STAR BUSINESS REPORT

The National Board of Revenue (NBR) and Bangladesh Bank yesterday began piloting an electronic system for commercial invoices issued by exporters for importing industrial ingredients.

Under this new system, the central bank’s Foreign Exchange Transaction Management System (FxTMS) has been linked with ASYCUDA World, an integrated customs management system for international trade used by customs to transfer commercial invoices in real time.

The move is expected to reduce the use of paper invoices and make customs clearance simpler, faster, and hassle-free. While the pilot is ongoing, businesses still need to submit physical, bank-certified hard copies of commercial invoices to customs offices.

Once fully operational, all necessary data will automatically appear in the ASYCUDA World system, and businesses will no longer need to visit customs offices, as verification will happen online.

Reliance on physical paperwork will be significantly reduced, said the NBR after the launch of the interconnection, inaugurated by NBR Chairman Md Abdur Rahman Khan at NBR headquarters.

The system will help prevent revenue evasion and lower financial risks. It will also create a digital trail to help curb trade-based money laundering, said the NBR in a statement.

After the pilot phase is successfully completed, the revenue authority plans to make the digital submission of commercial invoices mandatory for all Bills of Entry, gradually in stages.