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Bangladesh EPZ units can import eight more items sans duty
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Bangladesh EPZ units can import eight more items sans duty

DHAKA: Industries located in the country’s Export Processing Zones (EPZs) will be able to enjoy duty-free import of additional eight types of fire-safety and other safety equipments.

Investors of the EPZ companies have been exempted from payment of customs duty and other taxes in a recent statutory regulatory order (SRO), issued by the National Board of Revenue (NBR).

As per the latest SRO, the tax exempted items are – all kinds of generator sets, coal, solar power set, all types of fire-fighting equipments, evaporative cooling machine, all types of safety equipments for workers, mannequins and drinking water treatment machines.

Officials said a total of 34 types of equipments are currently duty-free for the EPZ companies, most of which are safety equipments.

Industrial fans, machinery oils, industrial freezers/ refrigerators, electric cables, industrial air conditioners, washing machines, lamps and security appliances are already exempted.

They said the present eight items were left out from the list of duty-exemption. Bangladesh Export Processing Zones Authority (BEPZA) governing body, chaired by Prime Minister Sheikh Hasina, decided to incorporate those items in the duty-exemption list.

To ensure factory compliance and meet requirements of international buyers, the EPZ factories have to ensure standard and safety measures in their units.

However, NBR has imposed some conditions on import of mannequins. An investor can import maximum four mannequins, which is needed to measure the size of readymade garment items, in the first year, and two in next each year.

The importing company will have to submit a declaration paper that it has approved limit for importing those mannequins on that particular import-year.

The company will also have to give an undertaking in the judicial stamp to the customs station or house that it will not handover or sell the products without permission of the customs authority.

In case of sell or handover of the products, the applicable duty and taxes have to be paid by the company.