As part of its ongoing efforts towards streamlining business processes while also reduce operational costs, Bangladesh Government has announced extension of fiscal benefits for entities operating within the country’s Export Processing Zones (EPZ).
This is as per reports, which added the customs authority — customs authority in Bangladesh falls under the purview of the National Board of Revenue (NBR) — has revised its regulations pertaining to granting EPZ companies the right to obtain bonded-warehouse licences for a period of three years.
Reports further added now on, factories within the EPZ will have the option to renew their bond licences every three years while conversely, companies that are located outside the EPZ will have to continue to operate within the existing framework of two-year bond licences.
Meanwhile, speaking to the media, the Executive Director of the Bangladesh Export Processing Zone Authority (BEPZA), Md Khorshid Alam termed the move a welcome step by the Government towards facilitating the existing investors by offering them simplified services.
