Government’s Tax Collections Ahead of Target

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Tax collections for the first two months of the fiscal year are ahead of target.

The government raked in just over 50 billion dollars for April and May, which was almost 2 billion dollars or 4%  ahead of target.

However, the amount of taxes collected during the period was less than the $52B collected during the same two months of the previous fiscal year.

Non-tax revenues were also ahead of the amount budgeted by $426-million or 14%.

But, grants fell short of the anticipated amount by $256-million or 60%.

In the meantime, the government continues to maintain its control on expenditure.

Total expenditure amounted to just under $67-billion, which was more than 4 % below the amount budgeted.

However, compared to last year, expenditure was over $6-billion  or 11% higher.

The higher expenditure was due largely to higher spending on programmes and interest costs.

The overall result was a primary surplus of nearly $3.5-billion, which was better than the $1.6-billion deficit projected.