The National Board of Revenue has taken an initiative to make export-import activities easier to facilitate the country’s business regime.
The exchequer, in line with the move, is going to introduce a newly-made system, the authorised economic operator (AEO), to discharge goods easily at the port.
The system will allow businesses to discharge their imported or exported goods without any customs checks, NBR officials said.
The move would expedite the rhythm in business activities, they added.
As per the NBR decision, the AEO service initially will be launched at Chattogram Port and gradually be extended to other ports.
However, all traders will not be allowed to get the AEO facility besides those involved in import-export activities, and have compliance and good business record.
Traders involved in any irregularity will not be considered to avail the service.
Under the service, there will be a specified zone in the Customs House to provide services to compliant traders, NBR sources said.
“To avail the benefit, business firms will have to fulfill some conditions, including having no tax arrears in the last three years, no previous tax evasion record, and having business goodwill,” a NBR customs wing official told Bangladesh Post.
“Apart from this, the annual transactions of the company will have to be at least TK 5 crore. Without fulfilling the required conditions, no trader will be allowed to use the specified channel at the port,” he added.
Officials said, the taxation process, under the service, will be simplified as the imported or exported goods will not be checked by the customs authority at the port.
The businesses, under this system will also be allowed to conduct their bill of entry and other customs related activities, even before the arrival of their consignments at the port.
The NBR recently has taken many steps to introduce a business–friendly customs policy aiming to facilitate the country’s business activities.
Earlier, the tax authority decided to introduce valuation system in the customs regime so that duty is charged as per international standards.
The revenue board has already formulated a policy about how many facilities the businesses will get under the AEO service. It recently also issued a notification over its implementation, sources said.
As per the notification, the businesses will also be allowed to communicate with the customs authority through e-mail for any quick necessity. Besides, quick settlements of customs related cases have also been focused on it.
A senior NBR official told Bangladesh Post that the AEO system would encourage the country’s honest traders to expedite their business activities.
“It is a remarkable achievement to ensure good governance in the customs regime,” he said.