5th-09-2013
The Uganda revenue authority is working out a number of efforts to
improve operations to the international standards. The Authorized economic
Operator program that facilitates trade and security in international trade is
one of such efforts that make the tax body compliant to international
standards. The ten first companies that signed up to the program have been
recognized and awarded certificates of good practice.
Uganda Revenue Authority has rewarded the first ten companies to
participate in the customs Authorized Economic Operator program. The ten
companies presented the best international trade practices that require
flawless business operations that comply with the international standards. The
authorized economic operator is a system in which the Uganda revenue authority
facilitates key business entities in international trade.
The program
facilitates trade and promotes security of international trade supply chain.
Under this arrangement, businesses which comply with customs laws and
regulations benefit from customs preferential treatments such as fast clearance
of their goods through simplified procedures, reduced inspection.
The east African region is contemplating adopting the program for
regional trade facilitation and security. Therefore upon implementation in the
region, the Uganda businesses already signed up on the program will
automatically enjoy the same benefits beyond the borders. Other trade
partnerships between east Africa and other blocks will automatically integrate
the compliant companies into the system to allow them enjoy the benefits.
Business entities or individuals signed up to the program will
automatically gain a competitive edge in the market. This is because their
market reputation shoots up; their turn over increases, the cost on custom
clearance reduces resulting into significant production on the cost of
operation.
With the growth of
international trade over time, out-dated and inefficient customs procedures
have become costly. In a bid to address this, Customs is undergoing
modernization and harmonization to catch up with the changing world as it continues
to maintain effective controls to combat cross boarder crime which has become
sophisticated. Among the numerous projects embarked on by Customs in this drive
is the Authorized Economic Operator.
The companies that
successfully complied were Roofings Ltd, Unifreight Cargo handling,
Nice House of plastics, Uganda batteries, Jesa farm dairy, DHL
Global forwarding, BAT Uganda Ltd, Toyota, Steel and Tube
and Bollore Africa logistics.
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