Bangladesh’s National Board of Revenue (NBR) recently allowed partial export-oriented industrial units to import raw materials free of duty against a bank guarantee.
Exporters who cannot obtain a bonded warehouse licence under existing bond management conditions can now import raw materials or goods without paying customs duties, according to domestic media reports.
To avail of this benefit, importing companies must submit a bank guarantee equivalent to the customs duties assessed by the authorities on the imported items.
NBR expects the decision will help export-oriented industries maximise their production capacity, diversify exportable products and expand exports.
News Courtesy: Fibre2fashion