Customs revenues grow by $13 million for first two months of the year

The Customs Division of Antigua and Barbuda experienced a significant increase in revenue for the first two months of 2024, indicating a positive growth trend in the national economy.

The Comptroller of Customs, Raju Boddu, recently disclosed that revenue for January and February 2024 increased by 21.7% compared to the same period last year, amounting to a total of $78.4 million. In 2023, the revenue for the same period was $64.3 million, indicating a difference of $13.6 million.

Mr. Boddu has stated that the rise in ABST (Antigua and Barbuda Sales Tax) has had a minimal impact on the collections so far, as the increase is reflected across the board.

This means that every category of division collections has increased, including import duty, revenue recovery charge (RRC), consumption tax, and ABST.

For instance, ABST collections rose from $22.09 million in 2023 to $25.98 million in 2024, a remarkable 18% increase.

The Customs Comptroller has attributed the increase in revenue collection to Antigua and Barbuda’s robust economy.

External agencies such as the International Monetary Fund (IMF) and the Eastern Caribbean Central Bank (ECCB) have confirmed the country’s growth.

He further stated that the prognosis for the remainder of the year looks quite positive, as the collections from March 1 to 14, 2024, have reflected approximately $4 million more than what was collected during the same period in March 2023.

It is noteworthy that the ABST rate increased from 15 to 17%, yet all other categories of collections have also increased.

The positive growth trend in the national economy and the commendable revenue collections by the Customs Division reflect the country’s stable economic conditions and the effective management of the Customs Division.