The National Board of Revenue (NBR) has extended the validity of bonded warehouse licenses to three years, reducing time and cost for exporters. This change removes discrepancies between licenses held by factories inside export processing zones (EPZs) and those outside the zones. Exporters can now import raw materials duty-free under the licensing facility. Licenses can be renewed within three years if audited in at least two years. However, exporters argue that the extension will not benefit them. The NBR has also increased license renewal fees for factories not affiliated with any trade body.
Source: The Daily Star