Customs collect $34.5 million more in revenue in five months

The government has revealed some impressive figures that indicate a thriving economy and improved tax collection.

According to the Comptroller of Customs, Raju Boddu, the Customs and Excise Division has seen a remarkable 21 percent increase in revenue from January to May this year compared to the same period in 2023.

This translates to a staggering $34.5 million more in collections for the year’s first five months.

In fact, the total Customs collections for May 2024 alone amounted to EC$199.74 million, a significant improvement from the EC$165.30 million recorded in May 2023.

This represents a commendable performance increase of EC$34.51 million or 20.88 percent.

The month of May also witnessed a notable increase in collection, with EC$41.13 million collected compared to EC$34.31 million in May 2023, marking a growth of about EC$6.81 million or 19.85 percent.

Furthermore, the CIF value of imported goods has seen a substantial rise of EC$99.47 million, reflecting a 10.81 percent increase from the previous year.

Impressively, imports for the first five months have surpassed the one-billion-dollar mark, reaching a total of $1,019.89 million, compared to EC$920.21 million during the same period in the previous year.

To ensure transparency and accountability, a six-member team from the Ministry of Finance, the Customs and Excise Department, and the Inland Revenue Department presented their monthly report to the Cabinet.

They provided detailed graphs and data displays showcasing the revenue collections of major agencies from January to May 2024.

Meanwhile, despite offering discounts and urging early payment through media announcements, property taxes are still lagging behind.

The Cabinet has acknowledged the need for greater vigilance to ensure compliance and enhance revenue generation.