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Bangladesh Imported Goods from Abroad


Introduction
        A good or service brought into one country from another.

        The word "import" is derived from the word "port," since goods are often shipped via boat to foreign countries.

        Countries are most likely to import goods that domestic industries cannot produce as efficiently or cheaply.

Why Import?


         To serve markets where the firm has no or limited production facilities.

         Goods that act as a tool for producing another kind of commodity.

         To remain price-competitive in the home market.

         To improve the efficiency of manufacturing equipment.

         To achieve additional sales.

Non Importable Goods

        Maps, charts and geographical globes which do not indicate the territory of Bangladesh.

        Books, newspapers, periodicals, documents and other papers containing matters likely to outrange the religious feelings.

        Goods of secondary or sub-standard quality or below –standard or old, used, reconditioned goods or factory rejects and goods of job-lot/stock-lot.

           Reconditioned office equipment, photocopier, type-writer machine etc.

        Import of live Swine and any item prepared from swine.

DOCUMENTATION
Legal Documents

        Trade License (Authority: City Corporation).

        TIN (Tax Identification Certificate) Certificate (Authority: National Board of Revenue).

        VAT (Value Added Tax) Certificate (National Board of Revenue).

        IRC (Import Registration Certificate) (Authority: Chief Commissioner Import & Export).

        Bank Account (Local Scheduled Bank) (Any Schedule under central Bank).

        Specific License (i.e. Govt. Import, you should have Enlistment, Bond Certificate for Specialized Zone).


 Sources of Finance
  
        Cash foreign exchange (balance of the foreign exchange reserve of Bangladesh Bank).

        Foreign currency accounts maintained by Bangladeshi Expatriates working/living abroad.

        External economic aid (Commodity Aid, Loan, Grant).

        Commodity exchange: Barter and Special Trading Arrangement (STA).

 Sources of Finance (Cont.)

  
        Commercial importers and industrial consumers may utilize their respective shares under Barter/STA as per basis notified.

        Import under the Special Trading Arrangements (STA) concluded with prior approval/permission of the government, shall be subject to the specific procedures laid down by the government in this respect.

  
Import Process 

Import License

Import against LCA Form

Import through L/C

Import against LCA Form but without opening of Letter of Credit (L/C)

Import against Import Permits and in special cases against Clearance Permit (for clearance of goods on payment of fine)



 Import Process (Cont.)
  
         Import on Deferred Payment Basis or Against Supplier’s Credit.

         Import against direct payment abroad.

         Time limit for opening of L/C.

         Validity of shipment for goods.

Transportation Documents

        There are different modes of transport through which goods can be Imported.

        Therefore every mode of transport will have a different document.

Air Freight


         Air bill/Air consignment notes


 Rail/Road

         Railway receipt/Consignment note


 Types of Transportation Documents

A bill of lading

Air Waybill (AWB

Railway receipt

Waybill

Fees Regarding Imports




Category
Value Ceiling of
Initial Registration
Annual renewal
annual import
fees
fees

First
Tk. 5,00,000
Tk. 5,000
Tk. 3,000




Second
Tk. 25,00,000
Tk. 10,000
Tk. 6,000




Third
Tk. 50,00,000
Tk. 18,000
Tk. 10,000




Fourth
Tk. 1,00,00,000
Tk. 30,000
Tk. 15,000




Fifth
Tk. 5,00,00,000
Tk. 45,000
Tk. 22,000




Sixth
Above Tk.
Tk. 60,000
Tk. 30,000
5,00,00,000









 Major Import Commodities of Bangladesh

Machinery and equipment

Chemicals

Iron and steel

Textiles

Foodstuffs

Petroleum products

Cement

Partners

China: 15.8%

India: 15.7%

Kuwait: 8.1%

Singapore: 7.6%

Japan: 4.4%



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