Real-time invoice submission system for imports to go live tomorrow

The National Board of Revenue (NBR) and the Bangladesh Bank (BB) are set to launch a real-time digital system tomorrow (Tuesday) for submitting commercial invoices in import transactions, aiming to enhance transparency and efficiency in trade processes.

Under the joint initiative, commercial invoices issued by exporters will now be submitted in a unified format through the ASYCUDA World system on a real-time basis.

Officials said the interconnection between the two systems has already been established, and user acceptance testing (UAT) has been completed successfully.

A policy decision has been taken to commence live operation of the integrated system tomorrow (Tuesday). NBR Chairman Md Abdur Rahman Khan will formally inaugurate it.

Officials believe the initiative will improve accountability in import procedures, reduce the scope for misdeclaration or over-invoicing, and have a positive impact on revenue collection.

According to a recent report by Global Financial Integrity, Bangladesh loses an estimated $ 6.8 billion annually due to trade-based money laundering through under- and over-invoicing in cross-border transactions.

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