The Customs Valuation and Internal Audit Commissionerate (CVIAC) of the National Board of Revenue (NBR) has detected a number of import consignments that entered into the country through under-valuation, causing revenue loss to the public exchequer.
The products, including knit fabrics, crushed stones, and stainless steel glasses, were imported showing lower values than the NBR-fixed minimum values of those products, said two separate statements of CVIAC.
NBR has set the minimum assessment value of a number of products through issuing Statutory Regulatory Order (SRO).
Importers are not allowed to show import prices of these products below the NBR-prescribed minimum value.
The commissionerate has found irregularities in import of 11 consignments of knit fabrics, causing evasion of duties and taxes amounting to Tk 18 million.
Its audit investigation team has found an importer - Syed Store of Dhaka - imported the knit fabrics through 11 bills of entry.
He released the item at US$ 1.50-2.0 per kg from the customs port against its minimum value of $ 3.0 per kg.
The products were imported from China in 2016 and 2017. The importer opened Letter of Credit (L/C) in Uttara Bank Limited's English Road branch for importing the products.
Total tax incidence on knit fabrics is 89.44 per cent.
Last month, the CVIAC team has also detected tax evasion on import of crushed stones. It has found three importers evaded Tk 11 million taxes and duties in the import.
CTM joint venture of Dilkusha in the capital evaded payment of 4.0 per cent Advance Trade VAT (ATV) in importing the crushed stones through four bills of entry.
The products were imported from Malaysia through Chittagong Customs House (CCH), and the importers avoided payment of revenue worth Tk 6.0 million.
The audit team also found Agrani Traders of Mitford area in the city evaded Tk 1.5 million duties and taxes in import of stainless steel glasses from China. The products were released from Mongla Port.
The importer released the glasses at $ 1.20 against their minimum value of $ 2.25.
The commissionerate team has requested CCH and Mongla Customs House to take legal actions and realise the evaded duties as per audit report.
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