ASYCUDA system to undergo full upgrade

News Mya Quamie 2 Hrs Ago

The Ministry of Finance Custom House, headquarters of the Customs and Excise Division, Government Campus, Ajax Street, Port of Spain. - Photo by Jeff Mayers

A full upgrade for the Automated System for Customs Data (ASYCUDA), which will include facilitation for digital payments, is set to emerge in 18 months.

Finance Minister Davendranath Tancoo made this announcement during the budget presentation at the Red House on September 13.

He said the extended digitisation of the system used by the Customs and Excise Division for international trade will reduce manual intervention, enhance risk assessment and streamline processes.

"These processes will significantly reduce clearance time, aiming to transfer between private bonded warehouses within 24 hours and will lower costs associated with international trade.

"They will also enhance revenue collection and provide reliable, real-time imports and exports.

"The upgraded ASYCUDA system will support full valuation capabilities, electronic declarations, update trade protocol and integration within the court system."

He noted a collaboration between the government and the United Nations Conference on Trade and Development (UNCTAD), which saw the signing of a partnership to modernise the system.

Tancoo said the project will be supported by a steering committee of relevant public and private stakeholders.

This follows significant disruption to the system in July, which saw many businesses affected which saw many businesses facing financial loss after the damaged system took days to become fully functional.