Chattogram:Customs House, ICD, Chattogram, has thwarted an attempt to export locally sourced scrap under the guise of goods made from bonded raw materials, revealing a potential revenue evasion of approximately Tk 1.71 crore.
According to United News of Bangladesh, the operation was executed following a tip-off, with a preventive team conducting a raid on an export consignment at Golden Container Ltd., an off-dock located in Chattogram. This consignment was linked to Nialco Alloys Ltd, based in Jahanabad, Bhatiari, Sitakunda, Chattogram.
In a comprehensive physical inspection conducted in the presence of representatives from the C and F agent and the off-dock authorities, officials discovered discrepancies in the consignment. Although the declared item was "Sorted Copper," officials found 10 pieces of undeclared ship propeller scrap. The consignment, valued at US$326,560, was destined for Japan.
Preliminary investigations indicated that the firm had imported copper scrap and copper alloy scrap as raw materials under bond facilities. However, instead of exporting goods manufactured from duty-free imported raw materials, the firm attempted to export items of a different origin and nature.
Customs officials identified this as a misuse of bond facilities and an attempt to evade duties and taxes, leading to an estimated revenue loss of Tk 1.71 crore for the government. Customs House, ICD, Chattogram, is currently finalizing its report and proceeding with legal action regarding the revenue evasion.