NBR plans to introduce AEO system from March | 2018-02-14 | daily-sun.com

NBR plans to introduce AEO system from March

Sun Online Desk     14th February, 2018 09:58:56 printer

NBR plans to introduce AEO system from March

The National Board of Revenue (NBR) is going to offer local companies Authorized Economic Operator (AEO) facility from March to minimize both the time and cost for their export-import business.

"Two companies in pharmaceutical sector will get AEO facility under a pilot project. Industries in other sectors will be given such facility in phases," said Prokash Dewan, head of the AEO committee of the NBR. 

Talking to BSS, Dewan who is also commissioner of Dhaka Customs House, said companies having good track record of business, including import and export, in the past and which are financially and technically sound will get the AEO facility.

The companies which have record of dodging duties and importing goods under false declaration would never get such facility, he added. 

Advertisement, he said, would be published in newspapers seeking application from pharmaceutical companies soon for offering AEO. Companies which are eligible to comply with the standards and conditions of World Customs Organization (WCO) will be declared as AEO, he added.

"I'm hopeful that we will be able to offer at least two companies AEO facility in the next month," he said. 

Dewan said Square Pharmaceuticals and BEXIMCO Pharma have already contacted the NBR for getting AEO facility. "These two companies are likely to get this facility soon," he said. 

The NBR is currently working on developing the Authorized Economic Operator under a pilot project with financial and technical support of USAID. 

Dewan said the prime aim of this system is to help companies ease their overseas trade. Country's business is expanding fast and the customs department needs to keep pace with it, he said.

The NBR, he said, is going to introduce AEF facility as part of its modernization programme.