The revenue authorities have taken a fresh move to put in operation the globally praised trade facilitation system Authorised Economic Operator (AEO) in Bangladesh. Sixty-three firms have applied for the privilege to be a member of the AEO firms that are entitled to enjoy faster customs clearance at ports.
The National Board of Revenue offered the coveted status to three firms in 2019.
According to the NBR sources, out of 63 firms, at least 12 are involved with the textile and readymade garments export-import. Apart from that, 10 companies of Abul Khair Group, three of Bangladesh Steel Re-rolling mills Limited (BSRM), two of Beximco, two of Apex Footwear, and Shah Cement, Eskayef Pharmaceuticals, Nestle Bangladesh, Syngenta Bangladesh, and Fair Electronics are also among the applicants.
AEO privilege and criteria
To get goods released without physical customs check, AEO firms will need to send their documents earlier so that almost all types of customs procedures are completed before the goods arrive at the port.
The facility will be given on the basis of certain criteria. These include having a satisfactory compliance record under the Customs, VAT and Income Tax Act, the applicant being free of guilt for the previous three years, no revenue arrears and the amount of fine, in any case, being less than 1% of the total value.
In addition, the authorised capital of an applicant organisation should be Tk15 crore and the paid-up capital should be Tk5 crore, and the amount of import should be at least Tk5 crore per annum.
