Tk979cr earned from bond facility

Chattogram Customs Bond Commissionerate (CCBC) earned Tk979 crore in revenue in the fiscal year of 2021-22 against the target of Tk951 crore on the back of heightened surveillance over bond facility misuse.
 
The revenue collection has exceeded the target by Tk28 crore, a year-on-year growth of 22.22%. 
CCBC authorities informed that the revenue collection for this fiscal year 2020-21 was Tk801 crore.
 
In the last fiscal year of 2020-21, the CCBC earned TK801 crore against the target of TK650 crore. That year, the revenue collection exceeded the target by Tk151 crore.
 
Businesses enjoy zero-duty import of raw materials for 100% export items, including readymade garment, under the bonded warehouse facility.
But the facility is misused by a section of traders who import duty-free raw materials and sell those in the open market, depriving the government of the revenue and affecting local industry. Besides, some factories import more raw materials exceeding the authorised limit of duty-free import.   
"Regular bonded warehouse inspections and surveillance have made it possible to achieve the targets," CCBC Commissioner AKM Mahbubur Rahman said.
 
The audit in the 2021-22 fiscal year has initially revealed revenue evasion of Tk3,174 crore. A show-cause notice has already been issued in this regard, he added.