GOJ reveenues

GOJ revenues $26B ahead of 2015

Minister of Finance Audley Shaw pulling in revenues ahead of target.

Revenues for Government of Jamaica fiscal operations to the end of November 2016 are $26 billion ahead of the similar period in 2015.
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.

GOJ revenues grow faster than plan

Minister of Finance Audley Shaw

Government of Jamaica revenues jumped nearly 6 percent over budget for the first two months of the fiscal year to May, and have seen an acceleration to June with a 7.9 percent increase, bringing the surplus to $8.4 billion with total inflows of $115 billion.
Revenues for the first quarter are running 11 percent or $12 billion ahead of the 2015 first quarter revenues. Recurrent spending dropped sharply by 8 percent against budget to hit $122.7 billion from a budget of $133.5 billion. The net result of the increase in revenues and reduced expenditure is a reduction in the fiscal deficit of just $7.5 billion, down by $26.8 billion projected.
Revenue in take for the two period is just over $9.2 billion or 15 percent ahead of the similar period for 2015. The primary surplus that was budgeted at $11 billion is now at $26.8 billion.
Tax revenues jumped 7.8 percent or $7.9 billion over forecast with the excess over budget flowing mainly from the following, corporation tax of $1.66 billion, PAYE $457 million, local GCT $2.4 billion, local stamp duty $680 million, education tax $300 million. GCT on imports accounted for $1.5 billion of the excess inflows while custom duty chipped in with $422 million but travel tax fell by $380 million.

Collector of Taxes office, Constant Spring, Kingston.

Interest cost fell by $3.5 billion and normal housekeeping expenses is down by $4.7 billion while the wage bill moved up by $936 million. Capital spending was under by $3.7 billion with only $9.6 billion spent to June.
The increase in revenues is in keeping with a trend seen in the first 9 months of 2015 when revenues were growing well ahead of forecast.
The savings in the cost of debt servicing, plus the increased revenues above budget, translate to $11.8 billion or $47 billion over a full 12 months, should the trend continue, well in excess of the cost of the tax break agreed for personal income tax.