Revenue board decides to allow temporary import

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The National Board of Revenue has decided to sign an international convention facilitating temporary import of goods for display and other short-time uses in commercial operation in the country, officials said.
Importers will be allowed for temporary import on condition of re-export of the products to the countries of origin within a given time that may be three months, if the government endorses the convention, they said.
Under the Istanbul Convention on Temporary Admission, known as ATA Carnet System, a set of products, commercial samples and professional equipments imported for display or use at exhibition, fair and similar events, and for other short-time use in commercial operation are given temporary admission to a country without paying any duties and taxes.
Machinery and equipments particularly for use in testing, checking, experiments, demonstrations and use as moulds and models and other special tasks also get the permission.
A senior official of the customs wing of the NBR told New Age on Thursday that ATA Carnet System was a recognised method for giving speedy clearance to goods imported under the system without paying duties and taxes on condition of re-export within a given period of time.
Currently, the revenue board allows such import taking bank guarantee up to one and a half times of applicable duties. The revenue board seizes the bank guarantee money if any importer sells the products in the local market or does not re-export.
Under the ATA Carnet System, a trade body is assigned as carnet issuing and guaranty authority to authorise such import and it has to give guarantee of duties to the revenue board against any possible misuse of the facility.
The NBR official said that Bangladeshi entrepreneurs particularly from export-oriented industries including the readymade garment sector would be benefited from the facility as they sometimes need special machinery and equipments for short-time use.
The scope of revenue evasion through selling of products imported for display or use in exhibition or fair or similar events will also be reduced by the system, he said.
The government at a cabinet meeting in 2000 took the decision of signing the convention allowing only sample advertising film temporary admission.
In 2013, the finance minister instructed the revenue board to examine the scope of allowing temporary admission for products in line with the Istanbul Convention.
Officials said that the revenue board could not introduce the system due to a conflict between the Federation of Bangladesh Chambers of Commerce and Industry and International Chamber of Commerce-Bangladesh on giving authorisation to the importer and exporter.
The dispute on the issue between the FBCCI and the ICC-B is yet to be settled, they said.
They said that the revenue board as a signatory of Revised Kyoto Protocol and Trade Facilitation Agreement of World Trade Organisation would have to allow such import as part of trade facilitation and simplification of customs procedures.
The revenue board now will finalise the list of products which may be given the facility considering the local context and the scope of duty evasion through misuse the facility, they said.
The customs wing has already evaluated the lists of products enjoying the temporary import in neighbouring India, Pakistan and Sri Lanka, and some other countries including Malaysia and found that these countries allow products for display and fair, professional goods and samples for temporary import.
The revenue board will hold a meeting soon with stakeholders including related ministries, trade bodies and trade associations to select the carnet issuing and guaranty authority and finalise the list of products.
Source: Ne Age

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