Revenue collections at the Customs and Excise Division, one of the two main revenue cen- tres for the government are up by fifteen percent for the first three months of the year, compared with the corresponding period last year.
Comptroller of Customs, Raju Boddu, told Pointe Xpress that collections up to the end of March this year totaled $87.23 million, compared with $76.63 million for the same period last year.
This represents an increase of $10.60 million, or an increase of 15.11 percent.
The comptroller said there are two main fac- tors driving the increased revenue; these are in- creased economic activities as well as increases in the price of landed goods driven by imported inflation.
“The value of imports has increased significantly as our data has revealed that importers are paying higher prices for their goods that are landed in the country. Customs did an analysis of the increases in the landed cost of food items and have found that there is about a nine percent increase in the imported cost of food,” Boddu explained.
As an example, Boddu said that just over 14 million cases of food were imported in the first quarter last year at a value of $77.31 million. However, for the first quarter this year, there has been an increase of 3 million cases to just over 17 million, at a cost of $101.72 million.
According to the comptroller, based on 2021 prices, that figure should have been 93.11 million dollars more than for the same month last year.
That is $8.56 million based on 2021 prices. -POINTE XPRESS
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