Regulatory Alerts2013-10-23
Added · Updated
FEPD Circular Letter No. 31: Regarding Non-Issuance of LC without Obtaining VAT Registration Number (BIN) as Importer and Mentioning HS Code of Imported Items in Import Bill of Lading
Authorized dealers are instructed to refuse issuing Letters of Credit to importers who lack a VAT Registration Number (BIN) specifically designated for import activities, even if they hold a BIN for production or supply. Banks must also ensure that the correct HS Code for imported items is explicitly stated in the Bill of Lading to facilitate proper container management and customs clearance. Failure to comply with these National Board of Revenue directives places liability on the respective banks. This circular reinforces previous instructions regarding the mandatory inclusion of the importer's BIN and the bank's name and BIN in credit documents.
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