Tax revenue collections up nearly 21 percent in October

Tax revenue collections up nearly 21 percent in October

NASSAU, BAHAMAS — Government saw a nearly 21 percent increase in tax revenue collections for the month of October as domestic economic conditions continued to rebound, according to data released by the Ministry of Finance.

The Ministry of Finance, in its monthly fiscal summary report for the month of October, reported that revenue receipts firmed by $41.5 million (22.4 percent) to $227.2 million when compared to the prior year, driven by improved tax revenue performance of $205.3 million. 

The Ministry noted that the $35.5 million (20.9 percent) increase in tax revenue collections comprised of a $21.5 million (54.7 percent) improvement in international trade and transactions, $13.9 million (13.3 percent) increase in VAT revenue, and $4.2 million (31.1 percent) growth in other taxes on goods and services. 

“On the expenditure front, total expenditure rose $60.8 million (25.2 percent) to $302.1 million. Recurrent spending increased $56.7 million (24.5 percent) to $288.1 million. Personal emoluments increased $9.0 million (16.0 percent) to $64.9 million, owing to increases in pensions, promotions and other benefits,” the Ministry of Finance noted.

Other key areas of public spending included the acquisition of goods & services of $63.1 million, other payments of $27.4 million, acquisition of non-financial assets of $13.4 million and capital transfers of $0.6 million. The net result was a deficit of $74.9 million, a $19.3 million increase from the deficit of $55.6 million realized in the same period of the prior year.