NBR to launch AEO Sunday to streamline int'l businesses

The National Board of Revenue (NBR) is going to launch the long-awaited Authorized Economic Operator (AEO) on Sunday to streamline import and export processes by providing a seamless clearance system.

Finance Adviser Salehuddin Ahmed will inaugurate the operation of AEO from a programme at the NBR Multipurpose Hall in Dhaka, according to a press release issued today (19 February).

NBR Chairman Md Abdur Rahman Khan will preside over the event while Chief Adviser's Special Envoy on International Affairs Lutfey Siddiqui, Executive Chairman of the Bangladesh Investment Development Authority (BIDA) and the Bangladesh Economic Zones Authority (BEZA) Chowdhury Ashik Mahmud Bin Harun and Administrator of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md. Hafizur Rahman will attend as special guests.

Under this system, AEO-certified businesses will be able to directly transport cargo from ports to their factories or warehouses through a green channel without undergoing physical inspections.

This will significantly reduce clearance time, lower costs, and improve overall efficiency in trade operations.

The NBR formulated the rules for this system in June last year and finalised the operational procedures in December. Additionally, it has upgraded its digital infrastructure to facilitate AEO operations.

During a recent event on World Customs Day, the NBR chairman stated that once the system is introduced, compliant taxpayers will no longer face interventions from Customs authorities.

"The imported goods will be directly delivered to their premises from vessels under the self-assessment system," he said.

He also mentioned that tax payments will be made through bank-to-bank fund transfers.