Bangladesh’s National Bureau of Revenue or NBR has initiated steps to identify exporters who misuse the bond facilities by illegally selling imported raw materials in the local market even if initially, the focus will be on suspicious large companies.
Media reports maintained this adding some citing unnamed officials.
Meanwhile, speaking to the media, a NBR official, reportedly, said, “…many companies are importing raw materials under the bond facilities but they are selling those in the local market illegally,” adding, “Some large-scale irregularities have already been unearthed. We will disclose those after the final inspection.”
Welcoming the NBR move, Executive President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Mohammad Hatem said, “…we have no objection if the NBR punishes bond facilities’ misusers, but this initiative of the NBR should not turn into a tool of harassing exporters even as Bangladesh Textile Mills Association (BTMA) Vice-President Abdullah Al Mamun suggested the real exporters are not harassed or fined for some silly mistakes.
