Ctg customs’ revenue grew 10.61% in Jul-Dec

Chattogram Customs House has logged a 10.61% year-on-year growth in its revenue collection in the first six months of the current fiscal year.

Revenue collection at the country's main customs station has exceeded Tk30,000 crore, which is Tk2,895.76 crore more than the amount collected in the July-December period of fiscal 2021-22.

Customs officials see the growth in revenue despite a slowdown in global trade as positive. They expect the collection to exceed Tk65,000 crore at the end of the current financial year.

Traders say that due to an increase in the dollar rate, the price of goods has also increased and they have to pay more tax than before.

Md Zakir Hosen, Additional Commissioner of the Chattogram Customs House, said their duty collection process is now more systematic, which has led to an increase in revenue.

"The amount of revenue collection at the end of the fiscal year depends on the import situation. But it will surely exceed the revenue collection of the last financial year," he added.

He also said that the customs' valuation of imported goods is being done accurately. All customs formalities, including the HS Code (Harmonized System Code), are being followed properly. It has also reduced the incidence of duty evasion. As a result, overall revenue collection increased.

According to Chattogram Customs House data, Tk30,180 crore of revenue has been collected in six months from July to December of fiscal 2022-23, up from Tk27,284 crore in the same period a year ago.

Revenue has fallen short of the target by Tk6,379.85 crore for the half of the current fiscal year. The target for the entire fiscal year is Tk74,206 crore.

In fiscal 2021-22, revenue collection stood at Tk59,160 crore against the target of Tk64,075 crore. The collection saw 14.70% growth.
Revenue was Tk51,577 crore in fiscal 2020-21.  

In the current financial year, the lowest revenue was collected in December.

Chattogram Chamber of Commerce and Industry President Mahbubul Alam told TBS that the price of the dollar was Tk84 earlier, but now it has exceeded Tk100. As a result, traders have to pay extra for both the price of the imported goods and the duty.

He also said that to keep the wheels of the country's economy moving, there should be continuity in the revenue from customs.

"I see the continuation of Chattogram Customs House's growth positively," he added.
Chattogram Customs House collects duty on goods imported through Chattogram Port, which oversees 92% of the country's import and export trade.

Apart from the country's main seaport, the customs house also collects duty on goods coming through Shah Amanat International Airport in the port city.