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Govt gets $15.4M in revenue

Tuesday, March 11 2014

GOVERNMENT recorded an increase in its revenue for the first quarter of the current fiscal year from a budgeted figure of $12.6 million to $15.4 million — a $4.1 million surplus for the first quarter.

This information was contained in a statement issued yesterday by the Finance Ministry about the performance of this country’s economy for the first quarter of 2013/2014. The figure of $15.4 million consists of $7.4 million (taxes on income and profits); $1.5 million (taxes on goods and services); non-tax revenue $4.2 million (non-tax revenue) and $794 million (international trade).

Government had originally budgeted for revenue of $12.6 million. That figure catered for $7.6 million (taxes on income and profits); $1.5 million (taxes on goods and services); $1.4 million (non-tax revenue) and $676 million (international trade).

The ministry said preliminary revenue figures have exceeded budget estimates by approximately 23.1 percent. Government’s expenditure in the first quarter was reduced from a budgeted figure of $13.3 million to $11.3 million. The ministry described this as a 14.8 percent decrease. This decrease was attributed to reductions in Government’s expenditure on other goods and services, current transfers and subsidies by 34.6 percent, 5.9 percent and 48.4 percent respectively.

The ministry said the country continues to have strong gross official reserves which amounted to over US$9.9 billion at the end of the fourth quarter of 2013 or 12 months of import cover.

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