Ctg customs’ revenue exceeds last year’s figure in 11 months
The country’s premier customs station collected Tk44,756 crore in revenue in July-May this fiscal year – up from Tk41,854 collected in the 12 months of last year
Revenue collection at Chattogram Custom House in the first 11 months of the ongoing 2020-2021 fiscal year was Tk2,902 crore higher than the previous year's figure.
The largest customs station in the country collected Tk44,756 crore in revenue in the July-May period of this fiscal – up from Tk41,854 collected in the 12 months of last year, according to official data.
On the other hand, the revenue earnings in the first 11 months of the outgoing FY21 is Tk7,150 crore higher when compared to that of the same period a year ago.
Sources said even though the customs station posted negative growth in revenue collection in the first three months of this financial year, it got back to positive growth and sustained it in the following months.
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Nonetheless, revenue generated by Chattogram customs in the July-May period of the current financial year was Tk14,505 crore or 24.48% less than the target set for the period.
Mohammad Fakhrul Alam, commissioner at Chattogram Custom House, said although revenue collection has got back to the positive growth trajectory this year following a negative 3.96% year-on-year growth registered in FY20, imports of several high-duty goods remains low. "This is why the revenue collection has fallen short of target," he noted.
A review of Chattogram Custom House's revenue collection data for the last 26 financial years shows that negative growth was achieved in only 5 years, while the largest – minus 5.19% – decline was recorded in the 1999-2000 fiscal year.
The minus 3.96% growth posted last year was the second worst annual performance of the customs station.
According to data provided by Chattogram Custom House, its revised revenue collection target for the current fiscal year is Tk64,303.60 crore.
Chattogram Custom House has identified the decline in imports of 20 types of high-duty goods as the reason why its revenue collection has fallen short of target in the current financial year, according to a report submitted by the customs house to the National Board of Revenue.
In the report, the import data of eight months from July to February of the current financial year were reviewed.
The report mentioned that low imports of 20 types of products – including piston engine, double cabin pickup, palm oil, parts of air conditioning machines, reconditioned motor cars & other vehicles, ferrous waste and scrap, CNG-operated three-wheeled vehicles, compression-type household refrigerators, other motor cars and other vehicles, finishing ceramics, railway/tramway passenger coaches, flat rolled products, tubes, pipes and hollow profiles, of cast, towers and lattice masts of iron or steel, zinc, not alloyed, tubes, pipes and hollow profiles, riveted, of iron, and petroleum bitumen -- have affected Chattogram customs' revenue earnings this year.
