New customs bill passed in parliament

The Customs Bill 2023 was passed in the parliament yesterday— aiming to ensure fiscal discipline and accountability in import revenue collection and trade facilitation.

Law Minister Anisul Huq, in absence of Finance Minister AHM Mustafa Kamal, moved the bill and it was passed by voice vote.

According to the objective of the bill, revenue collection at the import level in Bangladesh is being conducted under the Customs Act, 1969.

Necessary amendments to this act are brought through the Finance Act in the budget session every year.

However, along with the expansion of foreign trade, in light of the Revised Kyoto Convention and the Trade Facilitation Agreement signed later to simplify various customs procedures, there is a need to amend the existing law to make the customs law of Bangladesh easy and compatible with international best practices and to make it business-friendly.

The Customs Act, 1969, enacted in English by incorporating international best practices related to customs was part of the multifaceted reform and modernisation program undertaken by the government and the National Board of Revenue to promote international standards of customs management in international trade and import and export. Initiatives have been taken to enact a modern customs law.

Accordingly, a draft of the Customs Act has been prepared in consultation with various organisations and stakeholders.