Customs revenue collection shows improvement
Saturday, 18 August 2007
Doulot Akter Mala
The customs department of the National Board of Revenue (NBR) boosted revenue collection by 9.21 per cent at the outset of current fiscal, thanks to adoption of proper and timely measures, official sources said.
In July, the department collected Tk 12.74 billion, which is Tk 1.07 billion or 9.21 per cent up compared to that of corresponding period of fiscal 2006-07.
NBR officials said the customs department has worked out a plan to achieve its revenue collection target of Tk 178 billion for the current fiscal against the backdrop of major readjustment made to the customs duty structure in the national budget.
The department has initiated a number of steps, which include speedy disposal of law suits that have blocked the realisation of a large amount of duty.
Talking to the FE, customs member Rashidul Ahsan Chowdhury said: "In last fiscal, collection rate of the department was 2.84 per cent on an average a month, but we have started the current year with 9.21 per cent."
In the current fiscal budget, the government has estimated an average of 13.01 per cent growth in customs duty collection a month, which, according to him, is very much logical.
"In fiscal 2006-07, the government reduced duty from a number of essential commodities, including rice and wheat, which caused a shortfall of Tk 880 million in that year," he said.
The department was able to achieve 99 per cent in the previous fiscal despite duty exemption of some vital products, Chowdhury said.
In 2006-07 fiscal, the customs department collected Tk 156.74 billion against its target Tk 157.62 billion.
Asked about government's plan for further exemptions of duty on essentials to rein in prices of essentials, the customs member said: "Duty exemption does not bring any positive impact on the market, but it does facilitate a section of importers."
The government readjusted the duty structure considering the soaring prices of essential commodities in the international market, for the sake of local consumers as well as stable the local market, he said.
The proposed changes in duty structure of the national budget for fiscal 2007-08 will cause losses to the tune of Tk 4.09 billion to the public exchequer.
The government has reduced duties on a number of products, which will cover 450 HS (Harmonised System) code products.
The customs department of the National Board of Revenue (NBR) boosted revenue collection by 9.21 per cent at the outset of current fiscal, thanks to adoption of proper and timely measures, official sources said.
In July, the department collected Tk 12.74 billion, which is Tk 1.07 billion or 9.21 per cent up compared to that of corresponding period of fiscal 2006-07.
NBR officials said the customs department has worked out a plan to achieve its revenue collection target of Tk 178 billion for the current fiscal against the backdrop of major readjustment made to the customs duty structure in the national budget.
The department has initiated a number of steps, which include speedy disposal of law suits that have blocked the realisation of a large amount of duty.
Talking to the FE, customs member Rashidul Ahsan Chowdhury said: "In last fiscal, collection rate of the department was 2.84 per cent on an average a month, but we have started the current year with 9.21 per cent."
In the current fiscal budget, the government has estimated an average of 13.01 per cent growth in customs duty collection a month, which, according to him, is very much logical.
"In fiscal 2006-07, the government reduced duty from a number of essential commodities, including rice and wheat, which caused a shortfall of Tk 880 million in that year," he said.
The department was able to achieve 99 per cent in the previous fiscal despite duty exemption of some vital products, Chowdhury said.
In 2006-07 fiscal, the customs department collected Tk 156.74 billion against its target Tk 157.62 billion.
Asked about government's plan for further exemptions of duty on essentials to rein in prices of essentials, the customs member said: "Duty exemption does not bring any positive impact on the market, but it does facilitate a section of importers."
The government readjusted the duty structure considering the soaring prices of essential commodities in the international market, for the sake of local consumers as well as stable the local market, he said.
The proposed changes in duty structure of the national budget for fiscal 2007-08 will cause losses to the tune of Tk 4.09 billion to the public exchequer.
The government has reduced duties on a number of products, which will cover 450 HS (Harmonised System) code products.