Suspends bond licence of Hallmark Design Wear
The National Board of Revenue has suspended the bond license of Hallmark Design Wear Ltd, a sister concern of controversial Hallmark Group, and demanded Tk 116 crore as duties and taxes from the company for not exporting products under bond license, officials of the NBR said. They said that customs bond commissionerate of the NBR had recently suspended the license of the company for violating conditions of bond license and not paying the money.
Officials of the commissionerate said that Hallmark Design Wear Ltd imported raw materials worth Tk 92.53 crore under bond license against a total of 349 bills of entries from March 7, 2011 to January 31, 2014, but they did not export the products manufactured using the raw materials.
Export-oriented business organisations are allowed to import raw materials duty-free on condition that they would export the products made by using those raw materials, they said, adding that manufacturers cannot sell any products in local market.
Hallmark was supposed to pay a total of Tk 116.35 crore as duties and other taxes for importing the raw materials, CBC estimated.
As they did not provide any documents if they exported the products or not, the CBC issued demand notice to the company for paying the money, he said.
The company, however, claimed that they exported the products made by using the raw materials imported under bond license, officials of the NBR said.
‘Hallmark authorities sought time extension for providing documents saying that they could not submit documents as the owner of the company is now in jail,’ a NBR official said referring to Hallmark ’s submission.
CBC has given the company one month in this connection, he said, adding that the revenue board would go for legal action including freezing bank accounts of the company and filing cases against the owners of the company if they fail to pay the money.
-With New Age input
