Chattogram Customs target to earn 11% of national budget in revenue this year

Chattogram Customs House, the country's largest customs station, has set an ambitious revenue target of Tk65,435 crore for the current fiscal year, which constitutes nearly 11% of this year's national budget. 

The revised target for the last financial year was Tk64,303.60 crore. 

The customs house authorities say that despite the pandemic, more than 23% growth was achieved in the just concluded financial year, relative to the previous year. 

This is the second highest growth record of the customs house in the last 26 years. In fiscal 2007-2008, it achieved a 30% growth in revenue compared to the preceding year.

Chattogram Customs House Commissioner Mohammad Fakhrul Alam said the pace at which the customs house had operated last year would continue. 

"Revenues are mainly dependent on imports. If imports continue, it will be possible to achieve the new targets. Hopefully, we will set a new record in revenue collection this year," he added.

According to sources at the customs house, tax and duties evasion will come down further with the e-payment system already introduced.

Moreover, the increased fine for tax evasion enforced in the last financial year will be continued to stop fraudulence and tax evasion. 

According to the data available with the Chattogram Customs House it raised the highest revenue in the just concluded financial year in its history. 

They collected Tk51,576.96 crore against a target of 64,303.60 crore. 

The revenue collected a year ago  was Tk41,854 crore. 

The highest monthly revenue –-Tk6,743.09 crore –– was collected in June of the last financial year against a target of Tk5,042.42 crore. 

In the first two weeks of July, the first month of the current fiscal year, the collection was Tk1,211 crore against a target of Tk4,981 crore for the entire month. 

A review of the revenue target figures show that the target for fiscal 2020-21 increased by Tk6,005.6 crore compared to the previous fiscal year. In fiscal 2019-20, the target saw an increase of Tk3,965 crore.

President of Chattogram Chamber of Commerce and Industry, Mahbubul Alam, said the increase in revenue collection was positive for the economy. 

"This trend will continue in the current financial year as well."