Jamaica Customs has commenced the new Financial Year 2015/16 by exceeding the Ministry of Finance and Planning (MOFP) revenue target of $11.225B, by collecting J$12.937B, in gross revenue. The target was surpassed by J$1.7B or 15%. This is an increase of $2.097B or 19% when compared with the same period last year. Net revenue collections were $11.452B which is $227M or 2% above MOFP target. This is an increase of $1.206B or 12% when compared with the same period last.
At the end of the Financial Year (2014/2015), net revenue collections stand at J$143.280B which is $503M or 4% of the overall MOFP target of J$142.777B. Gross collections were $158.743B which is $15.966B or 11% above the target. When compared to the same period (2013-2014) previous year net revenue increased by $14.458B or 11% while gross revenue increased by $20.215B or 15%. This was achieved despite additional waivers and incentives of $9B granted to the productive sector and reduction in duties on motor vehicles 2000cc and up, Phablets and the 50% Customs Administration Fee (CAF) applicable to manufacturers with respect to intermediate goods without revision of targets.
For the upcoming Financial Year 2015/16, Jamaica Customs continues to improve its business processes through automation with the implementation of the Automated System for Customs Data (ASYCUDA World) which 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 stabilizing the Jamaican economy.