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Import duty on 18 Bhutanese products to be withdrawn
The government is going to withdraw entire import duty from 18 major exportable products from Bhutan including some industrial raw materials, fresh fruits and spices to boost bilateral trade with the neighbouring country.
South Asian department of foreign ministry has urged the NBR to take necessary steps to withdraw import duty from the import items following a commitment by Prime Minister Sheikh Hasina during her recent visit to the country.
The PM has made the commitment to enhance bilateral trade with Bhutan during her visit on November 6-9. She has announced that Bangladesh will reduce tariff on 18 commodities imported from Bhutan from the existing rate of 15 per cent to zero.
Bangladesh is enjoying duty-free access of her products to Bhutan.
"We will issue an order in this connection after getting directive from the finance minister," said National Board of Revenue (NBR) Chairman Nasir Uddin Ahmed.
Asked about revenue involvement in the products, he said: "We are yet to asses the revenue loss with the exemption. But it will be a negligible amount."
A senior customs official said: "It was a long-drawn demand of Bhutan for waiving the 15 per cent duty. Presently, the NBR imposed a flat 15 per cent customs duty on import of Bhutaneseproducts."
The items include all kinds of vegetables (shelled or unshelled/fresh or chilled), orange, fresh fruits (oranges, pears, quinces), cardamom, ginger, jams, fruit jellies, marmalades, fruits or nut puree and pastes, fruit juice (tinned or bottled) except pineapple, grape and tomato juice, mineral waters, boulders, dolomite, gypsum, limestone, calcium carbonate, particle board, ferro-silicon, billets/semi-finished products of iron or non-alloy steel.
Bhutan embassy in Dhaka has forwarded the list of items to the government for exemption of import duty, referring to the assurance by the PM.
Bhutan exports fresh and processed fruits and minerals to Bangladesh while it imports garments, ceramics, pharmaceuticals, processed food, and toiletries.
Bangladesh imports products worth $14 million annually from Bhutan while it exports products worth $1.3 million.
http://www.thefinancialexpress-bd.com/more.php?news_id=87251
The government is going to withdraw entire import duty from 18 major exportable products from Bhutan including some industrial raw materials, fresh fruits and spices to boost bilateral trade with the neighbouring country.
South Asian department of foreign ministry has urged the NBR to take necessary steps to withdraw import duty from the import items following a commitment by Prime Minister Sheikh Hasina during her recent visit to the country.
The PM has made the commitment to enhance bilateral trade with Bhutan during her visit on November 6-9. She has announced that Bangladesh will reduce tariff on 18 commodities imported from Bhutan from the existing rate of 15 per cent to zero.
Bangladesh is enjoying duty-free access of her products to Bhutan.
"We will issue an order in this connection after getting directive from the finance minister," said National Board of Revenue (NBR) Chairman Nasir Uddin Ahmed.
Asked about revenue involvement in the products, he said: "We are yet to asses the revenue loss with the exemption. But it will be a negligible amount."
A senior customs official said: "It was a long-drawn demand of Bhutan for waiving the 15 per cent duty. Presently, the NBR imposed a flat 15 per cent customs duty on import of Bhutaneseproducts."
The items include all kinds of vegetables (shelled or unshelled/fresh or chilled), orange, fresh fruits (oranges, pears, quinces), cardamom, ginger, jams, fruit jellies, marmalades, fruits or nut puree and pastes, fruit juice (tinned or bottled) except pineapple, grape and tomato juice, mineral waters, boulders, dolomite, gypsum, limestone, calcium carbonate, particle board, ferro-silicon, billets/semi-finished products of iron or non-alloy steel.
Bhutan embassy in Dhaka has forwarded the list of items to the government for exemption of import duty, referring to the assurance by the PM.
Bhutan exports fresh and processed fruits and minerals to Bangladesh while it imports garments, ceramics, pharmaceuticals, processed food, and toiletries.
Bangladesh imports products worth $14 million annually from Bhutan while it exports products worth $1.3 million.
http://www.thefinancialexpress-bd.com/more.php?news_id=87251
Publication date: 12/21/2009
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