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Trade facilitation--which ensures ease of doing business and reduces time in releasing imported and exported goods as well as automation of imports and exports--is a big challenge for Bangladesh to survive in the competitive world.
“Overall development of the country is not possible without more trade facilitation during the present globalisation and open market economy,” said NBR chairman Abu Hena Md Rahmatul Muneem while presiding over a seminar organised at Hotel InterContinental in the capital on Thursday marking International Customs Day.
“To ensure a business-friendly environment and sustainable system, we are focusing more on smart customs and building capacity of our officials and administration,” he said, adding that they expect more compliance from the businesses and industries so that they can provide them with more support.
In a video message, Finance Minister AHM Mustafa Kamal as the chief guest of the programme echoed him saying, “NBR officials will have to play a pivotal role in trade facilitation.”
Besides, the National Board of Revenue (NBR) officials and businessmen stressed the need for capacity building of the customs officials and improvement of the revenue administration to overcome the difficulties facing the country after LDC graduation.
Curb unfair competition
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin called upon the NBR to increase ease of doing business and protect the local industry to discourage imports amid forex crunch.
Urging the authority concerned to deal with uneven competition in EFDs (Electronic Fiscal Devises) system, the FBCCI President also stressed that NBR should focus on it because some retailers have EFDs while some have not, resulting in uneven competition among them.
Md Mahbub ur Rahman, CEO of HSBC Bank Bangladesh, recommended that the regulatory body, especially NBR, raise the MFS payment limit. “We are facing difficulties in paying duties to NBR through MFS because it has a ceiling.”
Recommending an increase in e-payment duration, Rahman also said, “During the digitalisation era, trade is now ongoing for 24/7 while e-payment can continue till 5pm.”
Challenges after LDC graduation
In his keynote paper, NBR Member of Customs Policy Masud Sadik said, “The NBR has taken initiative to rationalise tariffs on imported goods to make up for a drastic fall in revenue because Bangladesh will lose some current tariff facilities for exported goods after its graduation from the LDC status.
“The country also has to provide some facilities to the other countries. So, there is a possibility that the country’s customs revenue will notably decline.”
“Besides, the revenue board is playing a vital role in reforming policy to increase the capacity of domestic industries, export diversification and expansion of the domestic industries as well,” Sadik continued.
Stressing on capacity building of the customs officials, the member said, “NBR can lay emphasis on those things for the officials, including the empirical training, uses of modern technology, participation in customs modernisation projects and giving stimuli about innovation and research activities.”
NBR members Abdul Mannan Shikder, and Zakia Sultana also spoke at the event, among others.
