After a week-long delay over a dispute stemmed from the declared value and customs assessment, Chattogram Custom House on Monday allowed Meghna Group’s imported sugar to be released against a bank guarantee.
The MV Spar Capella, arriving from Brazil’s Santos Port, was carrying 56,073 metric tons of raw sugar worth Tk 278 crore for Meghna Sugar Refinery Limited of Meghna Economic Zone in Narayanganj.
The consignment was supplied by Singapore-based Wilmar.
According to the bill of entry, Meghna Group declared the price at $404.51 per ton. However, Customs initiated the assessment process at $426 per ton, causing a standoff that resulted in a seven-day delay in clearance.
Following Meghna’s application for temporary clearance through a bank guarantee, a meeting was held at Chattogram Custom House on Monday.
Customs then approved the release of the consignment based on the importer’s declared value, subject to the bank guarantee.
“The release has been allowed at the importer’s declared value with a bank guarantee. If Customs’ assessment value is finalized, the additional duty will be adjusted from the guarantee. If the importer’s value is upheld, the guarantee will be refunded,” said HM Kabir, Deputy Commissioner and spokesperson for Chattogram Custom House.
A Meghna Group official, speaking anonymously, said, “Never before has the customs value of sugar been set higher than the import price. We applied for assessment based on internationally recognized market prices to avoid production disruption. However, due to the seven-day delay, we now face extra ship rental charges of at least $20,000 per day.”
Raw sugar imports for industrial refining incur Tk 3,000 customs duty per ton, along with 15 percent supplementary duty, 15 percent VAT, and 2 percent advance income tax.
Last month, Customs collected an average of Tk 23 in revenue per kilogram of raw sugar.
