NBR cuts min. import value of ceramic tiles, toothpaste

FE REPORT | Friday, 24 January 2020

The customs wing of the revenue board has reduced the minimum import value of ceramic tiles and toothpaste to rationalise it with the actual import value of those products.

Officials said the minimum import value of the products has been reduced following demands from the importers.

A committee of the National Board of Revenue (NBR) has also found that the minimum values for customs assessment of the products were higher than that of the actual import values of the items.

The import value of ceramic tiles, different sizes, has been reduced by up to US$ 1.0 per square metre.

The new minimum import value of the product has been set at a range between $ 5.25 per square metre and $ 11 per square metre.

Earlier, the highest minimum value was $ 12 per square metre for the larger size of the ceramic tiles and the lowest value was $ 6 per square metre for the smaller sizes.

The NBR issued a Statutory Regulatory Order (SRO) on Wednesday, reducing the minimum value of those products.

Also, the minimum value for import of ceramic tiles of different other sizes has been fixed at $ 11 per square metre.

The minimum import value of toothpaste has also been reduced to $ 3.50 per kilogram from previous $ 5.0 per kg.

The customs department of the NBR also set minimum import value worth $ 1.30 per kg of tasting salts to prevent under-invoicing of the products.

NBR revised the minimum import value of tasting slat following recommendations by the Chattogram Customs House (CCH).

The CCH made the recommendations to thwart misdeclaration regarding the import price of the product.

Currently, the minimum import value is applicable for several hundreds of products.

The customs authority conducts assessment and valuation on the basis of minimum value to check duty evasion through concealing actual import prices of the products.

[email protected]