RRC sub-committee to submit recommendations on Jan 6
Wednesday, 2 January 2008
Doulot Akter Mala
The Regulatory Reform Commission's (RRC's) sub-committee on simplification of three major customs rules relating to businesses and international trading is expected to submit its key recommendations to the commission on January 6, 2008.
The committee made recommendations for removal of impediments facing the business community on duty exemption and drawback systems, capital machinery import clearance process and bonded warehouse licensing procedures.
The nine-member sub-committee comprising both government and private sector stakeholders, headed by NBR chairman Muhammad Abdul Mazid, held a meeting today (Monday) in the board.
"The committee will handover its recommendations to RRC Chairman Akbar Ali Khan on January 6 next," the NBR chairman Muhammad Abdul Mazid said.
"We have recommended simplification and streamlining of the rules relating to duty exemption and drawback systems, capital machinery clearance process and bonded warehouse licencing," he said.
The sub-committee also laid emphasis on the suggestions and findings of the World Bank and other stakeholders, he said.
"The committee strongly recommended for expediting the issuance of bonded warehouse licences," he said.
The WB, in its findings, revealed that a bonded warehouse licence seeker has to pass many hurdles, including obtaining a number of approvals. Substantial cash has to be paid as speed money (bribe) to the officials concerned to obtain licences quickly.
The sub-committee was formed to prepare recommendations on duty exemption and drawback systems, capital machinery import clearance process and bonded warehouse licensing within 30 days time.
The report will be scrutinised and reviewed in the RRC meeting on January 8.
The sub-committee will also make recommendations for checking misuse of duty exemption facilities offered to the export oriented business sectors.
An official source said the Monday's meeting ended without any conclusion and although it was supposed to be the last meeting of the sub-committee, another would have to be held before January 6 to finalise the reccomendations.
The caretaker government on October 30 formed the 17-member-RRC, headed by former adviser Akbar Ali Khan, for period of a one-year.
The Regulatory Reform Commission's (RRC's) sub-committee on simplification of three major customs rules relating to businesses and international trading is expected to submit its key recommendations to the commission on January 6, 2008.
The committee made recommendations for removal of impediments facing the business community on duty exemption and drawback systems, capital machinery import clearance process and bonded warehouse licensing procedures.
The nine-member sub-committee comprising both government and private sector stakeholders, headed by NBR chairman Muhammad Abdul Mazid, held a meeting today (Monday) in the board.
"The committee will handover its recommendations to RRC Chairman Akbar Ali Khan on January 6 next," the NBR chairman Muhammad Abdul Mazid said.
"We have recommended simplification and streamlining of the rules relating to duty exemption and drawback systems, capital machinery clearance process and bonded warehouse licencing," he said.
The sub-committee also laid emphasis on the suggestions and findings of the World Bank and other stakeholders, he said.
"The committee strongly recommended for expediting the issuance of bonded warehouse licences," he said.
The WB, in its findings, revealed that a bonded warehouse licence seeker has to pass many hurdles, including obtaining a number of approvals. Substantial cash has to be paid as speed money (bribe) to the officials concerned to obtain licences quickly.
The sub-committee was formed to prepare recommendations on duty exemption and drawback systems, capital machinery import clearance process and bonded warehouse licensing within 30 days time.
The report will be scrutinised and reviewed in the RRC meeting on January 8.
The sub-committee will also make recommendations for checking misuse of duty exemption facilities offered to the export oriented business sectors.
An official source said the Monday's meeting ended without any conclusion and although it was supposed to be the last meeting of the sub-committee, another would have to be held before January 6 to finalise the reccomendations.
The caretaker government on October 30 formed the 17-member-RRC, headed by former adviser Akbar Ali Khan, for period of a one-year.