Close on the heels of many businesses in Bangladesh calling upon the National Board of Revenue (NBR) to introduce new HS codes soon as they were facing difficulties in getting customs clearance on imported raw materials and capital machinery owing to the absence of HS codes of such products, the NBR has held a meeting with the concerned stakeholders recently to discuss on the issue even if it plans to introduce a set of new harmonised system codes to remove the difficulties faced.
This is as per reports, which underlined the NBR will introduce a set of new HS codes soon.
For information, harmonised system code or HS Code is a common standard globally for classifying traded goods.
This system is used by 98 per cent of import and export trades, across geographical locations, in assessing duties.