Customs' revenue had a major impact on state coffers over the past few months due to rising commodity prices in the international markets and rising dollar prices.
The National Board of Revenue (NBR) is also planning to increase revenue from this sector in the coming years.
During a seminar organized by the NBR on the occasion of International Customs Day at a Dhaka hotel on Thursday, its officials expressed their concern about a big blow in this sector's revenue collection after Bangladesh graduates to a developing nation from the least-developed country (LDC).
The officials said that they need to prepare for this now.
Abdul Mannan Shikder, member Grade-1 (customs audit, modernization and international trade) and additional charge (customs and VAT admin) of NBR said: “Our tariff benefits may decrease after LCD graduation. Moreover, we may have to give duty concessions in terms of many new contracts. It will have an impact on the overall revenue income.”
NBR member (VAT policy) Zakia Sultana also showed her concern.
She said: “After LDC graduation, we need to rationalize our custom duty and also have to compromise our revenue.”
Earlier in February last year, the United Nations Conference on Trade and Development (UNCTAD) report made a forecast that Bangladesh is likely to lose 14.28% or $5.73 billion worth of export earnings annually after its graduation to a developing nation from the least-developed country (LDC) status.
NBR Chairman Abu Hena Md Rahmatul Muneem said: “The slowdown in global trade has also affected Bangladesh's trade. It also reduced our revenue collection. We have also given some exemptions at the import level for the convenience of consumers. So there has also been some decrease in customs revenue. But hopefully, we can get closer to the target by the end of the year.”
A video message from Finance Minister AHM Mustafa Kamal was broadcast on the occasion as he was not present physically at the event.
Member Grade-1 (Customs: Policy) of NBR Masud Sadiq presented the keynote presentation. In his presentation, he said: “In FY22, the tax revenue collected by NBR was Tk301,066 crore. Out of which, customs' revenue was Tk89,424 crore or 30%. The target of tax revenue collection in FY23 is Tk370,000 crore. Out of this, the customs revenue target is Tk111,000 crore.”
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin called upon the National Board of Revenue (NBR) for increasing the ease of doing business and to protect the local industry to discourage imports amid the current dollar crisis.
“Increased involvement of businessmen is needed for this purpose,” he added.
Among others, the Chief Executive Officer of HSBC Mahbubur Rahman spoke at the event.
On the occasion of International Customs Day, 18 individuals and organizations were awarded World Customs Organization (WCO) certificates of merit.
Besides, nine companies have been recognised as Authorized Economic Operators (AEO) for easily releasing goods from the port as trusted traders.
NBR Chairman Abu Hena Md Rahmatul Muneem handed over the certificate to the award winners.
International Customs Day (ICD) has been celebrated every year on January 26 globally since 2009.
The theme for International Customs Day 2023 was “Nurturing the next generation: promoting a culture of knowledge-sharing and professional pride in Customs.”
The annual event is meant to acknowledge the role and responsibilities that customs officials play in ensuring the smooth flow of goods across world borders.
