Bangladesh’s National Board of Revenue (NBR) has ordered customs officers to adopt a uniform approach to procedures for determining the value of imported goods in its fight against trade-based money laundering (TBML).
The standing order issued by NBR aims to prevent duty evasion through what it describes as the widespread misdeclaration of goods.
The procedure aims to bring uniformity to import valuations in response to severe inconsistencies in practices at different customs houses and among officials in determining the value of goods, NBR officials said.
The NBR’s customs unit’s standing order tells customs officers to implement by 1 September 2018 the Customs Valuation (Determination of Value for Imported Goods) Rules 2000.
Under- and over-invoicing
These rules stipulate that customs officers should use the Automated System for Customs Data computerised system, designed by the United Nations Conference on Trade and Development to consistently value imports.
The NBR says that adherence to this procedure would remove valuation inconsistencies at different customs houses by enabling officers to identify under-invoicing and over-invoicing using a specific and globally accepted valuation procedure.
Categories: Trade Based Financial crimes News