The fiscal programme for 2019 – 2020 approved by Parliament showed current revenue of $3,148.44M on the accrual basis and $3,051.51M on the cash basis.
Estimates for 2019 – 2020 projected total expenditure at $3,180.81M inclusive of amortisation of $373.38M and capital expenditure of $199.90M.
During the period under review, total revenue inclusive of arrears was $1.45B, an increase of $121.1M over the previous year and $4.5M more than projected.
Tax revenue for the first half of the year was $1,370.4M, reflecting an increase of $123.0M when compared to the previous year and $2.3M when compared to projections for the period of $1,3681M. Of the total collected, revenue from Direct taxes was $583.0M and Indirect taxes, $787.4M.
Increases over projection were mainly recorded for Property taxes and Value Added Tax (VAT) and to a lesser extent Personal Income tax (net). The main decreases in projections were seen in Corporation tax (net), Excise taxes and Other Indirect taxes.
Property taxes which were recorded at $171.5M, increased by $52.2M when compared to the budget of $119.3M. Timing of the issuance of land tax bills for the year 2019/2020 resulted in a significant increase of $143.1M when compared to the previous year. It is, however, anticipated that there will be no significant increase in collections over the entire fiscal year.
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Ministry of Finance