December 2012 saw gross collections for Jamaica Customs at J$10.509B resulting in an increase of J$2.393B or 29% over the same period last year. However, this was 92.56% of the J$11.354B target; therefore a shortfall of 7% is evident. As at the end of the third quarter of the Financial Year (April- December 2012), revenue collections stand at J$92.616B which shows a J$9.371B or 11% increase in collections over the same period last year but a J$1.154B or 1% shortfall against the target of J$93.771B. Overall, the total collections for April –December 2012 is 73.84% of the annual target of J$125, 433, 438,977.00.
One major reason for the reported shortfall in revenue is the fluctuation of the importation of the Department’s main revenue product- petroleum. The months which saw a reduction in this product also resulted in a deficit in collections. Other influences include a decline in the importation of containers and a significant decline in imports for the parish of St.Ann.
Commissioner Major (Ret’d) Richard Reese outlined some initiatives to increase revenue collections for the final quarter of the Financial Year. These include “the increase of targeted operations with regards to breaches, post audit operations and focusing on under-invoicing, excess goods and un-manifested goods for re-evaluations.” Also the Department will be “increasing the percentage of random inspection of Authorized Economic Operators (AEO), reviewing all bonds for Public Bonded Warehouses to ensure adequate duty coverage, hosting more frequent Motor Vehicle Auctions and imposing increased penalties with regards to breaches of the Customs Act. The re-introduction of the Scrap Metal Industry will also result in an increase in revenue from processing fees (per container).
Posted By :Dania Beckford
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Contact Phone : 750-3010/ 383-2760
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