Penalty, in pecuniary terms, for customs-related offences is set to go up twofold from July 01 as per the provisions of the Finance Bill-2021.
Importers or exporters concerned will have to pay a fine up to Tk 0.1 million in case of violating any provisions of the customs law and rules under it or failing to comply with any provision.
Currently, the rate of penalty is set at Tk 50,000 for such violation or non-compliance.
In case of unlawful import of restricted goods, the customs will impose a penalty of Tk 50,000 instead of existing Tk 20,000 from the upcoming fiscal year.
The penalty will also be applicable for failure to furnish the required documents to customs officials.
In the proposed budget, the government has also rearranged the power of adjudication related to confiscation of goods or imposition of penalty by the customs officials as per value of goods.
Customs commissioners and additional commissioners will handle the cases involving confiscation and penalty if the value of goods exceeds Tk 5.0 million, up from existing Tk 2.0 million.
Joint commissioners will be able to handle the cases involving value of goods worth above Tk 3.0 million which is Tk 2.0 million for deputy commissioners.
Currently, both joint and deputy commissioners can order to confiscate and impose penalty for goods worth above Tk 1.5 million and Tk 1.0 million respectively.
Assistant commissioners and revenue officers will be able to handle goods valued up to Tk 1.0 million and Tk 0.5 million respectively which is now Tk 0.5 million and Tk 0.2 million respectively.