The National Board of Revenue (NBR) on Tuesday issued a directive to simplify customs clearance for raw materials imported under bonded warehouse facilities, aiming to accelerate the export supply chain.
The decision follows observations that discrepancies often occur between the HS Codes and product descriptions listed in bond licenses, Utilization Declarations (UD), and import declarations, and those determined by customs officials during physical inspections.
Such mismatches frequently delay customs assessment, hampering timely clearance of raw materials and disrupting scheduled export shipments, the NBR said in a press release.
Under the new directive, if the HS Code assigned by customs differs from the one declared by the bonded enterprise but the first four digits match the bond license, the consignment will be cleared promptly. The company must submit an undertaking to update the bond license with the newly determined HS Code or product description.
If customs identifies an HS Code not fully reflected in the bond license, the bonded enterprise can incorporate it via the Customs Bond Management System (CBMS), with the consignment cleared within a maximum of two days.
NBR said strict adherence to the directive will ensure faster and more cost-effective clearance of raw materials, supporting smoother export operations and contributing to Bangladesh’s export growth and foreign exchange earnings.
