By Kisean Joseph
The Customs and Excise Division has exceeded its 2024 revenue target, collecting over $502 million and marking a historic milestone by crossing the half-billion-dollar threshold, Comptroller Raju Boddu said in a year-end interview with Observer media.
The department surpassed its projected target of $491 million, achieving what Boddu described as “the optimal level of revenue” following a remarkable 25 percent growth in collections throughout 2024.
“We have not only met the target but exceeded it,” Boddu said, highlighting the significance of reaching the half-billion-dollar mark in Customs revenues for the first time.
Looking ahead to 2025, he projects a more modest 8 percent growth, acknowledging the exceptional performance of the previous year. However, the department’s focus extends beyond revenue targets, with several strategic initiatives planned for implementation.
A key development for 2025 is the formation of a Customs private sector group, designed to address cross-border trade issues and other Customs-related matters. This reflects a significant shift in the department’s approach to stakeholder engagement.
“Gone are those days where Customs says that is it, and that is it,” Boddu explained. “It has to be mutually beneficial. The national interest has to be at most in the mind of anybody in the Customs ecosystem.” This collaborative approach is particularly crucial given that the private sector accounts for approximately 85 percent of Customs-related business.
The department is also moving forward with its electronic single-window system initiative, following the completion of a diagnostic study by the World Customs Organization team in 2024. This three-year project, while facing funding challenges, has received positive responses from international donors.
The modernisation effort aims to streamline services, allowing clients to file returns and entries, make payments, and obtain licences electronically from various authorities from their homes. The implementation timeline depends on securing adequate funding and technical expertise.
In other developments, the department has successfully introduced a new digital exemption form system in 2024, which has helped to streamline its operations, and new broker regulations are expected to come on stream in the first quarter of 2025, following stakeholder consultations.
The regulations will also introduce an institutionalised licensing system for brokers, replacing the current informal approval process.
“This will bring proper order to the system,” Boddu said, emphasizing the importance of establishing clear guidelines for broker conduct and business practices.
The Comptroller emphasised that these initiatives align with the department’s goal of becoming more user-friendly and service-oriented, particularly in facilitating private sector operations.
Meanwhile, the Christmas Barrel Initiative continues until January 15, and to date approximately 2,251 barrels have been processed at a CIF value exceeding $826,000, which currently appear lower compared to previous years.