The Board of Investment (BOI), is to create an online Custom Declaration (CusDec) system to serve the multifaceted needs of investors.
The BOI stated, “The sole objective of this system is to provide a speedy service to the BOI valued enterprises where processes and procedures have been simplified and streamlined. The system is open to both local and foreign enterprises who aspire to embark on an investment journey with the BOI,” in a press release.
The system comprises six categories. Under the first category, enterprises/Customs House Agents (CHA) can electronically submit import and export CusDec along with shipping documents to the BOI computer system (Asycuda Customs Computer System).
The second category which is a Risk Management initiative and auto validation system, automatically validates relevant BOI compliances. When the CusDec is submitted to the system by CHA, it is confirmed to BOI by BOI enterprises through the web portal.
Automation of import of chemicals by the BOI enterprises, which is the third category, oversees the import of chemicals and quantities by the BOI enterprises while the submission of annual requirements of chemicals with quantities is updated electronically to the web.
The next category is the automation of import verification charges, where all the charges are automated and recovered when CusDec are submitted to the Asycuda system where the enterprise can see the balance of the prepaid account as well.
Automation of Export Verification Charges, the fifth category, aims at reducing verification charges electronically while automatically updating export details. Besides, relevant companies will receive an automated Gate Pass to mobile phones through a technology-driven gate pass system with QR codes.
The automation of capital goods imports, facilitates enterprises to upload the application to BOI through a web portal with no physical presence enabling them to import plants, machinery, and relevant equipment.
The final leg of this digitization is the construction approval of the enterprises. Enterprises can request construction items approval from the Investment department online. After receiving the item approval from the Investment department, enterprises can request quantity approvals from the Engineering department online. After receiving the quantity approvals from the Engineering department, enterprises can proceed with their import transactions online.
“This brings much needed transparency to the BOI system and is validated by automated audits with accuracy. The automated process to reconcile the imports against the exports is done by the enterprises’ dutyfree items. Once this system is implemented, it automatically (previously it was conducted manually with larger human resources cost) reconciles whether the imports and exports are up to the agreed and expected level,” stated the BOI.
The BOI as the apex organization of investment promotion in Sri Lanka is the advisor, guide, and facilitator to every investor looking to make a home in Sri Lanka. It embarked on its Digital transformation amidst the pandemic and the solution for less human contact aims at a paperless documentation platform.