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NBR to start pilot AEO scheme with 2 local pharma

nbr-bdThe National Board of Revenue would recognise two companies from pharmaceuticals sector as trusted traders under its authorised economic operator scheme scheduled to be launched on a pilot basis by December 31.

Officials of the revenue board said they selected two of the biggest local companies for the AEO or trusted trader status.

Declining to declare the names of the companies, they, however, said that the companies had also been exporting significant volume of pharmaceutical products abroad.

The NBR decided to introduce the AEO programme in the country to speed up customs procedures including quick release of import-export consignments from ports to facilitate international trade.

The pilot programme would run for several months before full implementation of the scheme by 2018 calendar year, said NBR first secretary (customs modernisation and international affairs) Mohammad Ehteshamul Hoque.

‘We have already hold preparatory meeting with the stakeholders including businesses, clearing and forwarding agents and customs officials at Dhaka Customs House on the issue,’ he said to New Age on Sunday.

DCH was fully ready for launching the test-run of the scheme, he said, adding that the pilot programme would be operational at all ports—sea, air and land—by next week.

Officials said that although initially the selected companies would get the AEO status only for pilot programme, the permanent status would depend on their performance.

NBR would arrange a private sector seminar on AEO on Wednesday before piloting the scheme, they said, adding that the launching programme might be held on December 31 in Dhaka.

Under the scheme, consignments of AEOs would enjoy some benefits including zero or reduced rate of inspection, loading and unloading facilities at the companies’ premises, fast track release of cargos, nominal bank guarantee submission, deferred payment and special and elevated status than others.

These benefits would reduce time and cost of doing businesses.

The AEO status was given to manufacturers, importers, exporters and other trade partners including brokers, carriers, consolidators, intermediaries, ports, terminal operators, warehouses and distributors with good track record of compliance on customs laws and regulations.

The companies, however, needed to comply with some conditions and requirements including compliance with customs laws, satisfactory system for management of commercial records, financial viability, security for cargo, conveyance, premises and trade partners, and also be equipped with crisis management and incident recovery system for the status.

As a signatory to Trade Facilitation Agreement of the World Trade Oraganisation, it was mandatory for Bangladesh to implement AEO programme. (Source: New Age)

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