Regulatory Alerts2021-06-01
Added
FEPD Circular Letter No. 13: Agency commission for handling vessels
The Foreign Exchange Policy Department clarifies that the term "total transportation charges" in FE Circular No. 13 of 25 March 2021 shall be read as "gross freight" for the collection of agency commission by local agents of foreign shipping lines. This interpretation results in the revocation of paragraph 3 of the referenced circular. Additionally, a 5% agency commission applies to revenue from demurrage, detention, handling, or equivalent charges regardless of terms, for Authorized Dealers, foreign shipping lines, their agents, and licensed freight forwarders in Bangladesh.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular Letter No. 13 Date: June 01, 2021 All Authorized Dealers in Foreign Exchange in Bangladesh and all foreign shipping lines/ their agents and licensed freight forwarders operating in Bangladesh Dear Sirs, Agency commission for handling vessels . Attention of Authorized Dealers is invited to FE Circular No. 13 of 25 March, 2021 regarding minimum agency commission for handling of vessels at Bangladesh ports. 02. To make further clarification regarding collection of agency commission of local agents of foreign shipping lines, “total transportation charges” mentioned in paragraph 2 of the above circular shall be read as “gross freight”. Accordingly paragraph 3 of FE Circular No. 13 of 25 March, 2021 shall stand revoked. 03. Agency commission at 5% is also applicable, irrespective of terms, for collection of revenue on account of demurrage, detention, handling or equivalent charges.
Other relevant instructions in this regard shall remain unchanged.
Yours faithfully,
(Md. Ali Akbar Faraji) General Manager Phone: 9530123