Collector of Taxes Constant Spring Road.
Revenues and grants surged $3 billion above forecast, in December to bring the surplus over budget, to just $15.7 billion or 4.2 percent more than forecast.
Not only were revenues more positive than planned but recurrent expenditure came in 2.4 percent or $9.4 billion lower than was budgeted, ensuring that the government operated a fiscal surplus of $14 billion for the year to December versus a planned deficit of $11 billion.
The surplus would have been even greater had it not been for the fact that in December tax collection on interest had more taxes refunded that exceeded inflows, resulting in net withholding tax being negative $1.65 billion, which led to the collection for withholding tax revenues coming up short of forecast by $4.9 billion.
The critical primary surplus came in at $23 billion ahead of target of $75 billion.
Spending was cut on wages and related cost by $4.2 billion, interest cost fell $2.7 billion to end at $95.2 billion and other cost was lower by $3.4 billion.
Corporation taxes with surplus of intake of $6.7 billion is 26.4 percent ahead of target and is the biggest contributor to the surplus intake of revenues followed by Special Consumption Tax with $4.8 billion and General Consumption Tax with $5 billion.
