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

By GIS

 Share This On:

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.

(1)(0)
This article was posted in its entirety as received by stlucianewsonline.com. This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of stlucianewsonline.com, its sponsors or advertisers.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.