Customs Bill seeks to enhance accountability in import revenue collection
In the absence of Finance Minister AHM Mustafa Kamal, Law Minister Anisul Huq placed the bill, which was subsequently referred to the standing committee concerned for scrutiny.
To enhance fiscal discipline and accountability in import revenue collection and trade facilitation, "The Customs Bill of 2023" was placed in parliament on Wednesday (25 October).
In the absence of Finance Minister AHM Mustafa Kamal, Law Minister Anisul Huq placed the bill, which was subsequently referred to the standing committee concerned for scrutiny.
The committee was asked to provide its report within seven days.
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The Customs Bill, framed in Bangla, aims to incorporate up-to-date provisions on revenue collection to foster growth in import and export trade, facilitate business activities, and promote the development of new industrial sectors. The draft law has undergone a thorough process of review and revision to ensure its effectiveness.
The proposed act has a total of 269 sections. These provisions are aligned with international agreements and conventions endorsed by the World Customs Organisation to enhance revenue collection and streamline trade processes.
Additionally, the proposed act adheres to global best practices, including the implementation of measures such as Authorised Economic Operator (AEO), Mutual Recognition Agreement, Electronic Declaration, Risk Management, Post Clearance Audit, Non-Intrusive Inspection, among others.
Various essential aspects of the Trade Facilitation Agreement ratified under the auspices of the World Trade Organization have been incorporated in the bill, encompassing Advance Ruling, Stakeholder Consultation, National Enquiry Point, Website, Advance Passenger Information/ Passenger Name Record, and more.
Revenue collection at the import level in Bangladesh is currently overseen by the Customs Act of 1969. Essential amendments to this legislation are introduced through the Finance Act during the annual budget session.
However, in line with the Revised Kyoto Convention and Trade Facilitation Agreement, Bangladesh must amend its customs law to align with global best practices, ensuring a business-friendly and streamlined approach, as foreign trade expands.
The Customs Act of 1969, enacted in English, was a pivotal component of the government and the National Board of Revenue's modernisation efforts.
It aimed to align customs practices with international standards, fostering efficient customs management in global trade, import, and export. Ongoing initiatives seek to establish a contemporary customs law.
Accordingly, the draft of a new customs act has been prepared in consultation with various organisations and stakeholders.
