NBR launches online invoice verification to speed up import clearance

The National Board of Revenue (NBR) has moved to automate the verification of commercial invoices to prevent revenue leakage and streamline the import-export process.

The NBR has integrated its "Asycuda world" system with the Bangladesh Bank’s (BB) "Foreign Exchange Transaction Management System" (FXTMS), according to a media statement issued on Tuesday.

This interconnection allows customs authorities to access and verify commercial invoice data in real-time directly from the central bank’s database, eliminating the need for manual, paper-based submissions.

NBR Chairman Abdur Rahman Khan inaugurated the piloting phase of the project on Tuesday.

Under the previous system, importers had to collect certified commercial invoices from their respective banks after opening letters of credit (LCs).

These physical documents were then submitted to customs offices during the clearing process -- a method often criticised for causing delays, harassment, and providing opportunities for tax evasion through forged documents.

With the new automated link, all invoice data submitted to commercial banks will be instantly available to customs officials.

This "real-time" access allows authorities to cross-check the declared value of goods against the original bank records without human intervention.

The NBR highlighted several strategic advantages of the digital shift.

It enhances revenue security by preventing attempts to evade taxes through under-invoicing or document manipulation.

The shift also strengthens efforts to combat trade-based money laundering.

Also, the move reduces reliance on physical paperwork, enabling faster and more hassle-free clearance of goods.

It helps create a reliable database that supports accurate product valuation.

The NBR termed this joint initiative with Bangladesh Bank and commercial banks as a "significant milestone" in modernising the country's trade infrastructure.