Imports and exports have returned at a faster rate than at any other time since June-July of last year after the second wave of COVID-19 subsided. This has had a direct impact on the country’s revenue collection. The import sector has played a major role in this.
According to Bangladesh Bank, imports have increased by 54% in the first five months of the current fiscal year. Besides, according to the National Board of Revenue, the revenue collection in the six months from July-December of the current 2021-22 fiscal year has increased by 14.22% as compared to the same period of the previous fiscal year. This amounts to about Tk 16,000 crore. There has been more growth in the collection of taxes. During this period, the growth of customs duty alone has been about 20%.
According to preliminary data prepared by the National Board of Revenue (NBR), the customs houses and stations covered by it have collected Tk 1 lac 26 thousand and 209 crores in the last six months. Apart from customs duty, VAT and income tax collection have increased by 9.54% and 14.83% respectively.
In the first six months of last year, the growth of revenue collection was less than 4%. During the period under review, the growth in customs duty, VAT, and income tax collection was 6.77%, 1.16%, and 4.8% respectively. Despite the growth, the collection has been less than the target of Tk 17,000 crore.
Most of the taxes collected in the country come through two ports. Its revenue collection activities are managed by Benapole Customs House and Chittagong Customs House.
