Economy
Ctg Custom House Revenue Surges by 12.25% in FY24
The Chattogram Custom House has reported a record revenue collection of Taka 68,866.54 crore in the last fiscal year (FY24), marking a 12.25 percent growth compared to the previous fiscal year (FY23), which saw a revenue collection of Taka 61,350.44 crore.
This significant increase in revenue is attributed to enhanced vigilance measures aimed at preventing tax evasion, proper determination of customs tariffs, and fines imposed for false declarations of imported goods. Since approximately 90 percent of the country’s import and export activities are conducted through this custom house, these measures have had a substantial impact on revenue growth.
Chattogram Custom House Commissioner Mohammad Faizur Rahman highlighted the efforts made to prevent irregularities in imports and emphasized the importance of determining the accurate HS code of products to ensure proper customs duty collection. He also noted that the overall revenue collection has benefited from the realization of arrear customs duties and the resolution of pending cases.
However, he pointed out that Petrobangla, a state-owned oil, gas, and mineral resources company, owes a significant amount of arrear duty to the Chattogram Custom House. Out of a total arrear amount of Taka 14,000 crore, Petrobangla managed to pay only Taka 800 crore in the last fiscal year. Had these dues been cleared in full, the revenue collection figures could have been even higher.
The revenue collection target for the Chattogram Custom House in FY24 was set at Taka 77,616 crore. The revenue was primarily derived from duties on the import of high-speed diesel, furnace oil, apples, cement clinker, palm oil, powdered milk, scrap ships, automobiles, stones, and petroleum.
Rahman expressed satisfaction with the record revenue collection and reiterated the commitment of the Chattogram Custom House to continue its efforts to enhance vigilance and ensure the accuracy of customs duty collection.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
