Ctg Customs given ambitious revenue income target
CHATTOGRAM, Sept 16: The National Board of Revenue (NBR) has given a highly ambitious target of revenue income to the Chattogram Customs House for the current fiscal.
According to the National Board of Revenue (NBR), Chattogram Customs House has been given a target of revenue income to the tune of Tk63, 168 crore for the 2019-20 financial year.
It is 46 percent higher than the previous year achievement and 16.3 percent higher than the previous year target.
During the previous 2018-19 fiscal, the Chattogram Customs House earned a revenue income of Tk43, 577 crore against the revised target of Tk54, 332 crore.
Earlier, the National Board of Revenue (NBR) gave the Chattogram Customs House a target of Tk57, 462 crore that was later revised to Tk54, 332 crore.
But the Chattogram Customs House failed to achieve the revised target in 2018-19 fiscal.
Despite the achievement of the target, the growth rate of revenue income was 2.91 percent in 2018-19.
The Chattogram Customs House earned a revenue income of Tk42, 344 crore in 2017-18 fiscal against the target of Tk44, 677 crore.
According to statistics of the NBR, Chattogram Customs House earned a revenue income of Tk36, 657 crore in 2016-17 fiscal against the target of Tk39, 622 crore.
According to Chattogram Customs House sources, the failure of achievement of the target in the previous year is the cause of decline of import of higher duties cargo. Besides, the import of car also declined in the past year.
Furthermore, the Customs sources said the import with false declaration had increased. The importers are misusing the Bond facilities.
Talking to the Daily Observer, Prof Mainul Islam, Former President of Bangladesh Economic Association (BEA) termed the target highly ambitious that can never be achieved.
He said the annual growth of national economy was nearly 8 percent while the inflation rate was 6 percent.
So, Prof Mainul predicted that the target might be increased to nearly 15 percent. But the NBR fixed it at 46 percent that can never be achieved by the Chattogram Customs House.
Prof Mainul said the NBR usually presents ambitious target to boost up the economic growth.
"But the target must be logical and achievable," Mainul said.