9 more firms recognised as authorised economic operators

The National Board of Revenue (NBR) has recognised nine more companies, including Fair Electronics and Omera Cylinders, as authorised economic operators – who enjoy some privileges at ports during export-import.

Other firms are Shoeniverse Footwear, Jihan Footwear, ACI Godrej Agrovet, Towa Personal Protective Device Bangladesh, Cutting Edge Industries, MBM Garments and Footsteps Bangladesh.

Firms recognised as authorised economic operators are allowed to take their imported products to their warehouses or factories directly without formalities related to customs at ports. In case of any problem, customs officials will go to the factory of the importer concerned and inspect the goods.

Furthermore, the firms will get priority in exports in terms of customs procedures. The privilege will save time and costs for the firms.

The revenue board announced the names of new authorised economic operators at a seminar on International Customs Day at a hotel in the capital on Thursday.

With the latest addition, the number of privileged firms reached 12. The government introduced the system in 2019 on a pilot basis by naming pharmaceutical companies Square, Beximco and Incepta initially as authorised economic operators.

"We want to bring more companies under the facility, which will help them release goods easily [from ports]. To get the acknowledgement, companies need to fulfil compliance conditions," NBR chairman Abu Hena Md Rahmatul Muneem said at the event.

NBR officials added that more than 60 companies have applied for recognition as authorised economic operators but only nine have fulfilled all the requirements.

Using an NBR-designated VAT software, getting audited on a regular basis, having no record of offence in the past three years, and having no revenue arrears and fine in any case are the key prerequisites to apply for the recognition.

At the event, 18 individuals and organisations were also awarded World Customs Organisation's certificates of merit. 

Finance Minister AHM Mustafa Kamal and World Customs Organisation Secretary General Kunio Mikuriya sent separate video messages for the event, also attended by business leaders from different sectors.

FBCCI for further improving ease of doing business

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin, at the event, urged the revenue board to make its effort to further improve the ease of doing business situation in the country.

"Increased involvement of businesspeople is also needed to this end," he said and called for promoting local industries and discouraging imports amid the ongoing dollar crisis.

"Dollar crisis has increased due to a surge in imports [amid the post-covid recovery]. So, we need to protect local industries to increase production and decrease imports."

The FBCCI president also urged all the stakeholders to adopt modern technology for trade facilitation. 

NBR Members Md Masud Sadiq, Abdul Mannan Sikder, Zakia Sultana and HSBC Bank Chief Executive Officer Md Mahbub ur Rahman also spoke at the event, among others.