BANGLADESH: Single Bond Licence Now Covers Multiple Leather Production Units
17 January 2022
Bangladesh’s National Board of Revenue (NBR) announced on 15 December 2021 that it will allow leather goods manufacturers with several production units to obtain a single bond licence. As a result, fully export-oriented footwear and leather producers will be able to use a single licence for bonded warehouse facilities covering production units located in different zones. The NBR’s customs unit said it had revised the existing continuation or extension bond order issued on 10 July 2008 to meet this requirement.
A recent NBR Statutory Regulatory Order allows using raw materials held in bond after the fixed bonding period has expired in certain cases for 100% export-oriented bonded institutions. As a result, a time extension is now possible as long as three conditions are met. The quality of the raw materials must remain intact for the duration; the quality of the raw materials must be such that the products manufactured from it are of export quality; and finally, the raw materials in bond must have an updated audit and renewal check.
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