Minister of Finance Audley Shaw pulling in revenues ahead of target.
For the current fiscal year revenues are $13.8 billion ahead of forecast with nearly $5 billion of the surplus coming in November. Intake for the 8 months to November, came in at $304 billion compared with forecast of $290 billion. In May, Minister of Finance announced tax increases of just less than $14 billion that would mostly take full effect at the start of June, with some from mid-May. Revenues from the new measures to November, would be approximately $10 billion with $4 billion to be collected for the other 4 months of the fiscal year.
While revenues are ahead of forecast expenditure are lower than projected. Total expenditure are running $10.5 billion below target to November, of this amount capital expenditure is running $8 below target. Wages are $3.8 billion short of budget while interest cost is above target by $900 million.
Overall operations incurred a deficit of $11 billion compared with projection of a deficit of $26.6 billion leading to the primary surplus ending $25 billion better that forecast at $$63.6 billion.