Chattogram Customs sees Tk5,859cr revenue deficit in Q1
Despite the shortfall, there is 1.6% or Tk233 crore increase in revenue earning compared to that in the same period a year ago
In the first four months of the current fiscal year, the revenue collection at Chattogram Customs House fell by 29% or Tk5,859 crore.
The revenue target was Tk20,105 crore for the period, but the collection was Tk14,245 crore.
Despite the shortfall, there is 1.6% or Tk233 crore increase in revenue earnings compared to that in the same period a year ago.
In the first quarter of fiscal 2019-20, the revenue collection was Tk14,012 crore.
In the current financial year budget, a revenue target of Tk65,433.70 crore was set for the Chattogram Customs House.
The customs officials said the shortfall in revenues was mainly due to a decline in imports due to the raging pandemic. The customs earns most revenues from car imports. This time, the import of cars through the Chattogram port has come down drastically. The import of other commercial products has also fallen.
Mohammad Fakhrul Alam, commissioner of Chattogram Customs House, told The Business Standard that the tariff at Mongla Port is less than that at the Chattogram Port for keeping imported vehicles.
For this reason, traders are now importing cars through Mongla Port instead of Chattogram, he said, adding that this is a big reason for not meeting the revenue target.
According to the importers and Clearing and Forwarding (C&F) agents, various products such as yarn, fabric, toys, food items, baby diapers, etc, are released at high tariff through the Pangaon terminal, Dhaka ICD (Inland Container Depot) apart from the Chattogram Port.
In fiscal 2019-20, the revised target of revenue collection through the Chattogram Customs House was Tk58,298 crore. At the end of the year, the collection was Tk41,853.86 crore.