The Pre-shipment inspection (PSI) system used for evaluating export and import goods will remain in practice for another six months, Finance Minister AMA Muhith said on Thursday.
Although the government had planned to abolish the system by the year-end, it could not be scrapped due to lack of preparations.
“We have decided to abolish PSI. But we need some more time for the internal management,” Muhith told reporters before a meeting with the National Board of Revenue (NBR) officials.
The system would be used in, what he says, some sensitive sectors ‘like many other countries’ by the end of the six-month deadline, he added.
Upon satisfactory findings after evaluating the goods, PSI personnel issue a Clean Report of Findings (CRF) to the customs authority concerned.
The customs authority then allows releasing goods from the ports based on the certificate after imposing duty fees.
According to customs officials, preparations are underway to impose duty fees on goods as per valuation database as an alternative process to PSI.
Source: Bd News24