Minister of Finance Audley Shaw rolling in increased taxes.
The GOJ approved increased spending in the second half of the year by $10 billion but still ended the year underspending the amounts allocated to be spent by $5 billion.
After a mere 5 months of the current fiscal year to August, the Minister of Finance has amassed a tidy $14.6 billion more than forecast for the government coffers.
According to data released by the Ministry of Finance, tax revenues are $11 billion higher than originally forecasted, thanks to 37 percent surge in corporate profit taxes, that added nearly $6 billion to the surplus, and $9 billion from indirect taxes, mainly local GCT and special consumption taxes.
Government operations (GOJ) raked in a small surplus for August, pushing the year to date surplus to $5.6 billion, after capital inflows of $11.4 billion, that was originally included in the budgeted forecast. The net position on GOJ operations, is $21.5 billion better than planned and pushed the primary surplus to $52 billion or $19.5 billion better than planned.
Interest cost ended $2 billion lower than projected and should enjoy even lower cost, going forward, with the recent cut in Treasury bill rates, by over 50 basis points.
GOJ revenues inflows have been extremely buoyant since the drop in budgeted inflows for the fiscal year to March 2015. While 2015 fiscal year came up short of budget by $16 billion with revenues at $412 billion, 2016 came in with $50 billion more than the out turn for 2015, at $456 billion and 2017 with total revenues of $514 billion, was $52 billion more than for 2016.
