Finance Minister, Dr. Nigel Clarke is set to open what will be his inaugural budget debate this afternoon in the House of Representatives.
The $803-billion budget for the upcoming fiscal year was the topic of intense scrutiny earlier this week during a meeting of Parliament’s Standing Finance Committee. Dr. Clarke, who’s been Finance Minister for little under a year, will outline the government’s projected fiscal performance for 2019/20.
The government expects to collect $663-billion in revenues to finance the new budget. This includes $575-billion in taxes. That’s a significant, 11-percent uptick from the $518-billion in projected tax collections for the current fiscal year.
The government expects to collect $20-billion more from GCT this coming year, $20-billion more in income tax, and $6-billion more in Customs Duties.