Ctg customs posts 7.7% revenue growth in November

The Chattogram Custom House (CCH) witnessed a 7.7% growth in revenue collection for the fiscal year 2023-24 in November.

The total revenue collected this month is Tk5,901 crore, with an increase of Tk421.68 crore compared to the same period in the previous fiscal year.

Although the target for revenue collection in November was set at Tk6,937 crore, the actual collection fell short by Tk1,035.76 crore, constituting a 14.93% deficit.

The cumulative revenue collected from July to November in this fiscal year reached Tk28,037 crore, reflecting an 8.74% increase compared to the same period in the previous fiscal year, which recorded a revenue of Tk25,873 crores.

The customs authorities attributed the rise in revenue to several factors, including recent imports and an increase in import prices due to the appreciation of the dollar. 

Tariff adjustments further contributed to elevated import prices. 

Additionally, strategic measures such as revising the assessment value of certain products and heightened vigilance by the AIR branch of customs resulted in the detection and prevention of customs evasion and fraud. 

This, in turn, led to a positive trend in revenue collection, with additional income from fines contributing to the overall increase.

Barrister Md Bodruzzaman Munshi, spokesperson and deputy commissioner of CCH, said the positive growth in revenue was a significant development for the country's economy, especially amidst a global economic downturn. 

He credited this achievement to comprehensive initiatives aimed at curbing smuggling, preventing fraud, and deterring customs evasion.

Despite the positive trajectory, the customs acknowledged that the revenue collection for the first five months of the current fiscal year fell short of the target. 

The set target for the fiscal year is Tk77,616 crore, with the aim of collecting Tk31,720 crore in the initial five months. However, the actual collection amounted to Tk28,037 crore, indicating a deficit of 3,683 crores or 11.61% against the target.