The Bangladesh board of revenue is one of the key national boards that play a crucial function in the government. They carry out various activities related to trade and legislation activities. Besides this, they are also involved in the advance ruling, making the budget, and modernization of programs among others.
As a board, they have been mandated by the central government to carry out a number of duties. For example, they are responsible for carrying out the tax collection in the country. They also draft the yearly budget for the country and ensures that every trader including the exporters and importers get all they need to carry out legal businesses in the country. To regulate trade even better, they have passed laws that rule out the trade of illegible goods in the country. Below is a detailed review of the various arms of the Bangladesh board of revenue and what they do to the public and other investors.
They are involved in a number of legislative activities like; the customs Act, allied Acts, costumed rules, and standing order among others.
It is the duty of the Bangladesh board of revenue to review the Customs Act with the aid of its Customs Administration. They carry different operations, which are outlined in the Customs Act, 1969. The board has undertaken the duty to amend its existing Customs Acts. This is in order to accommodate the trade facilitation of the WTO, WCO, and Revised KYOTO Convection trade facilitation agreement.
It is also the duty of the Bangladesh board of revenue to carry out the reviewing of the Allied Acts, Policies, and Rules besides the implementation of the Customs Acts. The Allied Act is subdivided into a number of categories like; Export Poly and The Foreign Exchange Regulation among others.
Apart from the above duties, they also carry out the review of minutes/ruling, statutory regulatory orders, office orders, and orders/standing orders.
The review of every trade information ranging from tariffs to dispute settlements are some of the key factors the Bangladesh board of revenue under trade.
There are four main categories under the tariff that includes the preferential tariff exports, operative tariffs, preferential tariff imports, and first schedule. With this, the board is able to control all the tariffs in the country based on the regulated policies.
The Bangladesh board of revenue also have the obligation of reviewing the dispute settlement. This mainly involves the appeal process with a number of judicial procedures. All the available section in the part are meant for dealing with different review or appeal procedures that are related to both the judicial and administrative matters of customs. Besides this, it also talks about an appeal to the high court division and alternative dispute resolution.
For the Bangladesh board of revenue to deal with all matters of trade incentives in the country, it has categorized into four main division. Each of these categories gives a detailed review of what needs to be done under given stipulated rules.
It consists of the duty drawback, which is the refund of taxes and duty that was paid on raw materials. It also covers the export incentive. This is meant to encourage and advise the exporters to adhere to the export-led growth strategy of the country, such as the new Nutrisystem Lean 13 Program. The bond warehouse is the third category that touches on the facility offered to the exports oriented industries. Lastly, the trade incentive also reviews the e-book on the concession.
Trade Remedy Measures
For a country to trade with other countries, it will need to ensure that all its exporters and importers work under the trade remedy measures. The Bangladesh board of revenue reviews three key factors under this area. To begin with, it deals with the anti-dumping duties, which gives details on the duties exporters need to pay whenever they export. It also covers the countervailing duties, which gives directions on how to implement the subsidies and regulate certain action to be taken by the county. They also review the safeguard duties, which protect the rights of the traders in general.
This is another important area that is being reviewed by the Bangladesh board of revenue. Under this, they deal with a number of activities, which enables both importer and exporters to trade under the law of the country. Some of the key areas include; customs clearance, insurance guarantee, the NRB Facilities, currency regulations, dangerous goods, and intercoms among others.
The international regulation is another important factor that every country gives a lot of attention. In this sector, the Bangladesh board of revenue are reviewing different factors like; money laundering, chemical weapons, transfer pricing, intellectual property rights, and trade in the endangered species.
Transit involves the transportation of into or out of the country. The Bangladesh board of revenue has been able to manage all that you may require under transit. To easily deal with all forms of transportation, they have subdivided it into three key areas. These are transit, entrepot, and transshipment. The transit deal with both domestic and international transportation. Before you can transport your goods internationally or locally, the Bangladesh board of revenue will review all your goods to issue you with the transit. The entrepot service provided by the Bangladesh board of revenue allows for the re-exportation of imported goods to a third country. This is without having to alter the quality, quantity, and shape of the goods. The price charged is 5% higher. The Bangladesh board of revenue will also aid you in the transshipment of your goods. This is based on the legal provision of goods.
Apart from the above areas, the Bangladesh board of revenue also carry out more duties that cover all areas of trade. Some of these comprise of the fees and charges, agents information, trusted/AEO traders, and advance ruling. Through these duties, the Bangladesh board of revenue has been able to enhance the trading activity and out of the country.
Each and every country always review their annual budget. In Bangladesh, it is the duty of the Bangladesh board of revenue to review their yearly budget. This means that they have a great team of experts who will are able to look at the economy and plan well for the whole country.
Does the Bangladesh board of revenue follow the right procedure in their activities? Definitely, they have stipulated a number of procedures that you as a trader and the country must follow when carrying out any trade activity. Some of the major areas they are reviewing include;
Transit: The Bangladesh board of revenue issues transit for both international and domestic trading activities. Since the issue of transit is a very crucial aspect in the agenda of Trade Facilitation, they ensure that they follow all the procedures required to issue the transit.
Export: Before anyone can export, the Bangladesh board of revenue needs to review what is being exported and gives a clearance of the custom for such an export. To issues such clearance, they follow the “Prescribed Bill of Entry and Bill of Export Form Order, 2001”; hence always works just as expected of them.
Import: For all the imported goods arriving into the country, the Bangladesh board of revenue has made it mandatory for all the shipping agents to submit their manifested data. This can always be submitted online, making it very reliable and convenient for all the importers in the country.
Auction: Whenever imported goods don’t get cleared within the given time limit, it is the duty of the Bangladesh board of revenue to auction the goods in order to dispose them off.
Destruction of Goods: Some of the goods eligible for destruction include; drugs, and expired goods. After the Bangladesh board of revenue has reviewed such goods, it will destroy them.
Bonded Warehouse: This is the facility given to the export oriented industry to store all their imported raw materials and inputs. The Bangladesh board of revenue has been mandated to review what is always in the warehouse and ensure that it works under the required policies.
BANGLADESH BOARD OF REVENUE E-SERVICES
The Bangladesh board of revenue is also mandated by the central government to deal with the tax collection services. In order to improve their services, they have different online activities that allow all the citizens to access their service and even pay their taxes.
Taxpayer Online Service
They have been able to create an E-filling website, which is the official portable if the Income Tax Department, Bangladesh National Board of Revenue. Through the site, you will be able to access a wide range of services like; electronic submission of tax/exemption holiday application, electronic submission of income tax return and attachments, plus processing of the same. This means that every citizen will find it very elementary to fill and review their tax status without personally visiting the Bangladesh board of revenue offices. Besides this, the E-filling website also enables the citizens to appeal any application, download their related tax templates and rule, and get detailed guidelines for taxpayers.
The National Enquiry Point (NEP) for Customs
This is another e-service that the Bangladesh board of revenue has created to enhance their services. Through this site, you will be able to review a wide range of information, documentation, and clarification to conduct trade within the country. Besides this, you will also be able to submit any question or comment you have about the board directly to them.
Both exporters and importers will need to be informed of the latest exchange rates according to the world market and Bangladesh Banks. For them to easily access and review the exchange rates, the Bangladesh board of revenue has created a website that you can always access.
Apart from these, they also offer other e-services like the ASYCUDA World, duty calculator, and all their FAQs.
FORMS AND DOCUMENTS
The Bangladesh board of revenue is always open to the public. They have a number of their forums available online. This means that you can always review any kind of the latest forum that would wish to follow. Some of the common documents you will find from their site include; the list of necessary documents for bond license application, the format of customs agents license, and format of bonded or special warehouse license among others.
You will also be able to get an access to all the forms without having to visit their offices in person. Some of the available forms you will find comprises of; EXP Form, ADR application form, drawback application form, and transfer of residence among others.
The Bangladesh board of revenue also allows all the citizens to have a review of all their publications and news. There are a number of means you can always access some of the latest publications and news of the Bangladesh board of revenue like; through the enforcement & Seizures, public notices, fairs and exhibitions, tenders, work distributions and events among others. This shows how the Bangladesh board of revenue is open and ready to work with the public.
Generally, the Bangladesh board of revenue has been able to make service to all the citizens simple and easy. This is because they have all in places for easy access whenever needed. When it comes to paying your tax returns and other related payments, you can always access the electronic processes online. This has enabled them to reach out a wide number of citizens.
The Bangladesh board of revenue has played a lot when it comes to trade. Based on the stipulated trade regulations and policies, you will be able to find the ultimate services from the Bangladesh board of revenue. They serve both exporters and importer, plus the domestic traders in the country. You can always review all their service online and this has greatly enhanced trade in Bangladesh. Apart from this, they have contributed much to the development of the country at large. This is by drafting an equity budget every year to favor all its citizens. In order to achieve all these, they a team of professional experts who handle their activities like; drafting the budget and implanting the required rules and regulations.