NASSAU, BAHAMAS — Government revenues for the first six months of fiscal year 2021/2022 exceeded pre-Dorian and pre-COVID levels, with total revenues advancing nearly 70 percent over the prior year.
Total revenue settled at $1,137.2 million ($1.1 billion), advancing $465.8 million (69.4 percent) over the prior year and 50.6 percent of the budget target.
– The Ministry of Finance
According to the Ministry of Finance’s first six months’ report on budgetary performance for fiscal year 2021/2022, government fiscal performance during the second quarter of fiscal year 2021/22 “indicates continued levels of strong revenue collections, with total revenues for the first six months exceeding pre-Dorian, pre-COVID-19 levels”.
“Preliminary data on central government’s fiscal performance for the first six months of fiscal year 2021/22 indicate a deficit of $269 million, $467.2 million (63.5 percent) lower than the same period of the year prior and 28.3 percent of the budget target,” the report noted.
The report further noted: “Total revenue settled at $1,137.2 million ($1.1 billion), advancing $465.8 million (69.4 percent) over the prior year and 50.6 percent of the budget target.
“Tax receipts widened by $402.6 million (70.7 percent) to settle at $972.1 million and 50.5 percent of the budget.
“During the period, value-added tax (VAT) aggregated $576.5 million (68.2 percent of budget). Improvements were also noted in taxes on property, of $36.8 million (23.2 percent of budget); excise taxes, of $40.4 million (17.1 percent of budget); gaming taxes, of $21.4 million (39.5 percent of budget); [and] departure taxes, $26.5 million (27.9 percent of budget), reflecting increased economic activity.
“Non-tax performance firmed by $63 million (61.8 percent) to $164.9 million, supported by improvements in immigration fee collections of $66.1 million, a $33.2 million (100.8 percent) increase period-over-period as tourist travel increased.”
The report noted that the government continued the process of winding up its COVID-19-related health containment, mitigation and support programs for impacted families and businesses, with those outlays estimated at $44.2 million and, together with past outlays, brings the aggregate spend to approximately $397 million.
According to the report, taxes on property improved by an estimated $11.7 million to $36.8 million, and represented 23.2 percent of the annual budget for such collections.
Real property tax collections received a $9.8 million uplift from the Real Property Tax Amnesty program, which ended in September 2021.
Taxes on goods and services, which encompasses 72.6 percent of tax revenues, grew by $265.4 million (60.3 percent), representing 51.9 percent of budget.
Loading ...
