Business Report :
In a bid to streamline import procedures and curb false declarations, the National Board of Revenue (NBR) has introduced new regulations regarding the submission of import general manifests (IGM). The recent gazette notification, issued by the NBR, mandates that imports must be declared well in advance of the previous deadline, facilitating quicker releases and enhancing transparency in trade operations.
Under the previous regime, the IGM, a comprehensive document containing vital information about cargo being transported via vessel or aircraft, had to be submitted 24 hours before its arrival in the country.
However, with the enactment of the Pre-Arrival Processing Rules-2024 for imported goods, effective immediately from its issuance on March 24, importers are now required to submit the IGM 24 hours before the vessel departs from the last port before entering Bangladesh.
This proactive measure aims to enable importers to obtain clearance for general category products swiftly and enhance efficiency in trade operations, excluding those necessitating further clearance or substantial value-added tax (VAT) payments.
