The Inland Revenue Department is reporting that revenue intake for the first four
months of the year has jumped sharply when compared with the corresponding
period last year.
Comptroller of Customs, Raju Boddu, said the totals for the period January 01 to
April 30, 2023, amounted $129.92 million. This is an increase of just over $15
million compared with the $114.89 collected for the same period last year. This, he
noted, represented a 13 percent increase in revenues year over year.
Boddu also said he is pleased that revenue collection seems on par with the
collection for 2019, the base year used by many government entities as that was the
year prior to the pandemic.
The $129 million collected this year is approximately $1 million more than the
2019 total of $128 million.
“This outstanding performance in terms of our collection is being driven by two
main factors; tourism and construction. The tourist industry has been performing
very well this year leading to increased food and other imports from the hotels.
Additionally, there is an ongoing boom in the construction sector that is having a
positive impact on the overall economy,” he suggested.
The comptroller explained that construction provides employment to many in the
country and from the wages that are paid, the workers have monies that they spend
on goods and services in the local economy.
“These are the main factors responsible for the recovery in our revenues and the
trend is that this will continue for the rest of the year,” he intimated.
The Inland Revenue Department is the main revenue collection agency for the
government. The rise in collection is also viewed a good barometer for movements
in the overall economy and may point to improved performances for the country’s
GDP.
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