The National Board of Revenue (NBR) is contemplating the introduction of a more simplified process for compliant import duty and tax payers to import the goods they need, helping them to do business more easily.
If introduced, NBR would allow these importers to use the 'green channel' at ports of entry to get their imported items cleared for release without any hassle.
“This system would be something like the Authorized Economic Operator (AEO), aiming to streamline import processes by providing a seamless clearance system,” a senior NBR official told UNB, preferring anonymity to discuss what he wasn't authorized to.
Under this system, AEO-certified businesses will be able to directly transport cargo from ports to their factories or warehouses through a green channel, avoiding the most time-consuming physical inspections.
This will significantly reduce clearance time, lower costs, and improve overall efficiency in trade operations.
The AEO program is a strategic partnership between Bangladesh Customs and trusted businesses, designed to enhance trade facilitation while ensuring supply chain security. Under this program, long-term, compliant partners receive expedited customs clearance and other trade benefits.
The NBR official said that beyond the AEO holders, there are also some other compliant taxpayers.
“The NBR would allow the other compliant taxpayers to use the green channel directly. We are working to introduce a system for them in the budget for the next fiscal,” he said.
The importers would mostly avoid the delays that usually take place over the customs clearance.
“This system would reduce congestion in the ports, the items would be at the premises of the importers within the quickest possible time,” he added.
The NBR senior official said that for this the importers using this system have to commit that they would not misuse the facility.
The NBR official mentioned that the revenue collecting authority has already taken steps to tighten the bond law in a bid to curb its misuse to avoid adverse impact on the country's revenue collection and economy.
He noted that the revenue authority is planning to impose stricter penalties, including higher fines and increased jail terms, for violations of bond facility regulations.
He said that there will be higher monetary fines along with imprisonment if anyone violates the facility.
A team has been assigned to look into the law and its rules and regulations.
The official stated that NBR plans to introduce a slew of reform initiatives to streamline customs procedures for legitimate businesses. One such reform is the implementation of the Authorised Economic Operator (AEO) system, which allows AEO-certified businesses to transport goods directly from ports to their factories or warehouses via a green channel, bypassing physical inspections.
This move is expected to significantly reduce clearance time, lower costs, and improve overall trade efficiency.
NBR Chairman Md Abdur Rahman Khan, in a recent pre-budget meeting, also hinted about the allowance for compliant taxpayers. At the same time he warned that those found misusing the facility to take advantage of the government's goodwill would be dealt with an iron hand.
Exporters and importers have also expressed frustration over delays at ports of entry/exit, and even alleged harassment in the customs clearance system.
Bd-Pratidin English/ AM
