KINGSTON: The Jamaica Customs Agency has ended the Financial Year 2014/15 by collecting gross revenue of $158.738B, exceeding the Ministry of Finance and Planning’s (MOFP) target of $142.77B by $15.96B or 11%. The net collections for the Financial Year were $143.25B, exceeding the target by $477.692M or 0.3%. Gross and Net Revenue collections for 2014/15, grew by $20.21B or 13% and $14.44B or 11% respectively over the previous year.
Tax revenue collections for the Financial Year were $129.59B, which was $1.23B or 1% below the tax revenue target of $130.82B. Tax revenue increased by $11.74B or approximately 10% over the previous year. Tax revenue accounted for 91% of the total collections.
Non-tax collections for the Financial Year were $13.51B, which was $1.57B or 13% above the target of $11.95B. Non-tax collections increased by $1.12B 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.
