Business

Ctg customs saw 12% revenue growth in July-March

Takes measures to ramp up collection ahead of year-end
File photo

Revenue collection by Chattogram Customs House rose 12 percent over the past nine months thanks to the easing of import restrictions, with shipments of Ramadan essentials surging ahead of the month of fasting for Muslims.

The country's top revenue earner collected Tk 55,346 crore in the July-March period of the current fiscal year (FY), up from Tk 49,553 crore during the same period of FY24.

But despite the year-on-year growth, Chattogram customs still missed its revenue target by 12 percent, according to data of the National Board of Revenue (NBR).

In terms of volume, 8.37 crore tonnes of goods worth Tk 6.06 lakh crore were imported in the nine-month period. Meanwhile, a total of 8.07 crore tonnes worth Tk 5.11 lakh crore were imported in the corresponding months of FY24.

Officials at the customs house attributed this year's revenue shortfall to a drop in imports of select goods as well as the government's duty exemptions.

NBR data shows that although around 4,500 types of products are imported through Chattogram port, just 30 key items account for nearly 45 percent of the total revenue from customs.

These items include diesel, cement clinker, furnace oil, palm oil, crude petroleum, steel products, apples, coal, sugar, areca nut, powdered milk, motorcycle parts and oranges.

Mohammad Sydul Islam, deputy commissioner of Chattogram Customs House, said the increased import of foot items for Ramadan had a positive impact on revenue collection.

Also, enhanced monitoring for import irregularities and quicker completion of auction procedures helped boost revenue.

"We are hopeful of achieving our revenue collection target if this momentum continues over the remaining three months of the current fiscal year," he added.

But although the customs house registered year-on-year growth, Islam acknowledged that they remain behind schedule in meeting the annual goal.

He said several measures have been taken to increase revenue collection over the next three months and meet the target.

He also said they are preparing a list of importers and clearing and forwarding agents that were previously found to be dodging taxes and subsequently increase surveillance on their consignments.

So, Chattogram customs could still reach this year's revenue target if the plans are carried out as intended, he added.

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Ctg customs saw 12% revenue growth in July-March

Takes measures to ramp up collection ahead of year-end
File photo

Revenue collection by Chattogram Customs House rose 12 percent over the past nine months thanks to the easing of import restrictions, with shipments of Ramadan essentials surging ahead of the month of fasting for Muslims.

The country's top revenue earner collected Tk 55,346 crore in the July-March period of the current fiscal year (FY), up from Tk 49,553 crore during the same period of FY24.

But despite the year-on-year growth, Chattogram customs still missed its revenue target by 12 percent, according to data of the National Board of Revenue (NBR).

In terms of volume, 8.37 crore tonnes of goods worth Tk 6.06 lakh crore were imported in the nine-month period. Meanwhile, a total of 8.07 crore tonnes worth Tk 5.11 lakh crore were imported in the corresponding months of FY24.

Officials at the customs house attributed this year's revenue shortfall to a drop in imports of select goods as well as the government's duty exemptions.

NBR data shows that although around 4,500 types of products are imported through Chattogram port, just 30 key items account for nearly 45 percent of the total revenue from customs.

These items include diesel, cement clinker, furnace oil, palm oil, crude petroleum, steel products, apples, coal, sugar, areca nut, powdered milk, motorcycle parts and oranges.

Mohammad Sydul Islam, deputy commissioner of Chattogram Customs House, said the increased import of foot items for Ramadan had a positive impact on revenue collection.

Also, enhanced monitoring for import irregularities and quicker completion of auction procedures helped boost revenue.

"We are hopeful of achieving our revenue collection target if this momentum continues over the remaining three months of the current fiscal year," he added.

But although the customs house registered year-on-year growth, Islam acknowledged that they remain behind schedule in meeting the annual goal.

He said several measures have been taken to increase revenue collection over the next three months and meet the target.

He also said they are preparing a list of importers and clearing and forwarding agents that were previously found to be dodging taxes and subsequently increase surveillance on their consignments.

So, Chattogram customs could still reach this year's revenue target if the plans are carried out as intended, he added.

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