Govt eases rules to release stranded cars from ports

The government is set to release more than 2,000 vehicles stranded for long at seaports, mostly at Mongla, under relaxed conditions.

The development came after the cabinet committee on economic affairs last week approved a proposal from the National Board of Revenue.

Prime Minister's Economic Affairs Adviser Mashiur Rahman wrote to Finance Minister AMA Muhith after seeing the hordes of vehicles stranded at Mongla port. Subsequently, the NBR sent the proposal to the cabinet committee.

Two separate measures will be taken for releasing the vehicles: one for those imported in violation of import policy and the other for those stranded for unpaid duties.

The commerce ministry will issue a clearance permit (CP) to those who imported vehicles of more than five years old under special consideration, according to the NBR proposal.

However, the relaxation of the conditions cannot be used as a reference for future cases.

Once the permit is issued, the NBR will slap a fine on the cars within 10 days and the importers will have to take delivery within 25 days by clearing all dues.

If any importer does not get his car released in 35 days, it will be confiscated in favour of the state.

The state will then auction off the cars. If proper price is not quoted, the vehicles will be given to different ministries and divisions for their use.

In case of duty-related complexities, tax will be imposed on the cars by calculating a maximum of 70 percent depreciation. It will cost the NBR around Tk 69 crore in lost revenue.

The importers must pay all taxes within three months and get their vehicles released.

If the importers do not take delivery of their cars, the government will put them up for auction. If the auction does not fetch 50 percent of the price tag, the government will give the vehicles to different ministries and divisions.

Some 2,069 vehicles (1,387 cars, 692 microbuses and others) were imported between 2010 and 2012, said the NBR proposal.

The vehicles were imported violating the import policy, and the importers had not been getting the vehicles released for various complexities related to differences in exchange rates and the rate of depreciation of the vehicles, it said.