\\\'Trusted trader\\\' status for the compliant

Doulot Akter Mala | Published: March 23, 2015 00:00:00 | Updated: November 30, 2024 06:01:00

Government's revenue authorities have moved to award 'trusted trader' status to compliant importers and exporters that would earn them smooth sailing for speedy consignment clearance through ports.
The customs wing of the National Board of Revenue (NBR) has taken the initiative under its risk-management programme, officials said.
It will select a pool of 200 traders with a compliant track record in import-export business.
A senior customs official said the risk-management unit will select the traders by April 30 on the basis of compliances.
"Both large and SME (small and medium enterprises) sectors' exporters and importers can be listed as trusted trader. They have to meet some criteria to be selected as compliant business," he said.
The process will help the businesses cut cost of doing business as time for export-import clearance will be cut down significantly with the speedy release of their products, he said.
The traders will be allowed to pass through the 'green channel' without physical examination of their imports or exports.
Traders will have to meet certain criteria, set by the customs wing, to be a trusted one at this time of prevalent distrust in matters of trade.
Officials said 'trusted trader' branding will be a pre-phase of Authorised Economic Operator (AEO).
The NBR will designate some Authorised Economic Operators (AEOs) ensuring a win-win situation for both trade and customs by saving both time and cost.
Once introduced, the system will provide green-channel facility for the users with faster assessment of goods by customs.
Customs officials said small traders, who will not be able to meet technological and logistic requirements for AEO status, can apply for being 'trusted trader' upon complying with the conditions.
The traders must have clean past records, including no complaints on tax-evasion or cases in law-courts.
Talking on the developments, some industry-insiders appreciated the move but aired doubt about political influence in selection process.
They said the process of selecting traders "must be transparent" to ensure justice to the genuine businesses.
Â Â Â doulot_akter@yahoo.com
Â