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Ctg Custom House Revenue Collection Falls Short by 22.12%

Economic Tag: Vat & Tax

Chittagong Custom House is experiencing a decline in revenue collection, with the first 10 months of the current fiscal year falling 22.12% short of the target. The government’s austerity measures to curb imports and address the dollar crisis have led to a reduction in the number of letters of credit (LCs) opened by importers. As a result, revenue income has also decreased, along with import and expenditure.

Businesses are facing challenges due to the restriction on importing various goods and lower LCs, as per Bangladesh Bank directives. The number of bills of entry filed with Chittagong Custom House has gradually decreased throughout the year. Despite starting with over 40% revenue growth, the trend declined in subsequent months. Efforts are being made to combat irregularities and false declarations to ensure a steady revenue flow. The total revenue collection target for the current fiscal year stands at Tk 74,206 crore.

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Ctg Custom House Revenue Collection Falls Short by 22.12%

May 24, 2023

Chittagong Custom House is experiencing a decline in revenue collection, with the first 10 months of the current fiscal year falling 22.12% short of the target. The government's austerity measures to curb imports and address the dollar crisis have led to a reduction in the number of letters of credit (LCs) opened by importers. As a result, revenue income has also decreased, along with import and expenditure.

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May 27, 2023

In a remarkable milestone, Bangladesh surpassed 30 lakh tax returns filed in the fiscal year 2022-23, marking the first time this threshold has been crossed. This achievement can be attributed to the National Board of Revenue's (NBR) proactive efforts to expand the tax net through policy measures and increased taxpayer awareness. By April of this fiscal year, the NBR received 31.7 lakh tax returns, representing a substantial 22% growth compared to the previous fiscal year.

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Ctg Custom House Revenue Collection Falls Short by 22.12%

May 24, 2023

Chittagong Custom House is experiencing a decline in revenue collection, with the first 10 months of the current fiscal year falling 22.12% short of the target. The government's austerity measures to curb imports and address the dollar crisis have led to a reduction in the number of letters of credit (LCs) opened by importers. As a result, revenue income has also decreased, along with import and expenditure.

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