PM reveals projected increases in government revenue

BY NATIONWIDE

NATIONWIDE – Government revenue is steadily increasing as citizens and corporations become more tax compliant.

With the Prime Minister and Minister of Finance ready to deliver his 2015 Budget Address on Tuesday, May 12, the entire nation is preparing to see and hear the budget debate expected to follow on Thursday and Friday, May 14 and 15.

The Opposition failed to debate the estimates presented by the Prime Minister in the House of Assembly last week and the hope is that next week there will be a debate.

During his report on the Standing Finance Committee’s Estimates of Revenue and Expenditure for 2015/2015, Prime Minister Dr. Kenny Anthony said there was a noted growth in revenue and grants last fiscal year. The trend, he said, is forecasted to improve in 2015/2016.

According to Dr Anthony, “The Value Added Tax (VAT) is budgeted to generate $343.7 million dollars for 2015/2016. Fifty-five percent of this amount is to be collected by the Inland Revenue Department — that is, $188.9 million dollars on domestic sales and services — while 45 percent is to be collected by the Customs and Excise Department — $154.8 million dollars on international trade.”

Dr. Anthony said the projections were calculated on the monthly data received on the VAT for the last financial year.

He also revealed that revenue from income tax is expected to improve.

“The revenue earned from Income Tax — that is to say, revenue from individuals — is expected to generate $102.8 million in 2015/2016. This represents a 2.3 percent increase from 2014/2015,” he said.

He pointed out, “It is interesting to note that despite the challenging situation with unemployment, that personal income tax yield actually increased in the last financial year.”

The Prime Minister indicated that a slight increase in Import Tax is projected, while Corporate Tax is expected to increase by $77.3 million, representing an overall 8.9 percent improvement.

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12 comments

  1. Most individuals on this site are the same fools who follow the gang colours every convention. No real thought on what these gang leaders are saying and how it will be achieved. VAT has always been something that we all cannot avoid Red or Yellow. It is something that both parties would push because thats just the way of the world 4 get the bs pushed on whether the number n who is charged. Please note that VAT is the way every individual pays their way 4 living Drug Dealers, Taxi Drivers, Government Workers, Construction workers, Bus Drivers......all individuals who have loop holes 2 not pay on the last system. Sad thing is regular tax payers who have paid their way from fay 1 have 2 pay more. I not swayed by those fools who try n play the victim all the time. All i teally want to know is how does that Return on my investment affect my children

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  3. and go*

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  5. Q tie y dont u shut ur ignorant face anf ho learn about economics..

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  7. Sensible people need not be expert in formal economics or political science to detect that something is seriously wrong with Anthony and his band of cohorts’ governance. All that people need do is to observe with their minds free of romantic notions about the power and motives of democratically elected politicians. These observers will see that government officials aim self-interestedly to promote their own well being especially by maximizing their tenure in office, rather than aim to enhance the public welfare. They will lie through their teeth, make false promises just to get another 5 years to line their pockets whilst the people who got them there, suffer!

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  9. so the Lucian government has millions of dollars.....what good are they doing with it???

    yet still they want to increase on tax for poor people.

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  11. That's only because you are taxing the pensioners and increase house taxes went after the taxi drivers. So stop the talk about despite the unemployment income tax increase. Boy you so full of your self.

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  13. Seems like more taxes with heightened policing heralded by minimal growth opportunities for the people. Where are the ideas, only empty promises for the masses. Was this a ruse?. We need to open up the agricultural and manufacturing sector to let money flow within the local economy. Reduce VAT to 8% to give people a break. If not, no money more crime.

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  15. All the Taxes you bleeded from us, hope you make good of it before the Election.

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  17. Mr PM, say something that makes sense to the citizens. That's BS u talking. Then ur defender Jadia, wil be all over the media backing ur nonsense up

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  19. So that mean.......... The the tax return money will be paid this year. Every year they owe me, they quick to take their cash. Wen they owe me, no cash. I waiting 4 years now

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    • the same with me... I am told there are returns for me but I have to write a letter to the head of Inland Revenue for me to get my monies right away.

      that is pure and utter BULLSHIT. why do I have to write a letter to get monies owed to me for more than 3yrs now.

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  21. Means nothing to me if the bulk of it goes back to paying lazy, haughty, pompous so called public servants. Let Kenny and his subjects tap each other on the back because I can't see anything that that increase revenue has done for the country at large.

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