Ctg Customs misses revenue target in H1 of current FY

Chattoram Customs, the country’s largest revenue-collecting agency, fell short of its revenue target in the first six months (July–December) of the current fiscal year (2024–25). 

The revenue collected during this period was TK 35,903.41 crore, against a target of Tk 41,524.86 crore, leaving a shortfall of Tk 5,621.45 crore.

On the last day of the calendar year 2024, Chattogram Customs collected only Tk 126.65 crore taka, far below the daily target of Tk 352.60 crore. In December alone, revenue collection missed the target by Tk 892.39 crore.

Year-on-year growth despite shortfall

While the revenue target was missed, Chattogram Customs achieved a 7.11% year-on-year growth, collecting 2,382.10 crore taka more than during the same period of the previous fiscal year (2023–24). Customs officials attribute this growth to stricter monitoring by the Audit Investigation and Research (AIR) branch, which reduced false declarations and revenue evasion during goods clearance.

Challenges impacting revenue collection

Customs officials highlighted several factors contributing to the shortfall:

Political Instability: Political unrest disrupted customs clearance processes during the early months of the fiscal year, affecting revenue collection.

Reduced Imports: A decline in imports of high-duty and luxury goods significantly impacted revenue.

High Dollar Prices: Rising dollar prices made it difficult for traders to open letters of credit (LCs). Many had to purchase dollars at higher rates from the open market and open LCs with a 100% margin, further reducing import volumes.

Customs Duty Changes: The withdrawal of duties on certain products also lowered revenue collection.

Monthly performance breakdown

According to Chattogram Customs, the revenue target for the entire fiscal year is set at 83,432 crore taka. Monthly collections showed significant variances from targets:

July: Collection of 6,311.84 crore taka against a target of 5,148 crore taka. (Higher due to arrears from the previous year.)

August: Collection of Tk 6,421.11 crore against a target of Tk 6,479 crore.

September: Collection of Tk 6,650 crore against a target of Tk 7,578 crore.

October: Collection of Tk 6,611.84 crore against a target of Tk 7,435 crore.

November: Collection of Tk 5,253.95 crore against a target of Tk 7,457 crore.

December: Collection of Tk 5,109.59 crore against a target of Tk 7,428 crore.

Customs perspective

Chattogram Customs Deputy Commissioner Saidul Islam noted that while the revenue target increases every year, meeting these targets remains challenging. He said: "This year’s target was somewhat realistic. However, political instability and the decrease in imports of high-duty goods hindered our performance in the first half of the fiscal year. Despite this, we are optimistic about maintaining a positive trend in revenue collection during the remaining six months."

Chattogram Customs remains focused on improving collection efficiency, and officials hope to recover lost ground as political and economic conditions stabilize in the latter half of the fiscal year.