The government has launched a project for automation of customs bond management to bring full transparency in the system and reduce time and cost of doing business.
‘The automation also aims to protect local industries from the uneven completion of business by preventing illegal entry of goods under duty-free access,’ an official engaged in the project told BSS.
Besides, the number of cases pending in the courts will be reduced along with handling and examining the cases with the automated system, he added.
The project will be implemented in the districts of Dhaka, Chittagong, Sylhet, Rajshahi, Khulna, Rangpur and Mymensingh divisions.
National Board of Revenue is entrusted to implement the project with Taka 81 crore by December 2018.
NBR formed separate Bond Commissionerate in 2000 to offer bonded warehouse services to export oriented industries. Later in 2011, the Bond Commissionerate has been split into Dhaka Bond Commissionerate and Chittagong Bond Commissionerate following increased trade and business.
According to the official document, the government provides Tk 30,000 crore duty advantage annually to the bonded industries through bonded warehouse facilities. Taking the advantage, businessmen import raw materials normally, but sometimes it hampers the local industries due to misuse of the opportunities by unscrupulous businessmen.
Officials said as the bond management system is being run manually, elimination of the loopholes are not possible without automation. In addition, they said, the manual system also pushes the cost of doing business up alongside inequality for the export oriented trade.
The project, fully funded by the government, also is aimed to secure import duty, VAT and income tax along with revenue related to application duty.
Besides, the data archive will be upgraded to manage old and new documents.
On the other hand, it will enable the businessmen to complete licensing procedure of bonded warehouse and related works of taxation online.
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