• Wednesday, Apr 14, 2021
  • Last Update : 04:17 am

ED: A much-needed facelift

  • Published at 09:49 pm July 7th, 2020

This upgrade has been a long time coming

It is very good news to learn that the authorities are looking to upgrade the country’s customs, which is administered by the National Board of Revenue (NBR).

With the Covid-19 pandemic only bringing negative news day by day, it is indeed encouraging that the government has realized that the slowdown in trade activities provides an opportunity to update its customs facility that has long been in need of a facelift.

This is the kind of forward-thinking approach that is to be expected of the government, where it is able to identify a potential opportunity to turn a negative situation into a positive one.

There are several ambitious measures that the NBR has taken to modernize our customs, chief among which is updating the Automated System for Customs Data (ASYCUDA), which is a computerized system to administer a country’s customs, assisting customs authorities to automate and control their core processes and obtain timely, accurate, and valuable information to support government projections and planning.

This, in addition to modern equipment and IT-based risk management and post-clearance audit activities, should all contribute significantly towards making the customs process far smoother for trade.

This upgrade has been a long time coming, and there is no doubt that these measures if successfully carried out and implemented, will help us with several different factors such as revenue collection, reduce business costs, facilitate easier and much faster import and export, and ultimately transition towards a modern, international-standard customs that is in line with the development of the country.

Ultimately, Bangladesh’s ease of doing business ranking, something Bangladesh continues to struggle with, should improve, attracting more investment opportunities, and taking our country to the next level.

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