Customs duty cut to cause Tk 625cr revenue loss

Withdrawal and reduction of customs duties at import stage as budgetary measures will cause a revenue loss of Tk 625 crore in the current financial year 2014-15, officials of the National Board of Revenue said. The highest Tk 450 crore revenue loss will occur because of reduction of supplementary duty on import of more than 745 products, they said. Customs wing of the NBR has recently prepared estimated revenue impact of the measures adopted in the budget for the year.
According to the estimation, revenue collection in customs duties, however, will increase by 1,675 crore in the current FY as a result of measures taken in the budget.
The officials said the government in the budget reduced SD on import of 745 products to 45 per cent, 30 per cent, 20 per cent and 15 per cent from the existing 60 per cent, 45 per cent, 30 per cent and 20 per cent respectively in line with the international norm of customs.
The officials said the government reduced the SD as a part of rationalising the existing import tariffs.
Revenue board will also lose a total of Tk 80 crore due to reduction of duties of some inputs for ceramics, textiles, plastic products, paper, baby diaper and electrical product manufacturing industries.
The move was taken to make the local manufacturing industries competitive with imported products.
Withdrawal of customs duty on import of pre-fabricated building components for readymade garment industry will cause a revenue loss of Tk 25 crore, the officials said.
It will also get Tk 50 crore less as revenue because of reduction of customs duty on the import of railway engines, some railway equipments and other 20 commodities.
The NBR officials, however, said that the budgetary measures would not affect the overall revenue collection at import stage as net revenue impact will stand in favour of the revenue board by Tk 1,050 crore because of the changes in duty structure at import stage.
The highest Tk 800 crore will be realised from import of petroleum products as the revenue board increased tariff values of petroleum items.
From imposition of value-added tax on import of mobile phone sets, the revenue board may get the second highest Tk 400 crore.
Revenue collection may increase by Tk 200 crore because of increase of specific rate of customs duty on import of iron billet, ingot and scrap vessel while Tk 175 crore may come as supplementary duty on import of microbus and completely knocked-down motor vehicle of more than 2,000cc and hybrid car as the revenue board increased the SD on the products.
The revenue board also expects to collect Tk 50 crore as VAT imposed on import of energy savings lamp components, the statistics showed.

-With New Age input

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