Cabinet Secretary Mosharraf Hossain Bhuiyan told the journalists after a cabinet meeting chaired by Prime Minister Sheikh Hasina on Monday that the new updated Act would come into effect from 2016.
"The present Customs Act was introduced in 1969. Several amendments were already made to it. So, internal resource department of finance ministry decided to formulate a new Act instead of going for further amendment."
The new draft was prepared updating existing clauses to make it attuned to international laws and agreements.
Bangladesh is a signatory of Revised Kyoto Convention (RKC) and World Customs Organization's SAFE Framework of Standards.
Mosharraf Hossain said," Once the law comes into effect, revenue management will be timely and transparent. It will also help to create a business and investment-friendly environment and will also reflect risk management."
Bangladesh also signed World Trade Organization's (WTO) Trade Facilitation Agreement (TFA). "The draft was also made in line with the TFA."
Secretary said the new Act would address the shortcomings of export and import declarations. Internationally recognised procedures for evaluating transactions are included in this Act.