Chastanet credits lower budget deficit to “higher-than-anticipated revenue, under spending”

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Chastanet credits lower budget deficit to “higher-than-anticipated revenue, under spending”
Prime Minister Allen Chastanet. * File photo

(GIS) — Prudent fiscal management by the government of Saint Lucia has resulted in a better budget outcome than anticipated.

Prime Minister and Minister for Finance, Hon. Allen Chastanet, in delivering the Estimates of Revenue and Expenditure 2019/2020 on Wednesday, April 10, reported that a lower budget deficit of $68.43 million was achieved, compared to $163.92 million recorded in the Estimates of 2018/2019.

The prime minister explained that this was due to the combined effect of higher-than-anticipated revenue, and under spending.

A surplus of $37.3 million was realized from the Citizenship by Investment donation receipts. Tax receipts registered an increase of 5.17 percent, representing $54.12 million above the last financial year.

Non-tax receipts amassed $69.26 million, a 10.1 percent increase over the approved estimates.

The improvement in revenue outcome for the non-tax category is largely the result of higher-than-anticipated receipts from motor vehicle and drivers’ licenses.

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