NBR plans to enforce new customs act from fiscal \\\'17

Doulot Akter Mala | September 15, 2014 00:00:00

The National Board of Revenue (NBR) is set to enforce a new 'simplified and business-friendly' customs act, replacing the existing one, from July 1, 2016.

Draft of the new Customs Act-2014 is set to be placed before the Cabinet today (Monday) for its approval.

The customs wing has incorporated a number of provisions in the proposed law that make discussions with the businesses and private sector mandatory prior to the implementation of policy decisions.

The new act would have risk-based customs management system to expedite clearance of goods. It would also cut discretionary power of the customs officials and introduce a 'paperless' customs administration.

"The new act will be in Bangla language to make it understandable to all. The act has been prepared in line with the international best practices," NBR member Md Farid Uddin told the FE Sunday.

The draft of the new customs act has been framed in line with the international conventions that the government have signed so far, he added.

As per conditions of the Asian Development Bank (ADB), the new law is scheduled to be placed before Parliament by September 30, 2014. The Manila-based lender, ADB, provides budgetary support to help meet the fiscal deficit of the country.

The NBR has uploaded the draft customs act on the website after discussions with the stakeholders. The board also sought suggestions of the stakeholders on the draft act by September 4 last.

The NBR incorporated rules of international convention and trade treaties in the new act including Revised Kyoto Convention, SAFE framework of standard, trade facilitation agreement of WTO (World Trade Organization).

Customs officials said the new act is set to be enforced from 2016 as revenue board needs time to prepare infrastructure and build capacities of its officials before its introduction.

To implement the new act, interconnectivity with the relevant offices and an automated system would be required to reduce hassle of the businesses on clearances of goods from ports.