The National Board of Revenue (NBR) has launched a comprehensive digital hub designed to address common inquiries related to imports and exports, marking a significant step in its automation efforts. The platform aims to support new businesses in navigating the complexities of external trade.
The digital hub provides specific information on document requirements based on Harmonized System (HS) codes, necessary certificates for trade, applicable tariff rates, and other relevant details. The launch event took place at NBR headquarters in Agargaon, with Chowdhury Ashik Mahmud Bin Harun, executive chairman of the Bangladesh Investment Development Authority (Bida), serving as the chief guest.
NBR Chairman Md Abdur Rahman Khan emphasised that the platform would act as a one-stop solution for entrepreneurs seeking guidance in import and export activities. “It will provide vital information on required documents, tariff rates, and available incentives,” he noted. Khan highlighted the challenges faced by new businesses in entering the market, which has historically been dominated by established players, contributing to an oligopolistic market structure.
Additionally, the NBR introduced an electronic platform within the Automated System for Customs Data (ASYCUDA) World, allowing Authorised Economic Operators (AEOs) to submit customs-related documents electronically. This enhancement enables AEOs to transport import and export cargo directly between ports and factories, significantly reducing time and costs associated with traditional processes.
AEO status, granted by customs authorities to compliant businesses, offers expedited customs clearance and other advantages. With the new digital module, businesses holding AEO status can utilize a green channel for cargo transport, bypassing physical inspections. Currently, nine of the 17 firms with AEO status are eligible for this streamlined process.
The NBR presented its Customs Strategic Plan for 2024-2028. Zaved Akhter, president of the Foreign Investors Chamber of Commerce and Industry, pointed out that the current rate of foreign direct investment (FDI) in relation to the country’s GDP is below 1 per cent, compared to Vietnam’s 4-5 per cent. He emphasized the potential to attract US $ 10 billion in FDI, contingent upon simplifying the business environment.
Rupali Chowdhury, managing director of Berger Paints Bangladesh Limited, highlighted the advantages of the AEO program in reducing lead times and optimizing working capital. However, she urged the NBR to expedite the AEO certification process and emphasized the importance of involving businesses in discussions around HS codes to address import-export challenges effectively.
