Customs foils Tk1.71cr revenue evasion attempt

CHATTOGRAM, Nov 14: Chattogram Customs House (CCH) has foiled an attempt to export locally sourced scrap in place of goods made from bonded raw materials uncovering an evasion of about Tk 1.71 crore in revenue. 
 
On a secret tip off, a preventive team of the CCH conducted a raid in an export consignment at Golden Container Ltd., an off-dock in Chattogram, on Thursday.

The consignment belonged to Nialco Alloys Ltd based at Jahanabad, Bhatiari, Sitakunda, Chattogram, according to a press release issued on Saturday.

In the presence of representatives of the C&F agent and the off-dock authorities, officials conducted a 100 per cent physical examination of the consignment, it said.

The declared item was “Sorted Copper” but officials found 10 pieces of ship propeller scrap, which had not been declared.  The consignment’s declared value was US$ 326,560 and its destination was Japan.  

Preliminary investigations found that the firm had imported copper scrap and copper alloy scrap as raw materials under bond facilities.  

Customs officials said that, instead of exporting goods made from duty-free imported raw materials, the firm tried to export items of a different origin and nature.

The incident has been identified as a misuse of bond facilities and an attempt to evade duties and taxes, causing an estimated revenue loss of Tk 1.71 crore to the government.

The press release said that a 100 per cent physical examination revealed 10 pieces of ship propeller scrap, which were entirely different from the declared export product.