Export-oriented industries may get major relief as bond facilities, audit obligations set to ease in budget
Under the proposed measures, customs bond facilities may be simplified and audit obligations relaxed for 100% export-oriented industrial enterprises.
Several proposals to expand bond facilities and relax conditions may be included in the upcoming FY2026-27 national budget to enhance the competitiveness of export-oriented industries and ease business operations.
Under the proposed measures, customs bond facilities may be simplified and audit obligations relaxed for 100% export-oriented industrial enterprises.
Considering the potential of export-oriented sectors in the next fiscal year, initiatives may also be taken to introduce customs bond facilities for other industries.
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As part of efforts to ease business, the annual mandatory bond audit requirement for 100% export-oriented compliant garment factories may be withdrawn. Stakeholders believe this will reduce administrative complexities and save time for exporters.
In addition, there may be a proposal to extend the tenure of general bonds for 100% export-oriented leather goods and footwear industries, as well as towel, linen and home textile industries, from one year to three years, similar to the readymade garment sector.
A proposal has also been made to remove the limit on one-time storage of raw materials in bonded warehouses.
At the same time, for bond facility-holding enterprises, there may be a proposal to allow Utilization Permission (UP) to be obtained at least 24 hours before shipment instead of the current requirement of at least 48 hours.
Stakeholders said if these initiatives are implemented, they will accelerate business activities in export-oriented industries, reduce time and costs, and further strengthen competitiveness in foreign trade.
