Business Desk :
Speakers at a workshop in the city called for creating awareness about the Advance Ruling System (ARS) and making policy suggestions to the National Board of Revenue (NBR) to make the system more business friendly.
“The ARU will issue ruling with detailed information of specific items which will help importers to be more specific and to escape unnecessary delay in imports,” said Bangladesh Initiative Leading Development (BUILD) Chief Executive Officer (CEO) Ferdaus Ara Begum at the workshop at Metropolitan Chamber of Commerce and Industry (MCCI) on Wednesday, said a press release.
BUILD and USAID organized the workshop titled “Advanced Rulings for Simplifying Export and Import Trade”.
Welcoming the stakeholders, Ferdaus Ara Begum said that the Trade Facilitation Agreement (TFA) was adopted at the World Trade Organization’s 9th Ministerial Conference in Bali, Indonesia, in December 2013.
“Advance Ruling has been included in Article 3 of the WTO agreement on trade facilitation with the aim of providing advance and predictable information to stakeholders in order to facilitate compliance with customs requirements and simplify export and import procedures,” she added.
Advance ruling will facilitate importers and exporters through a written and binding decision issued by the Customs Advance Ruling Unit of the National Board of Revenue (NBR) upon a written request from an applicant, she said.
“The ruling provides binding advice on the classification that Customs shall apply in to a particular good, before its importation,” she added.
She said business entrepreneurs and customs officials are engaged in differences in classification of products creating disputes over HS code, tariff value and duty rates applicable on the raw-materials and products as a result, the time and cost of competitiveness becomes unfavourable, she opined.
Bangladesh Intending Agent Association (BIAA) Former President M S Siddiqui said the classification of product HS Codes should be included extensively in the advance ruling.
Speakers at a workshop in the city called for creating awareness about the Advance Ruling System (ARS) and making policy suggestions to the National Board of Revenue (NBR) to make the system more business friendly.
“The ARU will issue ruling with detailed information of specific items which will help importers to be more specific and to escape unnecessary delay in imports,” said Bangladesh Initiative Leading Development (BUILD) Chief Executive Officer (CEO) Ferdaus Ara Begum at the workshop at Metropolitan Chamber of Commerce and Industry (MCCI) on Wednesday, said a press release.
BUILD and USAID organized the workshop titled “Advanced Rulings for Simplifying Export and Import Trade”.
Welcoming the stakeholders, Ferdaus Ara Begum said that the Trade Facilitation Agreement (TFA) was adopted at the World Trade Organization’s 9th Ministerial Conference in Bali, Indonesia, in December 2013.
“Advance Ruling has been included in Article 3 of the WTO agreement on trade facilitation with the aim of providing advance and predictable information to stakeholders in order to facilitate compliance with customs requirements and simplify export and import procedures,” she added.
Advance ruling will facilitate importers and exporters through a written and binding decision issued by the Customs Advance Ruling Unit of the National Board of Revenue (NBR) upon a written request from an applicant, she said.
“The ruling provides binding advice on the classification that Customs shall apply in to a particular good, before its importation,” she added.
She said business entrepreneurs and customs officials are engaged in differences in classification of products creating disputes over HS code, tariff value and duty rates applicable on the raw-materials and products as a result, the time and cost of competitiveness becomes unfavourable, she opined.
Bangladesh Intending Agent Association (BIAA) Former President M S Siddiqui said the classification of product HS Codes should be included extensively in the advance ruling.
