Revenue from 10 imports declines significantly

Staff Reporter :
The National Board of Revenue (NBR) has reported a concerning trend in revenue collection from ten key imported goods, revealing a significant year-on-year decline of Tk 1,677 crore during the first eight months (July–February) of the current fiscal year.

This downward trajectory has been attributed to complications in opening letters of credit (LC) stemming from the ongoing dollar crisis.

Imports of these essential goods from various countries have also plummeted threefold during this period, exacerbating the revenue shortfall and posing challenges to meeting overall fiscal targets, according to NBR officials.

The ten imported goods primarily affected include rice, steel pipe, petroleum oil, steel sheet, railway coach, steel structure, iron steel, steel bridge section, Naphtha, and aluminium cable.

Notably, rice imports witnessed a substantial decline of 11,71,816 metric tonnes, plunging to a mere 605 metric tonnes compared to the same period last fiscal year.

This decline translated into a revenue loss of Tk 348 crore, underscoring the significant impact on revenue streams.

Similarly, revenue collection from steel pipe imports dwindled by Tk 247 crore, petroleum oil imports saw a decrease of Tk 222 crore, and steel sheet imports experienced a decline of Tk 213 crore.

Other affected categories, including railway coach, steel structure, iron steel, steel bridge section, Naphtha, and aluminium cable, also witnessed notable declines in revenue collection, further exacerbating the overall revenue shortfall.

Revenue earnings drop at a time when the country’s overall economy is going through a negative trend due to local and international factors.

Higher inflation, a slow pace in budget implementation, unstable foreign exchange reserves, and a decline in export earnings and expatriate income have also impacted revenue collection, NBR officials said.

The revenue board has set a revenue collection target worth Tk 4.10 lakh crore for the current fiscal year. But the government agency was able to collect Tk 2,26,586 crore during the July–February period of the current fiscal year.