Minister in the Ministry of Finance, Ryan Straughn. (FP)

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.

To download the full ministerial statement, you may click here.

Ministry of Finance

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