Wed | Oct 18, 2017

Jamaica Customs smashes revenue target

Published:Saturday | May 9, 2015 | 12:00 AM

Jamaica Customs has collected a little more than $12.9 billion in revenue for the just-ended 2014-2015 financial year, surpassing the Ministry of Finance's revenue target for the agency by $1.7 billion or 15 per cent. The finance ministry had set a target for the agency of about $11.2 billion.

The amount of revenue pulled in for the fiscal year represents an increase of $2.097 billion or 19 per cent when compared with the similar period last year. Net revenue collections were $11.452 billion, which is $227 million or two per cent above the ministry's target. This is an increase of $1.206 billion or 12 per cent when compared with the similar period last year.

Jamaica Customs is also reporting that at the end financial year 2014-2015, net revenue collections stood at $143.28 billion, which is $503 million or four per cent of the overall ministry's target of $142.777 billion.

Additional waivers

At the same time, gross collections at Jamaica Customs were $158.743 billion, which is $15.966 billion or 11 per cent above the target. When compared to the similar period for 2013-2014, net revenue increased by $14.458 billion or 11 per cent while gross revenue increased by $20.215 billion or 15 per cent. Jamaica Customs said this was achieved despite additional waivers and incentives of $9 billion granted to the productive sector, and reduction in duties on motor vehicles 2000cc and up, phablets and the 50 per cent Customs Administration Fee (CAF) applicable to manufacturers with respect to intermediate goods without revision of

targets.

The Jamaica Customs states that, for the current financial year, it will continue to improve its business processes through automation with the implementation of the Automated System for Customs Data (ASYCUDA World).

"This will result in greater efficiency and client service improvements, as we facilitate trade and protect our borders for the ultimate goal of collecting much-needed revenue; thus assisting in stabilising the Jamaican economy," the agency added.