Enhanced monitoring to prevent false declaration paid off, customs officials say
The Customs House in Chattogram (CHC) achieved a record revenue collection of Tk 68,562.72 crore in the fiscal year 2023-24, marking a 9.4 percent increase from the previous year. This is the highest revenue ever collected by the CHC, which manages about 90 percent of Bangladesh’s annual trade.
The surge in revenue is attributed to improved monitoring efforts and a revision of the Customs Act-1969 in June 2020, which allowed officials to impose a minimum penalty for inaccurate declarations of imported items. In June 2020, the National Board of Revenue (NBR) set a minimum fine for false declarations at twice the amount of dodged revenue, replacing the previous system where no minimum fine existed.
In the fiscal year 2022-23, revenue receipts stood at Tk 62,657.81 crore. Notably, Tk 19,000 crore of the revenue in FY24 was generated through the imports of 12 key products, including high-speed diesel, furnace oil, liquefied natural gas, apple cement clinkers, palm oil, crushed stone, and petroleum oils. The import surge in these items was driven by increased demand in the energy, power, and construction sectors, making them the most imported goods over the last decade.
Additional significant revenue-generating commodities included oranges, betel nuts, milk powder, scrap ships, automobiles, automotive components, finished ceramics, and electronic goods.
Custom House Commissioner Mohammad Fyzur Rahman credited the higher revenue to the prevention of false declarations and the implementation of good governance. “We’ve enhanced surveillance to prevent irregularities in imports and emphasized setting tariffs according to the actual prices of goods. The customs house has also worked to expedite assessment and clearance to promote year-round trade,” he stated. These measures have effectively deterred dishonest traders from engaging in irregular activities.
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