FROM?FEBRUARY next year importers and exporters will find it easier to conduct business as Barbados prepares to implement ASYCUDA World – the Automated System for Customs Data.
The software which was introduced by United Nations Conference on Trade and Development (UNCTAD) over 30 years ago was officially launched in Barbados this morning at the Lloyd Erskine Sandiford Centre before several private and public sector stakeholders.
It will be going live on February 15, 2015.
Minister of Finance Chris Sinckler, who gave an overview of the new system, told the gathering that ASYCUDA World will allow Barbados to streamline and simplify supply-chain processes from the point of importation through to consumers.
Specific benefits include a reduction in the cost and time it takes to do business, better governance, the promotion of e-commerce and e-government, creating a paperless environment, improved risk management, increased revenue collection and superior levels of government and private sector efficiency and productivity.
“From February all importers, exporters or their agents will be able to submit a single administrative document (SAD) along with supporting documentation for the processing of imported or exported goods from the comfort of their homes or businesses with internet connection,” he said.
This will make Barbados the 12th CARICOM country to have modernised its customs system to ASYCUDA World. The implementation of ASYCUDA World is financed under the Barbados Competitiveness Programme, a US$11.8million projectwhich is jointly funded by Government and the Inter-American Development Bank (IDB).
Sinckler pointed out that the modernisation of Customs procedures was only one aspect of the holistic approach adopted by government to prudently manage its fiscal affairs.
He added that it would greatly assist the recently established Barbados Revenue Authority, government’s central revenue collection agency, which he said would depend significantly on the efficient functioning of ASYCUDA World, especially as it relates to the documentation, calculation and collection of duties at the border. (MB)
