Despite a dollar shortfall that prevented traders from opening letters of credit (LC) when needed, the Benapole Custom House exceeded its revenue target for the fiscal year 2023-24 by Taka 216 crore. The income target for Benapole Custom House in fiscal year 2023-24 was Taka 5,948 crore. The actual revenue collected was Taka 6,164.59 crore.
According to Benapole Customs sources, the total import volume for the fiscal year 2022-23 was 1.445 million tonnes, rising to 1.72178 million tonnes in the fiscal year 2023-24.
Kamal Uddin Shimul, Vice President of the Benapole C&F Agents Association, attributed the initial revenue shortfall to the 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 stated that many businesses were unable to open LCs due to banks raising currency rates during the global recession and dollar shortage, greatly restricting imports through the Benapole landport. Nonetheless, the Government’s abrupt hike in import tariffs on a variety of items increased customs revenue.
Abdul Hakim, Commissioner of Benapole Custom House, stated that the surge in high-duty imports near the conclusion of the fiscal year, combined with the government’s increased duty rates, helped to exceed the income target.
He underlined the port’s zero-tolerance approach against tax evasion, which included a 200 per cent penalty for anomalies and increased income. Furthermore, imports for the Government’s megaprojects via Benapole boosted customs revenue.