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Green channel imports to get self-assessment facility from next FY

DOULOT AKTER MALA | April 25, 2024 00:00:00

The customs authority is set to introduce a self-assessment system for import goods that come through the green channel from the next fiscal year (FY).

The authority is incorporating the automated assessment system in the Asycuda World to reduce time and cost of import goods, officials said.

Under the system, importers would submit the bill of entry in the system, which would determine whether the goods are entitled to enter through the green channel.

In that case, the customs officials would not assess the import documents in person as the system would clear the process automatically.

A senior customs official said that the system would come into force through the new Customs Act-2023 on June 6, 2024. "Currently, the customs wing is preparing necessary rules to implement the self-assessment system," he added.

The process would be akin to income tax measure on 'universal self-assessment' that facilitates the tax authorities to accept returns without assessment.

However, there would be a post-clearance audit (PCA) of some of those customs goods to check if there is any tax or duty evasion, said the official.

Initially, some imported goods of Authorized Economic Operator (AEO) and some selected goods allowed to pass through green channels would enjoy the self-assessment facility, he added.

Currently, 30-35 per cent of import goods are allowed to enter through the green channel.

Customs has approved 17 companies as the AEOs having track records on import and export of goods.

Dr Masrur Reaz, Chairman of the Policy Exchange Bangladesh, said it is a welcome step needed for trade facilitation.

He, however, suggested framing clear guidelines of the PCA to make the measure successful.

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