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The Bangladesh customs authority recently allowed fully export-oriented leather and footwear exporters to enjoy bonded-warehouse facility for multiple production units under a company by obtaining a single bond licence. Production units located in different zones, but owned by a single company, would be considered as parts of the main company.
In a December 15 circular, the customs wing of the National Board of Revenue (NBR) amended the existing continuation or extension bond order, issued on July 10, 2008.
The circular has been issued following demands of Leather Goods and Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB) and the Bangladesh Tannery Association (BTA), according to Bangla media reports.
The Bangladesh customs authority recently allowed fully export-oriented leather and footwear exporters to enjoy bonded-warehouse facility for multiple production units under a company by obtaining a single bond licence. Production units located in different zones, but owned by a single company, would be considered as parts of the main company.
LFMEAB and the Metropolitan Chamber of Commerce and Industry has hailed the decision.
NBR found that several export-oriented units were facing problems as they could not export their products within the bonding period of 24 months.
Fibre2Fashion News Desk (DS)
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