Antigua and Barbuda: Sharp rise in customs revenue leads to development

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Antigua and Barbuda: Antigua and Barbuda Broadcasting Services highlighted the climb in customs revenue in the country through a social media post on December 30, 2023.

Revenues at the Customs and Excise Division have closed in 2023 at 403 million dollars. Such a significant amount has marked the history in the records of Antigua and Barbuda as such higher amount has never been recorded before.

Considerably, such a surge has presented strong revenue growth at Customs. Also, it reflects the boost in the economy

The figures when compared with the past records state that the revenue has experienced growth by 5.5% as in year 2022, the recorded figure for this was 382 million dollars. The increase by 18 million dollars showcases the improving conditions in the region.

Looking back to the Covid 19 period, the pandemic stated sharp contraction in the custom revenue after which till last year, required and significant efforts were being taken for the recovery of the economy, And, the figures for the year 2023 finally have presented strong recovery. As during the Covid times, the revenue peak was 390 million dollars after which the recovery became so difficult.

Highlighting the tax structure of 2021 where the contributions in the total tax revenue were made in percentage as; 10% by corporate income tax, 16 by social security contributions, 12 by taxes on property, 30 by value added tax / Goods and services tax and 31% by other taxes on goods and services. 

Further, the GDP (Gross Domestic Product) growth for the years 2020, 2021 gives the figures as 2.4%, 2.1%. Even, these figures clarify that the decline of 0.3% in the position of the country presents the need for recovery.

And, this year, the rise has brought positive change in the state and position of the region, making it clear that the country is on the way to development.

George Henry
George Henryhttp://writeups24.com/
George Henry, a distinguished graduate of Columbia University, pursued his passion in Economics with outstanding academic achievements. George found his calling in journalism, aiming to raise awareness regarding geopolitical and socioeconomic issues. He is recognized for having a keen interest in international geopolitics, sports and women's rights. To reach George, you can email contact@writeups24.com

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