Customs exceeding revenue targets
The Jamaica Customs Agency is reporting that just a little over a month into the new financial year, it has started to exceed revenue targets.
It says for April, it exceeded the $11. 23 billion mark set by the Ministry of Finance and Planning by collecting $12.94 billion in gross revenues.
This means that Jamaica Customs collected $1.7 billion more than had been targeted.
This is $2.1 billion more than the figure collected for the similar period last year.
Net revenue collections for April were $11.45 billion, that's $227 million more than targeted.
Meanwhile, Jamaica Customs says at the end of Financial Year 2014/2015, net revenue collections stood at $143.28 billion which is $503 million more than the finance ministry's target of $142.78 billion.
The Customs Agency says this was achieved despite additional waivers and incentives of $9 billion granted to the productive sector; the reduction in duties on some motor vehicles and on phablets; and the 50 per cent Customs Administration Fee to manufacturers with respect to intermediate goods.