Categorized | National News

Gov’t Revenue Boost

A look at the first six months of the current fiscal year indicate a revenue boost of $129.5 million, a 14.7 per cent improvement when compared to how the figures stacked up in fiscal year 2017/2018.

Behind the improvement are higher receipts of Value Added Tax (VAT) coupled with an almost three-fold increase in stamp duties on financial and realty transactions.

The government did however lose out on $10 million due to the delayed introduction of the gaming patron tax.

A breakdown of the numbers showed that a deferment of new gaming taxes led to another delayed revenue of $15 million.

However, the government anticipates that the full impact of the 12 per cent VAT rate will not be recorded until the second half of the year, a typically stronger revenue period.

This, considering several annual fees, like business, banks and trusts company’s licenses, are due.

On the flip side, expenditure is also up.

Behind this, a $93.9 million increase in recurrent revenue and a $44.1 million decrease in capital expenditure.

Officials blame the inflation on the extraordinary booking of $55.2 million for the $100million  Bahamas resolve promissory note to The Bank of The Bahamas.

Written by Jones Bahamas

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