Benapole exceeds revenue target by Tk38cr

Despite facing restrictions on imports, the Benapole Customs House has exceeded its revenue collection target by a substantial Tk38.19 crore during the first nine months of the 2024-25 fiscal year. 

The total revenue collected reached Tk5,104.49 crore, surpassing the target of Tk5,066.30 crore set by the National Board of Revenue (NBR).

Customs authorities attributed this remarkable achievement to the government's recent increase in duty rates and the quicker clearance of goods at the customs house. 

With a growing demand for high-tariff goods and a surge in industrial supplies, Benapole Customs has seen a remarkable rise in revenue collection.

In the 2023-24 fiscal year, Benapole Customs had also exceeded expectations, collecting Tk6,164.59 crore, surpassing the initial target of Tk5,948 crore set by NBR. 

The steady growth in revenue collection in recent months reflects resilience despite the global economic challenges, rising dollar rates, and restrictions on Letters of Credit (LCs).

Easing of dollar crisis, rising imports

Emdadul Haque Lota, general secretary of the Benapole C&F Agents Association, said that a global economic downturn and the high exchange rate of the dollar have led commercial banks to reduce the issuance of LCs in recent years. As a result, import volumes initially dropped, leading to a temporary shortfall in revenue.

However, the situation has improved recently, with revenue collection increasing since last year. 

"The easing of the dollar crisis in recent months has allowed for the opening of more Letters of Credit (LCs), which has facilitated the rise in imports and, in turn, the increase in customs revenue," said Aminul Haque, vice president of the Benapole Import-Export Association.

According to Matiar Rahman, director of the India-Bangladesh Land Port Import-Export Committee, the import of high-tariff goods through Benapole has significantly increased in the current fiscal year. This has resulted in higher revenue generation.

Govt's import duty hike

Officials at Benapole Customs credited the recent hikes in import duties on various goods as a significant factor in surpassing revenue targets. 

HM Shariful Hasan, additional commissioner of Benapole Customs, said that the absence of a dollar crisis over the last four to five months has allowed traders to open LCs more easily. This has contributed to a surge in imports and, consequently, a rise in customs revenue.

According to sources from Benapole Customs, 14.45 lakh tonnes of goods were imported during the 2022-23 fiscal year, a decline from 21.14 lakh tonnes in 2021-22. However, with increasing imports of high-tariff goods and industrial supplies in 2024, Benapole Customs is on track to continue its positive revenue trajectory.

Customs officials are optimistic about maintaining the upward trend in revenue collection, with faster clearance procedures and the government's supportive fiscal policies.