Banks asked to follow NBR order on uniform customs valuation procedure

Staff Correspondent | Published at 10:02pm on August 16, 2018

Bangladesh Bank on Thursday asked all commercial banks to properly follow the instructions of recently issued standing order of the National Board of Revenue on customs valuation procedure for determining the value of imported goods.
Foreign Exchange Policy Department of the central bank in a circular also asked the head offices of banks to inform about the order to all concerned involved with the process of dealing import for ensuring compliance with the instructions.
Customs wing of NBR on July 30 issued the order to implement the Customs Valuation (Determination of Value for Imported Goods) Rules 2000 as well as to prevent duty evasion through misdeclaration and remove harassment of importers.
The new procedures of customs valuation will also ensure common valuation process of imported goods and bring uniformity in determining actual value of imported goods removing inconsistencies at different customs houses and among officials in determining the value.
As per the order, all consignments of the imported goods will have to be assessed for customs valuation through ASYCUDA World.
The order will come into effect from September 1.