Pandemic causes 25% revenue shortfall for Ctg customs

The Chattogram Customs House (CCH)’s revenue shortfall declined 25% in the first 10 months of the current fiscal year from the target.

The revenue stood at Tk Tk39, 701 crore in the July-April period of the fiscal year 2020-2021, down from the target of Tk Tk53, 168 crore due to a slowdown in economic activities amid the COVID-19 outbreak and the ambitious collection target.

“Pandemic is behind the reason for the revenue shortfall from the target,” said Fakhrul Alam, a CCH commissioner.

For the whole financial year, the CCH had targeted to collect Tk65, 433 crore, which was revised down to Tk64, 303 crore.

“There is only one month left to end the financial year. We may miss the target for the revenue collection for the entire financial year,” said Alam.

Prof Dr Moinul Islam, economist and former teacher of the economics department at the University of Chittagong, said the target might have been raised to 17 percent higher than the past fiscal.

But the National Board of Revenue (NBR) had set the revenue income target for the CCH at 50 percent higher than the previous fiscal, he said.

“There is a negative impact on the economy due to the pandemic and ongoing lockdown. Along with these, some bureaucratic problems, corruption, and absence of proper customs rules hinder the revenue earnings of the agency,” he added.