NASSAU, BAHAMAS — Government’s revenue intake is some $210 million above initial projections, according to Financial Secretary Simon Wilson, who noted yesterday that all revenue categories except for business licenses have seen a “significant increase”.
Wilson spoke at a press conference at the Department of Inland Revenue yesterday.
He said: “Year-to-date we are $210 million above projections. All revenue categories with the exception of business licenses have seen a significant increase.”
Wilson noted that a company’s business license is assessed based on turnover, and as a result, the decline was expected due to the COVID-19 pandemic and government-imposed restrictions.
He furthered that the government has seen a significant increase in Customs duty, VAT intake, and real property tax. He noted that the increase in tax revenue intake of real property tax was driven by arrears being paid.
“In the first three months of the year, the payment of arrears was $10 million,” said Wilson.
He noted that the government could end its fiscal year with its revenue yield 10 percent higher than initial projections.
Ralph Munroe, Acting Deputy Controller of Customs yesterday noted that while the department introduced its Electronic Single Window (ESW) system a few years ago, there was a knowledge gap amongst Customs officers with respect to its use.
“That has definitely impacted its utilization and the service we can render to the public,” Munroe said.
“To remedy that knowledge gap the department’s information technology section was mandated to embark on a rigorous training program to ensure that in six months every Customs officer became fully proficient in performing basic tasks on the system despite their posting in the department. Today we are satisfied with the progress being made,” said Munroe.
Loading ...
