Despite political instability, Chattogram Customs House has shown a significant increase of 11 % compared to the revenue collected during the same period in previous fiscal, reports UNB.
According to a data, Chattogram Customs House, country’s largest customs house, has collected Tk 48,271 crore in revenue in eight months of the fiscal year 24-25.
The business leaders thought that it has been possible to collect a huge amount of revenue due to the availability of the opening of letters of credit (LCs) and stricter enforcement of tax regulations to prevent evasion.
Although revenue collection fell short of the target, it exceeded last year’s figures.
According to sources, Chattogram Customs House collected Tk 48,271 crore against a target of Tk 55,419 crore as of February in the 2024-25 fiscal year.
Deputy Commissioner of Chattogram Customs House, Saidul Islam, credited intelligence surveillance and enhanced port security for reducing irregularities. "By strictly adhering to customs laws and strengthening monitoring, we have successfully increased revenue collection," he said.
In recent years, import volumes declined due to the dollar crisis, but as the situation improved in the mid of the fiscal year, traders were able to open LCs more easily, positively impacting revenue collection, he said.
In February alone, Chattogram Customs collected Tk 6,152 crore in revenue, slightly below the target of Tk 6,440 crore.
SM Saiful Islam, President of the Chattogram C&F Agents Association, said that imports and revenue had previously declined due to factors such as political turmoil in July-August, severe floods and the dollar crisis.
"However, with a steady rise in remittance inflows, the dollar situation has improved. Banks are now issuing import LCs, and the government is encouraging imports by reducing duties on essential commodities," he said.
He added that heightened vigilance by Customs and the National Board of Revenue (NBR) has significantly curbed duty evasion, further boosting revenue collection. "If political stability continues, meeting the revenue target is just a matter of time," he said.
SM Abu Tayeb, Chairman of the International Business Forum, said in previous years, political influence often led to duty waivers on imported goods. "However, strict enforcement of laws has significantly reduced this trend," he said.
For the 2024-25 fiscal year, the NBR has set a revenue target of Tk 83,432 crore for Chattogram Customs House.
In the 2023-24 fiscal year, the customs house collected Tk 68,866 crore in revenue against a target of Tk 77,616 crore, with February alone recording a historic high of Tk 6,152 crore.
This increase in revenue highlights the region's vital role in the national economy as Chattogram serves as the primary gateway for imports and exports in Bangladesh.
This boost in revenue is crucial for financing development projects, improving infrastructure, and supporting the government’s fiscal policies. It also underscores the importance of Chattogram as a key contributor to the country’s economic stability and growth.
Bd-Pratidin English/ AM
