NBR suspends rule on import of plastic raw materials until Oct 31
Friday, 21 September 2007
Doulot Akter Mala
The National Board of Revenue (NBR) has suspended until October 31 the earlier rule on plastic raw materials imported under the bond facility.
The board Wednesday issued a Statutory Regulatory Order (SRO) in this connection. In the SRO no-191, the board has suspended its earlier rule until October 31 from July 1.
"The NBR rule will come into effect after October 31," the SRO said.
Earlier, in the budget for fiscal 2007-08, the government made it mandatory to mark the bags containing plastic raw materials with the inscription of 'Imported under bond, not for sale' in red applying the punching method.
The raw materials entitled to have bonded warehouse facilities would not be allowed to be unloaded from ships, if such a mark was not found, the earlier rule stipulated.
The NBR has relaxed the rule for four months from July 1 to October 31, in line with the finance ministry's directives as the local plastic industry owners and importers opposed introduction of the government rule.
The importers now will be able to enjoy the earlier facility as before in import of raw materials during this period.
They said such a complicated measure introduced in the budget almost stopped the import of such raw materials as use of such a seal in the punching method is not possible, when it comes to petrochemical products.
Foreign exporters also declined to send plastic raw materials following introduction of the measure as they had to install different kinds of machinery to comply with the rule.
On the other hand, the ready-made garment (RMG) industry also suffered a setback following introduction of the measure due to unavailability of plastic products, required to feed the backward linkage industry of the sector.
Former president of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) SM Kamaluddin said: "We have demanded total withdrawal of the measure as it was affecting the entire industry."
Welcoming the latest decision, he said such relaxation will encourage the importers to take delivery of raw materials from the port, but it is not the solution to the whole problem hindering the import of raw materials for the backward linkage industry.
The National Board of Revenue (NBR) has suspended until October 31 the earlier rule on plastic raw materials imported under the bond facility.
The board Wednesday issued a Statutory Regulatory Order (SRO) in this connection. In the SRO no-191, the board has suspended its earlier rule until October 31 from July 1.
"The NBR rule will come into effect after October 31," the SRO said.
Earlier, in the budget for fiscal 2007-08, the government made it mandatory to mark the bags containing plastic raw materials with the inscription of 'Imported under bond, not for sale' in red applying the punching method.
The raw materials entitled to have bonded warehouse facilities would not be allowed to be unloaded from ships, if such a mark was not found, the earlier rule stipulated.
The NBR has relaxed the rule for four months from July 1 to October 31, in line with the finance ministry's directives as the local plastic industry owners and importers opposed introduction of the government rule.
The importers now will be able to enjoy the earlier facility as before in import of raw materials during this period.
They said such a complicated measure introduced in the budget almost stopped the import of such raw materials as use of such a seal in the punching method is not possible, when it comes to petrochemical products.
Foreign exporters also declined to send plastic raw materials following introduction of the measure as they had to install different kinds of machinery to comply with the rule.
On the other hand, the ready-made garment (RMG) industry also suffered a setback following introduction of the measure due to unavailability of plastic products, required to feed the backward linkage industry of the sector.
Former president of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) SM Kamaluddin said: "We have demanded total withdrawal of the measure as it was affecting the entire industry."
Welcoming the latest decision, he said such relaxation will encourage the importers to take delivery of raw materials from the port, but it is not the solution to the whole problem hindering the import of raw materials for the backward linkage industry.