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Despite the dollar shortage, preventing traders from opening letters of credit (LC) as needed, the Benapole Custom House exceeded its revenue target for the 2023-24 fiscal year by Tk 2160 million.
The revenue target for Benapole Custom House in the 2023-24 fiscal year was Tk 59,480 million. Actual revenue collected amounts around to Tk 61646 million.
According to Benapole Custom sources, the total import volume for the 2022-23 fiscal year was 1.445 million tons, which increased to 1.72178 million tons in the 2023-24 fiscal year.
Kamal Uddin Shimul, Vice President of the Benapole C&F Agents Association, attributed the initial revenue shortfall to the global economic recession, rising dollar exchange rates, and the resulting reduction in LCs by commercial banks.
However, higher imports of goods with elevated duty rates towards the end of the fiscal year led to increased revenue collection at Benapole Custom House.
Importer Monir Hossain highlighted that many businesses could not open LCs due to banks increasing exchange rates amid the global recession and dollar shortage, significantly reducing imports through the Benapole land port.
Nonetheless, the government’s sudden increase in import duties on various goods boosted customs revenue.
Abdul Hakim, Commissioner of Benapole Customs House, said that the increase in high-duty imports towards the end of the fiscal year, combined with the government’s raised duty rates, contributed to exceeding the revenue target.
He emphasised the implementation of a zero-tolerance policy against tax evasion at the port, with a 200 per cent penalty imposed on irregularities, which also boosted revenue.
Additionally, imports for the government’s mega projects through Benapole further increased customs revenue.