The sugar refiners in Bangladesh have raised concerns over the under-invoicing practices adopted by certain importers while shipping refined sugar.
The motive behind this tactic is to maximize profits by taking advantage of the higher prices of the sweetener in the market. In a letter addressed to the National Board of Revenue (NBR) on May 22, the Bangladesh Sugar Refiners Association (BSRA) highlighted the detrimental impact of this practice on the local mills and government revenue.
The under-invoicing of refined sugar shipments not only diminishes the competitiveness of the domestic mills but also results in a loss of revenue for the government. The BSRA has urged the tax administrator, NBR, to take immediate action by tightening import regulations to curb this practice effectively.
