FBCCI seeks more than one PSI firms at a single block

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) yesterday suggested the government appoint more than one pre-shipment inspection (PSI) companies at a single block in order to free businessmen from any harassment.
Advocating strongly an extensive monitoring of PSI activities, the apex business body asked for punitive measures against any PSI firm found involved in any irregularities.
The FBCCI put forward these recommendations to the National Board of Revenue (NBR) Chairman Muhammad Abdul Mahid when he visited the FBCCI office yesterday.
"It might be suitable for businessmen if the government introduces many PSI companies at a single block so that the businessmen can select any PSI company of their choice," Mir Nasir Hossain, president of the FBCCI, said.
He said it is ardent to value products as per the PSI companies' value, unfortunately sometimes it was found that the customs department imposed more value on the products that were valued by the PSI firms.
Mir Nasir suggested formulation of a price data on the basis of transaction value in association with a private firm.
The FBCCI requested the NBR to review the duty structure on raw materials saying that local businessmen are facing uneven competition with imported products even in the local market because of the present duty structure.
Nasir sought exemption of value added tax (VAT) and CRF and landing tax on edible oil to keep its price under control.
NBR Chairman Muhammad Abdul Majid said budget is a continued process and it should be reviewed throughout the year.
"The NBR will take decision about continuation of PSI companies and review the duty structure on raw materials after consulting with all the stake holders," he assured the FBCCI.