Chattogram Customs collects Tk688.66b revenue in FY 24

CHATTOGRAM, July 05: The Customs House, Chattogram (CHC), largest revenue collection centre in Bangladesh, collected a total of Tk688.66 billion (Tk 68,866 crore) revenue in the last fiscal year (FY)2023-24.
The CCH collected Tk74.02 billion (Tk 7,402 crore) more revenue in the outgoing FY 2023-24 year than the previous FY's (2022-23) Tk614.6472 billion (Tk61,464.72 crore) revenue.
The revenue collected by the Chattogram Customs in the FY 2023-24 is around 12 per cent higher than that of the previous FY 2022-23 though the revenue collection fell short of the target in the last fiscal year.
However, the revenue the CHC collected in the last fiscal year has been the highest in recent years.
The CHC's revenue collection target for the FY 2023-24 was
Tk 776.16 billion (Tk 77,616 crore) while it managed to collect Tk 688.66 billion (Tk 68,866 crore) revenue .
There was a deficit of Tk87.50 billion (Tk8,750 crore) in the target of the revenue collection. As a result, the negative growth from the target was 11.27 per cent.
It may be mentioned that the CHC could not achieve its revenue collection target for a single time in the last five financial years.
In the FY 2022-23, there was a deficit of Tk127.42 billion (Tk12,742 crore) in the revenue collection, in the FY 2021-22 the deficit was Tk49.16 billion, in the FY 2020-21 it was Tk 127.27 billion and in the FY 2019-20 the deficit was Tk164.45 billion.
According to the CHC, many traders could not open LCs in the recent financial years due to the prevailing dollar crisis in the country; as a result, imports of goods were not as expected.
Moreover, import of products with high tariffs was also discouraged. Consequently, revenue collection missed the target. But the amount of revenue collected was satisfactory.
A growth of more than 12 per cent compared to the preceding financial year was nothing less at all.
Commissioner of CHC Faizur Rahman said, "The revenue collection has increased due to more than double fines for false declarations and increased surveillance to prevent irregularities including setting customs prices in line with the international market."
He added, "In June 2020, NBR fixed the minimum penalty for false declaration, which is double the amount of evaded tax. Earlier there was high incidence of tax evasion due to non-fixation of minimum penalty. Revenue evasion has declined over the past few years as penalties for false declarations have been increased."
It may be mentioned that CHC collects duty on imported goods which are brought in through the Chattogram seaport. The seaport handles 92 per cent of the country's import and export trade. Apart from the country's main seaport, the CHC also collects duty on goods coming through Shah Amanat International Airport of Chattogram.

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