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According to The New Nation‘s reporting of data attributed to Bangladesh’s central bank, the country experienced a steep 14% decline in import LC settlement from USD 44.32 billion in July 2023 to February 2024, compared to USD 51.49 billion over the same period last year.
Despite the drop, The Business Standard reported that import tax revenue increased by some 11% and VAT revenue climbed more than 16% due to the higher cost of imported goods – as opposed to a greater import volume – and also partially due to efforts to curb false declarations by importers.