Government of Jamaica raked in 2.6 percent more tax revenues amounting to $4.9 billion over the $190 billion budgeted to reach $195 billion. Grants fell $3 billion short of budget of $6 billion, and non tax revenues by $800 million resulting in nearly half a billion excess revenue over budget, for the nine months to September.
At the end of the period the fiscal deficit projected, was cut in half, with a deficit of $14 billion. The primary surplus measured in at $51 billion some $11 billion better than planned.
The improved revenues flows came mainly from corporate profit tax of $1.9 billion, SCT on local goods $1 billion, tax on interest $2.6 billion, GCT and SCT on imports of $2 billion. PAYE was off by $474 million, telephone tax $400 million, custom duty $800 million and bauxite levy $500 million.
On the expenditure side, recurrent payments are down by $7.3 billion fueled mainly by $3.4 billion reduction in interest payments and $3.9 million in wages. Capital expenditure is under spent by $6.5 billion.
GOJ rakes in $5b more tax revenues
November 3, 2015 by IC Insider.com
Filed Under: Breaking News, Economy, Feature Stories Tagged With: GOJ fiscal deficit, GOJ primary surplus, GOJ revenues, GOJ tax revenues
About IC Insider.com
[…] gains, plus cost reduction elsewhere, the Government cut the under spending on the capital front from $6.5 billion at the end of September to $3.5 billion at the end of October. Interest savings keeps on climbing […]