Formation of a special wing has been proposed in the budget for FY2019-20, among other reforms, to ensure transparency in bonded warehouse management and stop clearance of goods through misdeclaration.
In his budget speech in parliament on Thursday, Finance Minister AHM Mustafa Kamal said measures will be taken so that all imported and exported goods go through scanners and it will be examined whether goods are imported through over-invoicing or under-invoicing.
A special wing will be established for this purpose.
“Consignments intercepted due to offences of over-invoicing or under-invoicing will be confiscated and punishment will be meted out to the wrongdoers,” said the finance minister.
He also said necessary legal reforms will be made to ensure effective implementation of these measures.
Kamal said all types of tax rates will gradually transform into fully business-friendly ones. “We believe we will be able to take our tax revenue collection to the optimum level when we will be able to prevent all types of mismanagement, corruption and misuse in the tax revenue management. And for that purpose, the revenue management will be fully automated,” he said.
“Special efforts will be made to enhance the efficiency and skills of the employees at the National Board of Revenue,” said Kamal.
It is expected that all these measures will enhance the country’s revenue collection as well as stop money laundering and other similar activities, he added.