Bangladesh’s new Customs Act 2023 recognises floating rates of foreign currencies and imposes a 10 per cent penal tax in case of delays in releasing goods from ports that affect businesses.

Under the floating exchange rate, the currency price of a nation is set by the forex market based on supply and demand relative to other currencies. The new law scrapped the previous Customs Act of 1969.

The customs authority will now determine the rates of penalty on customs-related offences based on gravity and frequency.

Stakeholder consultation has been made mandatory for any changes, amendments or framing any rules related to the new act, according to domestic media reports.

Best practices and trade facilitation steps as per international agreements and conventions of World Customs Organisation (WCO) have been incorporated in the new act.

Authorised economic operators, mutual recognition agreement, electronic declaration, electronic record keeping and payment, risk management, post-clearance audit and non-intrusive inspection are part of the new act.

It has also incorporated provisions to check money-laundering, terror financing and import-export of dangerous arms.

Fibre2Fashion News Desk (DS)

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