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Bangladesh EPZ authority proposes streamlining of HS codes

12 Feb '24

1 min read

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BEPZA has proposed harmonising HS Codes to maintain ongoing flow of investments, technology transfer, and exports.
In 2017, NBR issued a Statutory Regulatory Order (SRO), which implemented specific HS codes for importing machinery, machine parts in diverse industries.
Creating a favourable regulatory environment is crucial for sustainable economic growth.

The Bangladesh Export Processing Zones Authority (BEPZA) has put forward a proposal to streamline the Harmonised System (HS) Codes, aiming to sustain the current flow of investments, technology transfer, and exports.

This recommendation was made during a pre-budget meeting held with the National Board of Revenue (NBR) in Dhaka, in anticipation of framing the national budget for fiscal 2024-25.

In 2017, the National Board of Revenue (NBR) issued a Statutory Regulatory Order (SRO), which introduced certain HS codes for the import of machinery and machine parts across various industries within the Export Processing Zones (EPZs).

However, this SRO omitted several HS codes relevant to capital machinery and parts essential for both direct and indirect production processes in industries.

Consequently, businesses have encountered obstacles in importing necessary machines, impeding operational efficiency and growth.

BEPZA emphasised the necessity to revise the SRO to provide clarity regarding the exemption of advance income tax and advance tax on the import of machinery and parts.

By addressing these ambiguities, the revised SRO can facilitate smoother import procedures and alleviate financial burdens on industries operating within the EPZs.

Fibre2Fashion News Desk (DR)

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