Customs intelligence unearths tax evasion worth Tk 32.24cr
Staff Reporter :
The Customs Intelligence and Investigation Directorate (CIID) wing of the National Board of Revenue (NBR) filed 80 cases against business entities accusing revenue evasion in last month (March).
During the period, the members of the intelligence unit unearth duty evasion worth Tk 32.24 crore by seizing goods worth $35.51 crore, according to a report of the CIID.
The business firms, mostly bonded warehouse facilitated and export-oriented, evaded the duties in different times, the report said.
The bonded warehouse, widely known as bond, is the facility provided to 100 per cent export-oriented industries for importing inputs or raw materials and packaging materials without paying any duty or taxes.
The NBR provides the facility to a wide range of industries to encourage export-oriented industrialisation and facilitate exports.
The Customs Law-1969 says exporters, who are entitled to enjoy bonded-warehouse facility for duty-free import of their raw materials, will have to use the products for exports only.
But the firms sold the imported raw materials in open markets illegally. Such unholy practice does not only cause huge revenue loss to the government exchequer but also creates uneven competition for local industries, the CIID report said.
The NBR has already found evidence of misuse of such bonded facilities against several garment factories by investigating.
The revenue board Chairman Abu Hena Md Rahmatul Muneem directed the officials concerned in a meeting recently to increase monitoring in order to preventing such misuse of the duty-free facility.
The meeting also emphasized on increasing monitoring in bonded firms as import of goods by taking the duty-free facilities is
creating a risk of revenue evasion. Some 2800 business entities imported raw materials through IM Four by taking the duty-free facility in last February this year.
NBR officials said that they are very active to control the misuse of the bonded facility.
“We are conducting drive on regular basis against those unscrupulous businessmen. In the recent drive, the CIID officials have seized a huge amount of illegal goods,” said an official wishing anonymity.
Md Shahidullah Azim, Vice-President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), claimed that most businesses are absolutely honest and some unscrupulous traders are involved with the bonded warehouse facilities to make money easy way.
He urged the authorities concerned to check the activities of the unethical traders to save the positive image of the garment industry as well as ensure more revenue to the government exchequer.
