Chattogram:Customs intelligence officials have seized 150 metric tonnes of raw tobacco from 10 containers at Chattogram port. The tobacco, imported from Pakistan by Global Leaf Tobacco Company Ltd, was stored under a bonded warehouse facility, raising concerns about possible revenue evasion during import and cigarette production.
According to United News of Bangladesh, the seized tobacco could potentially be used to produce approximately 2.143 billion premium cigarettes, with an estimated retail market value of Tk 493.86 crore, as reported by the Customs Intelligence and Investigation Directorate (CIID). The initial assessment revealed significant discrepancies in the declared import value of the consignment.
The consignment was declared at a value of $1.45 per kg, whereas similar products under the same Harmonised System (HS) code were assessed at $5.10 per kg. Based on this previous assessment value, the potential revenue at the import stage is estimated to be around Tk 21.12 crore, according to preliminary evaluations.
The use of the bonded warehouse facility has further raised concerns about the proper accounting and monitoring of the tobacco's actual use and the quantity of cigarettes produced. If the imported tobacco and resulting products are not accurately accounted for, there is a serious risk of customs duty and tax evasion at both the import and production stages.
The incident underscores the need for effective monitoring of bonded imports to ensure that raw materials are used for authorized purposes and that duties and taxes are properly accounted for when applicable.