Economy
FBCCI Calls for Customs Act Amendments and Full Automation to Ease Trade
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called on the National Board of Revenue (NBR) to amend the Customs Act and implement full automation to streamline the customs management system. At a workshop held at the FBCCI’s Motijheel office on Sunday, President Mahbubul Alam highlighted the potential benefits of these reforms.
“These changes would simplify customs procedures, create a more business-friendly environment, and reduce the cost of doing business in Bangladesh,” Alam stated. The workshop was a joint initiative between FBCCI and NBR.
Alam underscored the importance of the Customs Act in facilitating trade and lowering business costs. “We believe the new law will significantly expedite trade activities,” he added.
The FBCCI president also addressed the complications caused by the Harmonized System (HS) code for product classification, emphasizing the need for complete automation in customs management to mitigate this issue. “A well-crafted law is only beneficial if implemented effectively,” he noted, urging the NBR to incorporate private sector feedback before finalizing the implementation process.
FBCCI Director AM Mahbub Chowdhury spoke about the harassment faced by traders at ports. He pointed out that despite paying fines for delayed duty clearance, traders still encounter obstacles during customs clearance.
Industry representatives presented their specific concerns during the workshop. Abul Hashem, president of the Sugar Traders Association, called for a tax reduction on sugar, citing it as a basic commodity rather than a luxury item. This, he argued, would help curb illegal sugar imports.
Mohammad Enayet Ullah, president of the Bangladesh Spice Traders Association, urged the NBR to adjust taxes based on international market fluctuations for spices, noting that high taxes contribute to rising spice prices in local markets.
In response, NBR Chairman Abu Hena Md Rahmatul Muneem assured the business community that logical proposals would be considered during the amendments and implementation phase of the Customs Act. He encouraged businesses to submit written complaints against customs officials rather than making random accusations.
Muneem acknowledged that while large fines are sometimes necessary to maintain trade order, they must be imposed logically and proportionally.
Md Masud Sadiq, NBR Member (Customs Policy and ICT), expressed confidence that the new Customs Act would be more trade-friendly than its predecessor and urged traders to fully cooperate in its successful implementation.
FBCCI Senior Vice President Md Amin Helali, Vice President Shomi Kaiser, directors, former directors, and NBR officials also attended the workshop.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
