Customs revenue reached €427.1 Million last year

More than half the total revenue came in from excise duty paid on imports, while excise tax revenue saw a €27 million increase in 2017

12 January 2018, 2:36pm
by Maria Pace

1 min read

Customs collected €427.1 Million in 2017, an increase of more than €27 Million from 2016.

The increase came about slight decreases in revenue from import duty and VAT, which the department attributes to the shift in consumer purchase from outside the EU to within the EU.

More than half the total revenue came in from excise duty paid on imports. Import duty stood at €15.1 million last year, compared to €16.5 million in 2016. Revenue from VAT was down by €1 million to reach €117.8 million.

Excise tax revenue saw a €27 million increase in 2017, from €261 million to €288.2 million, and an increased revenue from other activities such as bunkering tax, fines and so on.

In a statement, a Customs spokesman said the department still retains its positition as on of the government’s main fiscal departments, and a key revenue earner for the European Union.

“With the changing trends in trade and the accelerated economic growth, the Customs Department takes the National and the EU’s financial interests very seriously, in order to combat tax evasion and tax avoidance,” the statement said.