Updated on : 27-09-2018
The government has decided to ease the restrictions on duty exemption and drawback for refund of duties and taxes against exports.
Under a new decision made by National Board of Revenue (NBR), from now on, exporters will be allowed to receive the refunds against their exports by submitting Proceed Realization Certificate (PRC), the EXP form and the foreign currency documents until June 30, 2019.
NBR circulated its decisions by issuing a special order on September 5. This new order will override the directives stated in the previous order issued by the NBR on the same issue on March 30, 2011.
The previous order asked the Duty Exemption and Drawback Office (DEDO) to verify the physical examination information from ASYCUDA World System (global customs server) before providing duty exemption and duty drawback facilities.
Officials said the previous order was issued to prevent frauds in the refund process. But they faced difficulties in implementing the directive as information was sometimes not available at ASYCUDA World System. Besides, all the customs houses and land ports are not connected to the ASYCUDA World system.
The special order issued by NBR on September 5 removed these complexities.
The order acknowledged that the integration of the ASYCUDA World System is not fully complete to facilitate updated physical examination information against all types of exports.
An NBR official said the tax authorities have always been assisting the exporters in boosting the country’s export income.
Courtesy: The Daily Sun
|Registration of companies to be done fully thru online from Dec: Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh
|20 to get 'President's Award for Industrial Development'
|List and destination of 10 major exportable products from Bangladesh in FY 2023-24.
|Commerce Minister has invited foreign businessmen including the European Union to invest in Bangladesh
|Bangladesh wants to achieve the export target of three hundred billion dollars-Commerce Minister