NBR has suspended the operation of the SRO for import of plastic raw materials for the period from July 1 to September 30, considering the interest of the local plastic industries.
The importers will able to enjoy the earlier opportunity for import of raw materials for this period. The SRO will automatically come into effect from October 1, a competent source said.
The SRO is aimed at checking duty evasion of plastic raw materials imported for export-oriented industries. In fiscal 2006-07, the country imported plastic raw materials worth Tk 7.84 billion.