NSW to ensure hassle-free export-import activity

The National Board of Revenue (NBR) has taken up a new project, titled 'National Single Window (NSW)', aiming to ensure hassle-free export-import activities in the country and flourish trade and commerce.

 

The NBR has taken the project as income tax has now been the prime source of revenue generation for the NBR followed by VAT, unlike export-import in the past, reports the UNB.

 

In the current fiscal, the target for the revenue collecting authority is Tk 176,370 crore, an amount of Tk 64,971 crore will come from income tax, Tk 64,262 crore from VAT and Tk 18,752 from import duty. The target for export duty has been fixed at Tk 37 crore, excise duty at Tk 1,239 crore and supplementary duty at Tk 25,875 crore.

 

Taking the scenario into account, the NBR has decided to take the project by which all export and import activities will be done from one place to provide a hassle-free congenial atmosphere to the traders and businessmen.

 

"By this project, it'll be possible for the NBR officials to examine each and everything from one place," a senior official told.

 

The Bangladesh government is implementing the NSW in the country as recommended by the World Bank. The NSW would be established under the Regional Connectivity Project of the World Bank.

 

The customs wing of National Board of Revenue (NBR) will act as the lead agency for setting up the NSW and will provide services to investors, entrepreneurs, exporters and importers in the NSW.

 

The NSW system will enhance the trade operations by eliminating paper work and reducing time through maintaining up-to-date information.

 

NSW is a facility that allows parties involved in trade and transport to lodge standardized information and documents with a single entry point to fulfill all import, export, and transit-related regulatory requirements.

 

The virtual platform technology helps simplifies trade, saves time and money and increases efficiency by submitting export, import documentation and transit-related regulatory requirements through one electronic portal, allowing agencies to easily access information.

 

According to the plan, the NSW will be linked to customs of NBR, Bangladesh Bank, Office of the Registrar of Joint Stock Companies and Firms, banks, Board of Investment and other service-providing agencies.

 

The Centre for Trade Facilitation and Electronic Business of the UN prepared the NSW software. In 2004, UN Economic Commission for Europe (UNECE) proposed to implement the project.

 

Trading Across Borders in it report in 2012 said that of the total 150 countries 49 countries have been implemented the system. Indonesia, Malaysia, the Philippines, Brunei, Singapore and Thailand, who are the members of ASEAN, introduced the system in 2008.

 

According to the NBR sources, Malaysia and Thailand have improved a lot in their customs activities. The importers and exporters of those countries submitted their papers in one place and complete all export or import related activities from there.

 

"If this software can be introduced in Bangladesh it would help a lot to evade customs duty," the senior NBR official said.