Written by The Banking Post
Bangladesh is set to roll out a real-time digital system for submitting import invoices from Tuesday, in a move aimed at tightening oversight and improving efficiency in cross-border trade.
The initiative, jointly launched by the National Board of Revenue and Bangladesh Bank, will require exporters’ commercial invoices to be submitted in a unified format through the ASYCUDA World system on a real-time basis.
Officials said the two systems have already been fully integrated, with user acceptance testing completed successfully ahead of the launch. The platform will be formally inaugurated by NBR Chairman Md Abdur Rahman Khan.
The new mechanism is expected to strengthen accountability in import procedures by reducing the scope for misdeclaration and over-invoicing—longstanding concerns in Bangladesh’s trade regime.
Authorities also expect the system to enhance revenue collection by ensuring more accurate valuation of imports.
The move comes against the backdrop of significant losses from trade-based financial irregularities. A recent estimate by Global Financial Integrity suggests Bangladesh loses around $6.8 billion annually due to under- and over-invoicing in international trade.
Officials say the real-time system marks a major step toward digitising trade processes and improving compliance in the country’s external sector.
