Regulatory Impact Analysis Report on the Current Customs Regulatory Framework in Bangladesh by Asian Development Bank

Author:Asian Development Bank [Bank, Asian Development]
Language: eng
Format: epub
Tags: International Relations, Trade & Tariffs, Exports & Imports, Political Science, Business & Economics
ISBN: 9789292572495
Google: FzkgDAAAQBAJ
Publisher: Asian Development Bank
Published: 2016-01-01T13:16:21+00:00

B. Review the Current Customs Act

The second option for the government is to review the current Customs Act in light of international best practices.

While reviewing the Customs Act of Bangladesh, it was observed that different options for improvement were limited, and harmonization with good international practices (RKC and other standards) is highly recommended. The RKC is an international agreement that provides a set of comprehensive customs procedures to facilitate international trade while ensuring the protection of customs revenue and society. It deals with key principles of simplified and harmonized customs procedures such as predictability, transparency, due process, maximum use of information technology (IT), and modern customs techniques (e.g., risk management, prearrival information, and postclearance audit).

Hence, the government would incorporate those principles, subject to having adequate capacity to implement them. Consequently, the government would need to make additional efforts to adopt principles and make them implementable. There are other areas, however, where there are scopes to identify possible options and reflect on which one would be the best one to adopt. During the consultation phase of this RIA, stakeholders also identified some additional options. The concrete recommended amendments are presented in Annex 1.

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