KINGSTON: The Jamaica Customs Agency has ended the Financial Year 2014/15 by collecting gross revenue of $158.738 billion, exceeding the Ministry of Finance and Planning’s (MOFP) target of $142.77B by $15.96 billion or 11%. The net collections for the Financial Year were $143.25 billion, exceeding the target by $477.692 million or 0.3%. Gross and Net Revenue collections for 2014/15, grew by $20.21 billion or 13% and $14.44B or 11% respectively over the previous year.
Tax revenue collections for the Financial Year were $129.59 billion, which was $1.23 billion or 1% below the tax revenue target of $130.82 billion. Tax revenue increased by $11.74 billion or approximately 10% over the previous year. Tax revenue accounted for 91% of the total collections.
Non-tax collections for the Financial Year were $13.51 billion, which was $1.57 billion or 13% above the target of $11.95 billion. Non-tax collections increased by $1.12 billion or 9% over the previous year.
For the upcoming Financial Year 2015/16, the Jamaica Customs Agency will commence the final phase of its transition to an Executive Agency, which will see even greater efficiency and improvement in client services, as we facilitate trade and protect our borders for the ultimate goal of collecting much needed revenue, thus assisting in stabilizing the Jamaican economy.
