Minister of Finance Audley Shaw pulled in revenues ahead of target.
Government of Jamaica ended the 2017 fiscal year with a surplus that flowed from a near $9 billion over performance in operating inflows and a reduction in expenditure to the tune of $5 billion.
The fiscal operations ended with a deficit of $3.5 billion nearly $14 billion better than forecast. $14.6 billion from divestments proceeds pushed the fiscal operations into a surplus of $11 billion. Although ending with a surplus, government had net borrowings $14 billion as $26 billion more was borrowed in the local market and $11 billion net was repaid in foreign currency loans.
Overall, government collected $515 billion compared with $506 billion projected for the fiscal year, with spending coming in at $503 billion down from $508 billion projected. The primary surplus originally projected at $123 billion, ended $13 billion better at $136 billion.
Helping with the boost revenues was Corporations’ payment of 14 percent more tax on profits or $6.4 billion over budget, Special Consumption rose by $4 billion or 29 percent above forecast and stamp duty on local transactions climbed 15 percent or $1.7 billion over forecast. On the other hand telephone tax fell nearly 23 percent to $4.2 billion.
