Due to the adverse effects of global recession and strike, blockade, in the last 6 months (July-December) of the outgoing financial year, Benapole Customs has a revenue deficit of Tk. 327 crore 92 lakh against the target. Meanwhile, the import has decreased by 1 lakh 65 thousand 390 metric tons of various products compared to the same period of the last financial year. Traders said that due to the rise in the price of the dollar, which has not been controlled in any way, the importers have stopped importing due to the fear of loss. If the crisis is not resolved quickly, the import volume may fall further and face a large revenue deficit at the end of the year.
According to customs sources, the National Board of Revenue (NBR) sets a monthly revenue target of a certain amount on goods imported from India. In the last 6 months (July-December) of the fiscal year 2023-24, the amount of this target was Tk. 3 thousand 105 crore in Benapole Customs. But only Tk. 2 thousand 777 crore 9 lakh was collected. Tk. 327 crore 91 lakh taka has been collected less than the target. During this time, 8 lakh 24 thousand 123 metric tons of different types of products were imported from India. Earlier, the revenue target for the same period (July-December) of 2022-23 financial year was Tk. 2,939 crore. At that time Tk. 2 thousand 632 crore 1 lakh was collected. Here the shortfall was Tk. 306 crore 99 lakh. At that time, the amount of import was 9 lakh 89 thousand 513 metric tons of products. Compared to 6 months of 2022-23 financial year, the import in 2023-24 financial year has decreased by 1 lakh 65 thousand 390 metric tons of goods and the revenue deficit is Tk. 21 crore 91 lakh.
International Affairs Secretary of Benapole C&F Agent Association, Sultan Mahmud Bipul said that Bangladesh is also paying the price of BNP, Jamaat's strike-blockade and Russia-Ukraine war. Bangladesh has to meet the demand of dollars to import industrial, factory raw materials and machinery products including food. But commercial banks have been reducing the number of LCs for several months, citing the rise in dollar value and the crisis in the global recession. It has seen a revenue deficit due to import reduction. However, we are optimistic that by the end of the fiscal year, the business situation will be normal after dealing with this crisis.
Benapole C&F Agent Association Customs Affairs Secretary Abdul Latif said that the import through Benapole port has decreased by 30 percent. If the necessary measures are not taken to overcome this crisis quickly, there may be a large amount of trade and revenue deficit.
Meanwhile, some general C&F traders said that many importable products are now entering the country by evading customs duties through Benapole Check post Customs with the help of customs. It has also caused a lot of revenue deficit increase.
Aminul Haque, vice president of Benapole Import-Export Association, said that banks are unable to open LC due to unreasonable increase in dollar price due to global recession. Although there is a dollar rate fixed by the government, currently the bank is deducting Tk. 125 to 128 against 100 dollars. Due to its adverse effects, there is a risk of disruption of production in the country's industries and an increase in the price of imported goods. Before this, due to various reasons, Benapole Customs was not meeting its targets for several years.