Ctg customs collects highest ever revenue of Tk 68,563 crore in FY24

The revenue collected by the Customs House, Chattogram (CHC) jumped 9.4 percent year-on-year to Tk 68,562.72 crore in the just concluded 2023-24 fiscal year.

This was the highest revenue generated by the customs house at the Chattogram port, the country's biggest port handling roughly 90 percent of total annual trade.

The increased collection was a direct outcome of enhanced monitoring efforts to deter misconduct and the revision of the Customs Act-1969 in June 2020, which empowered officials to impose a minimum penalty for inaccurate declarations of imported items.

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On June 2020, the NBR fixed a minimum fine for false declaration which is twice the amount of revenue dodged. Earlier, there was no minimum fine.

Revenue receipts stood at Tk 62,657.81 crore in the fiscal year of 2022-23.

Tk 19,000 crore of revenue was generated through the imports of 12 products, including high-speed diesel, furnace oil, liquefied natural gas, apple cement clinkers, palm oil, broken or crushed stone, and petroleum oils.

The customs authorities reported a surge in the import of these items due to heightened demand in the energy, power, and construction industries.

These products ranked as the most imported goods over the last 10 years.

Other leading revenue-generating commodities included oranges, betel nuts, milk powder, scrap ships, automobiles, automotive components, finished ceramics, and electronic goods.

Custom House Commissioner Mohammad Fyzur Rahman attributed the higher revenue generation to the prevention of false declarations and implementation of good governance.

"We've enhanced surveillance to prevent irregularities in imports and placed emphasis on setting tariffs according to actual prices of goods. The customs house has also worked to expedite assessment and clearance to promote year-round trade."

These efforts have deterred dishonest traders from engaging in irregularities, he added.