UNB, Benapole:

Despite 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 216 crore.

The revenue target for Benapole Custom House in the 2023-24 fiscal year was Tk 5,948 crore. Actual revenue collected amounted to Tk 6,164.59 crore.

According to Benapole Custom sources, the total import volume for the 2022-23 fiscal year was 1.445 million tonnes, which increased to 1.72178 million tonnes in the 2023-24 fiscal year.

Kamal Uddin Shimul, Vice President of the Benapole C&F Agents Association, attributed the initial revenue shortfall to 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 Benapole land port. Nonetheless, the government’s sudden increase in import duties on various goods boosted custom revenue.

Abdul Hakim, Commissioner of Benapole Custom 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 custom revenue.