NBR ready to put ban on import of chemicals by Old Dhaka business firms

Business Report

The National Board of Revenue chairman Mosharraf Hussein said he would take immediate steps to ban import of chemicals by old Dhaka firms if the government so desire to dry the source of building stocks in the crowded old city.
He also suggested such companies may be banned from opening letters of credit (LCs), he said in the wake of the fire tragedy that left over 80 dead and injuries to many more destroying building and the city block.
He made the comment while speaking at an event organised at the NBR office to award top 10 VAT paying firms of Dhaka International Trade Fair 2018 that ended early this month.
“We will take steps if the industries ministry issues a directive barring LCs to be opened for chemical import against any address in the old town,” he said. The ban will discourage doing chemical business in Old Dhaka and compel them to relocate their business to somewhere else, he said.
“It is really very sad to see repeat of such incidents. To prevent this type of accident, it is necessary to relocate factories, chemical warehouses and stores from the older part of the city,” he said.
The country’s chemical import rose 17 percent year-on-year to Tk 17,548 crore in 2017-18, according to Bangladesh Bank data.Textile and apparel industry, cosmetics and care sector, pharmaceuticals, leather, agro, pharmaceutical, paint and construction, appliance and foam industry are major consumers of chemicals.
At the event, Bhuiyan also stressed on the need for properly depositing the value-added tax paid by the consumers to the state coffer to boost revenue collection.He said the VAT Act 2012 would be implemented in July based on discussions with all stakeholders, including businesses.
Domestic revenue collection will increase if the law is implemented, he said.
Hatil Complex, Walton Hi-Tech Industries, Esquire Electronic Ltd, Rangs Electronic Ltd, Butterfly Marketing Ltd, RFL Electronics, Fair Electronics Ltd, Durable Plastic Ltd, Navana Furniture Ltd and Rangpur Metal Industries Ltd were recognized in the event for payment of highest amount of VAT in the DITF this year.