Unprepared NBR, non-compliant businesses fail policy

Al Amin :
Unprepared NBR and non-compliance of export-import rules from the businesses side make Authorised Economic Operator (AEO), a coveted facilitation certification for international traders, poorly responded.

Despite the certification being considered as lucrative for the entrepreneurs, less than 15 business entities, mostly pharmaceutical manufacturers, have received the status so far.

The tax administration introduced the facility in 2018. About the poor response, NBR officials said businesses are very much keen to get the lucrative facilitation but there is lack of compliances among them for it.

On the other hand, the customs authorities need to be technologically improved further to monitor the certified business firms, they added.

Increasing the number of the AEO certified business firm, the NBR is going to categorize the facility and amend the existing Statutory Regulatory Order (SRO)-2018 with a view to improving the trade facilitation initiatives across the country, the officials said.

They further said that the facility is likely to be multi tier (3 category) and multilevel included agents, freight forwarder, shipping agent, warehouse etc.

Amending the SRO and making Standard Operating Procedure (SOP), the revenue board held a meeting with the stakeholders recently, they said, adding, “The number of AEO will increase after formation of the SOP).”

As per the law, an AEO will enjoy the facility to complete physical examination of import-export goods on their business premises and their goods will be released from ports directly. They will also get quick reimbursement of duty drawbacks.

The AEOs will enjoy privileges on completion of customs valuation procedure like submission of bill of entry and bill of export before arrival of ships at port.