GOJ tax revenue continues to lag

Government of Jamaica’s tax revenues for August, fell below target, resulting in a shortfall of $2.56 billion at the end of July, climbing to $5.9 billion at the end of August. Payments were also less than planned, with underspending of $7.69 billion at the end of July, climbing to $10.26 billion to August.
The fiscal deficit came in at $27.2 billion versus a budgeted $31.6 billion, $4.4 billion over projection. At the end of July, the deficit was $18 billion or $5 billion ahead of plan.
Revenue shortfall was experienced in Company tax collection, $2.2 billion lower than the $8.8 billion forecast and is slightly worse than the $1.9 billion shortage to July. Tax on interest which was ahead at $1.6 billion is now up by $1.9 billion. Local GCT fell short, $3.5 billion to August, worse than the $1.6 billion shortfall to July. GCT and SCT on imports fell short 900 million at the end of July and $1.2 at the end of August with SCT on target to August, up a bit from the $445 million shortfall at the end of July.
Spending on capital, budgeted at $14.8 billion has had only $9.5 billion spent so far in 2014.