Source: POINTE XPRESS- Customs revenues grew by $13 million in the first two months of the year, reflecting the positive growth experienced in the national economy, according to Comptroller of Customs Raju Boddu.
He revealed that revenue for January and February 2024 increased by 21.7 percent compared to the same period last year.
Revenues up to the end of February totaled $78.4 million, compared to $64.3 million for the same period in 2023, a difference of $13.6 million.
When asked about the impact of the rise in ABST on collections, Boddu stated that the impact had been minimal as the increase is reflected across the board, affecting every category of collections for the division, including import duty, revenue recovery charge (RRC), consumption tax, and ABST.
He further revealed that collections from ABST increased from $22.09 million in 2023 to $25.98 million in 2024, marking an increase of $3.59 million or 18 percent.
Boddu attributed the increases in collection to the robust economy currently experienced by Antigua and Barbuda, a growth confirmed by external agencies such as the International Monetary Fund (IMF) and the Eastern Caribbean Central Bank (ECCB).
He indicated that the prognosis for the remainder of the year looks quite positive, with March collections up to the 14th of the month reflecting approximately $4 million more than was collected by that time in March 2023.
Despite the ABST rate increasing from 15 to 17 percent, Boddu noted that all other categories of collections are up, including ABST.
