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Regulations for speedy release and disposal of perishable goods introduced

Government has introduced Perishable Goods Speedy Release and Disposal Regulations 2021 through a notification being SRO No. 269-Ain/2021/44/Customs dated August 8, 2021 (Gazette published on August 11, 2021). 

As per the regulations, if everything is in order, the process of customs clearance of perishable goods should be completed within 48 hours. This timeframe can be extended; subject to the permission of the concerned commissioner. Any importer or exporter or their agent may submit a bill of entry to any system within 24 hours if they desire.

Pursuant to the regulations, each Commissioner in each customs house has to form a special committee of not more than five members for the management of the perishable goods expediently. If an importer does not release the goods within the stipulated time, the special committee will dispose of the goods through auction or if not possible, through destruction.

There are 63 types of goods listed as perishable in the regulation and the Joint Commissioner or other senior customs official has the power to declare any goods as perishable. 

The list includes ivestock, birds and animals, ducks, chicken and poultry, frozen fish, fish fry, yeast, plants and seedlings, mushrooms, fresh flowers, fresh fruits, fresh capsicum, pickles, dried fruits, tea leaves, coffee, betel nut, coconut, ghee, butter oil, molasses, nuts, fertilizers, rawhides, beets, raw rubber, sugar, black salt, common salt, testing salt, milk and dairy products, frozen and processed meats, poultry eggs, chocolate, biscuits, vermicelli, chips, noodles, chanachur, onions, garlic, chillies, ginger, raw turmeric, fresh and frozen vegetables, tamarind, all food and cosmetics for a period not exceeding six months, medicines and medicinal raw materials and edible oils.

Download: পচনশীল পণ্য দ্রুত খালাস ও নিষ্পত্তিকরণ বিধিমালা, ২০২১

Duty Drawback Regulations 2021 introduced

From now on, export-oriented companies will only get refunds of customs and regulatory taxes from the Director General, Duty Exemption and Drawback Office (DEDO). All exporters have to apply for refund of taxes within six months after export.

Recently, the National Board of Revenue (NBR) has issued the Duty Drawback Regulations 2021. According to the regulations, the duties will be refunded under these rules. NBR reimburses the export-oriented companies for the various products, including raw materials and goods in the supply chain. Exporters will have to apply for a refund at the Director General.

Exporters have to apply in a specific form with proof within six months of exporting the goods to get the import duty refunded. After the submission of the application form and documents of the applicant, Director General will take necessary steps to verify and select it. If necessary, on-the-spot inspection will also be done. Within 21 working days of inspection or within 15 working days if inspection is not required, Director General will issue the refund as a cheque in favor of the applicant’s account.

Download: শুল্ক প্রত্যর্পণ বিধিমালা, ২০২১

Unpaid vat must be Paid: RJSC

On 20.04.2021, RJSC published a notice (the notice is undated) regarding the payment of unpaid VAT for services received from RJSC during the financial year 2014-15 to 2017-18. During this period, though there was provision for VAT on the services of RJSC under the VAT Act 1991 and VAT Rules 1991, RJSC did not impose the VAT on their machine-generated payment slip. Here, you should note that any person who (was and) is preparing and submitting the return of any company cannot generate payment slip on their own or put the amount. The payment slip (as well as the amount) is generated by the system implemented by RJSC. Thus, it was an oversight by RJSC themselves.  

RJSC also published a list of the unpaid amount of VAT for each company. Unless companies pay the unpaid VAT, as per the notice RJSC will not provide any further services to those companies.  

Download – বকেয়া ভ্যাট সম্পর্কিত বিজ্ঞপ্তি.

FRC expands the definition of public interest entities

The Financial Reporting Council (FRC), the newly established regulatory body has issued a notification on 11 Match 2020 (Gazette Published on June 29, 2020). By this notification, FRC extended the range of companies that will be considered as ‘Public Interest Entity’ in addition to what was initially defined in the Financial Reporting Act 2015. Section 2(8)(Ka) allows the FRC Act to make such determination.

As per the notification, if a firm earns annual revenue of Tk 5 crore, it will be treated as a public interest entity.

In addition to that, companies having assets of Tk 3 crore or more, or liabilities of Tk 1 crore apart from the shareholders’ equity, will also be a public interest entity.

Public Interest Entities are required to abide by the rules and regulations of FRC and the Financial Reporting Act (FRA) 2015.

Download: Notification on Definition of the public interest entity.