The National Board of Revenue (NBR) is moving to introduce a global commodity pricing database to strengthen the process of assessing customs values and improve transparency in the valuation of imported goods.

The revenue authority plans to obtain a three-year subscription to S&P Global Platts, an international provider of commodity price information and market benchmarks. The subscription is expected to cost around Tk 8 crore, officials said.

The Ministry of Finance has already approved the procurement, which is being carried out under the Direct Purchase Method. The subscription is expected to be finalised within this week.

Once the service becomes available, customs officials will be able to access international market prices for thousands of commodities and use the information to cross-check prices declared by importers.

The initiative is aimed at providing customs officials with reliable market references when determining the assessable value of imported products, particularly in cases where the declared transaction price appears inconsistent with prevailing market prices.

The NBR had considered a number of international data providers before selecting Platts, including the London Metal Exchange, Shanghai Metals Market and ICIS. Officials said Platts was preferred because its database covers a broader range of commodities and markets.

Under the planned arrangement, the NBR will receive at least 20 to 30 user accounts. Officials at customs houses in different parts of the country will therefore be able to access the database directly.

The move comes after importers raised concerns over customs valuations at a meeting on August 11 at Chattogram port. The meeting was attended by Finance and Planning Minister Amir Khosru Mahmud Chowdhury.

Business leaders alleged that customs authorities sometimes determine the value of imported goods above the actual prices paid by importers. CCCI President Mohammed Amirul Haque, for example, said plastic chips had been purchased at around $8,000-$9,000 per tonne, while customs had assessed the value at $12,000 per tonne for duty and tax purposes.

According to business representatives, such discrepancies can raise the cost of imports and ultimately increase pressure on consumers.

Following the meeting, the finance minister directed the NBR chairman and the commissioner of Chattogram Customs House to take measures to address concerns over customs valuation by September.

Chattogram Customs Commissioner Md Mahbubur Rahman said customs officials already refer to international market information in some cases. However, the absence of paid subscriptions prevents them from obtaining complete and up-to-date data.

He said the proposed access would allow officials to more effectively verify the prices declared by importers and make valuation decisions using current international market information.

Ahmedur Reza Chowdhury, deputy commissioner of Chattogram Customs House and a member of the procurement committee, said the database would also provide information based on specific countries and regions.

Where direct market information is unavailable, customs officials may use data from neighbouring or comparable markets, he said, in accordance with customs valuation rules concerning identical or similar goods.

S&P Global Platts provides daily price assessments and benchmarks for a wide range of commodities, including crude oil, petroleum products, natural gas, LNG, chemicals, petrochemicals, fertilisers, agricultural commodities, metals and shipping.

S&P Global says its Platts business publishes more than 15,000 commodity prices each day.

The NBR expects the new data access to help reduce uncertainty in customs valuation by giving officials a broader and more consistent basis for checking declared import prices.