Increased imports of luxury goods up customs revenue

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FE Report
Increased imports of luxury goods boosted customs revenue by 19 per cent or Tk 9.54 billion in the first quarter of the current fiscal year after a year of sluggish growth.
During July-September period, the revenue board collected Tk 60.15 billion customs revenue against Tk 50.60 billion in the corresponding period.
The National Board of Revenue (NBR) officials said increased import of luxury products, car and other goods contributes to the growth.
Import revenue declined significantly in the first quarter last year as prices of major import commodities were too high. This year, import increased in the first three months as international prices stablised, officials said.
Import revenue grew by 23 per cent at Chittagong customs house while 18 per cent at Benapole customs station, 78 per cent at Mongla customs house.
Collection from Value added tax (VAT) and income tax also continued their impressive performances in revenue collection in the first quarter.
VAT collection grew by 32 per cent while income tax by 26 per cent in July-September period.
Revenue officials said they have received Tk 34.41 billion in income tax until September, thanks to individuals' tax returns, intensified internal audits and motivational campaign.
VAT department achieved the highest growth in July-September period as usual due to ongoing crackdown against VAT evaders and awareness programmes, they said.