Chattogram customs revenue growth rate turns positive
The growth rate had turned negative 1.11% in Oct due to Covid-19 impacts, but the CCH got back on track in Nov to achieve its annual revenue target
Chattogram Customs House (CCH) – the country's largest customs station – saw an 8.69% increase in its revenue collection growth rate in November this year, compared to the same month last year.
The CCH's revenue collection reached Tk3,770 crore in November this year, which was Tk3,468 crore in the same month last year.
Making the disclosure to The Business Standard on Saturday, the CCH said the growth rate had turned negative 1.11% in October 2020 due to Covid-19 impacts, but the customs station got back on track in November to achieve its annual revenue target.
On average, the CCH collects around Tk120 crore in revenue per day, and the figure reaches around Tk42,000 crore annually. It has set Tk65,433.70 crore as the revenue collection target for 2020-21 Fiscal Year. The CCH revenue plays an important role in the national budget.
Terming the boost in revenue growth rate as a positive development amid the sluggishness caused by Covid-19, CCH Commissioner Mohammad Fakhrul Alam said, "Though businesses across the globe have been negatively impacted, our team is trying their best to fulfil the revenue target.
"We have taken some initiatives to curb attempts made by C&F agents and importers to dodge duty."
He added, "A new law has been introduced this fiscal year. Errant importers who try to evade duty through illegal methods, such as false declarations and forged documents, are now facing fines two-four times higher than the actual duty.
"This is one of the reasons behind the increase in revenue collection, as fewer C&F agents and importers are now trying to evade duty."
Revenue collection at the CCH was Tk18,015.76 crore from July to November of FY2020-21, which was 3.06% higher compared to the same period in the previous fiscal year.
Commenting on the matter, Chittagong Chamber of Commerce & Industry's President Mahbubul Alam said, "The revenue collected by the CCH has a significant impact on the total revenue collected by Bangladesh."
"The CCH revenue collection growth rate turning positive amid the Covid-19 crisis is a great achievement. We all should conduct our business by maintaining ethics and showing respect for customs regulations," he added.
When compared to the same months last year, the CCH began the current fiscal year with a negative 11.57% growth in revenue collection in July, but the customs station recorded 11.55% and 10.74% positive growth rates in August and September respectively.
According to the CCH data, it collected Tk41,853.86 crore in revenue last year.