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Ctg customs miss revenue target amid declining imports

NAZIMUDDIN SHYAMOL | May 27, 2023 00:00:00

CHATTOGRAM, May 26: The Chattogram Customs House fell short of its revenue collection target during the first ten months of FY23, according to sources, as a decline in imports has been cited as one of the key reasons.

The Chattogram customs had set a target of Tk 62,647 crore for revenue collection during the first ten months of FY23, while the year-around target for the current fiscal stands at Tk 74,206 crore.

However, the customs house only managed to collect around Tk 48,815 crore in the first ten months of FY2022-23.

In the first ten months of the previous fiscal year (2021-22), Chattogram customs collected revenue of Tk 48,600 crore.

During the last fiscal year (2021-22), Chattogram customs also fell short of achieving its annual collection target. The customs house managed to collect Tk 59,159.83 crore, lower than the target of Tk 64,159.83 crore.

Md Bodruzzaman Munshi, the deputy commissioner of Chattogram Custom House, said, "Revenue collection in the current fiscal year has declined compared to the previous year. Imports of low-duty products, particularly food items and capital machinery, have increased."

He also said the decrease in imports of luxury goods, including cars, cosmetics, and electronics, which yield high revenue, has led to a decrease in overall revenue collection.

Chattogram Custom House is responsible for collecting duties on imported goods that enter through the Chittagong Sea Port, which handles 92 per cent of the country's import and export trade.

Besides, the customs house also collects duties on goods arriving via Shah Amanat International Airport in Chattogram.

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