The National Board of Revenue (NBR) is set to introduce the Authorised Economic Operator (AEO) system on February 5, aiming to streamline import and export processes by providing a seamless clearance system for businesses, reports UNB.
Under this system, AEO-certified businesses will be able to directly transport cargo from ports to their factories or warehouses through a green channel without undergoing physical inspections.
This will significantly reduce clearance time, lower costs, and improve overall efficiency in trade operations.
According to NBR sources, the revenue authority has been working on implementing the AEO system for a long time. Compliant taxpayers will self-declare their tax status and conduct their own assessments before applying for AEO certification.
A senior NBR official stated that the board has already issued 14 AEO certifications, with several more applications under review.
The NBR formulated the rules for this system in June last year and finalised the operational procedures in December. Additionally, it has upgraded its digital infrastructure to facilitate AEO operations.
During a recent event on World Customs Day, NBR Chairman M Abdur Rahman Khan stated that once the system is introduced, compliant taxpayers will no longer face interventions from Customs authorities.
“The imported goods will be directly delivered to their premises from vessels under the self-assessment system,” he said.
He also mentioned that tax payments will be made through bank-to-bank fund transfers.
The AEO system also provides international benefits if reciprocal agreements are in place with other countries, allowing certified businesses to enjoy similar privileges abroad.
Introduced by the World Customs Organization in 2007, the AEO system aims to enhance global supply chains and expedite trade. Countries such as the US, the European Union, Japan, Singapore, India, and China have already adopted the system. India, for example, has more than 5,000 AEO-certified businesses.
Bd-pratidin English/Tanvir Raihan
