POINTE XPRESS: Just over 5,800 barrels were processed during the last extension of the “Dollar Barrel” initiative from 2nd November, 2022 to 31st January, 2023.
This comes from Comptroller of Customs, Raju Boddu, who provided an update on the Christmas holiday programme which ended on 31st January this year.
In all, 5,809 barrels were processed over the three months of the programme.
The Customs, Insurance, Freight (CIF) value of the barrels amounted to $2.1 million. The Revenue Recovery Charge payable on that amount totalled $216,887.00.
Handling charges, meanwhile, totaled $5,809.64.
Boddu calculated the loss of revenue for the government over the three months at $856,706.18.
The popular programme was designed to provide relief for families who have had to cope with the rising cost of food and commodities caused by global inflation.
The programme is extended annually so that people can import food and other necessities or receive gifts of the same from relatives and friends abroad, at a nominal cost as the government waives its revenue generated from taxes and other charges on specific items during this time.