Business

Government revenue up 22.4% in Oct.

The government revealed in its monthly fiscal report press statement yesterday that revenue improved by 22.4 percent in the month of October, when compared to the same period last year.

The report explained that receipts totaled $227.2 million via an improvement in tax revenue of $205.3 million.

The Monthly Fiscal Summary report outlined that value-added tax (VAT) receipts totaled $118 million, while international trade and transaction taxes were $60.9 million.

It added that government also collected $17.7 million in other taxes on goods and services, including $8.1 million in taxes on financial transactions, $5.6 million in taxes on use and permission to use goods, and $7.7 million in property taxes.

The government explained in the statement that the October results indicate the economy has continued its rebound out of the slump caused by the COVID-19 pandemic.

“Despite the persistence of elevated inflationary pressures through September owing to the conflict in Ukraine, visitor arrivals, a key economic indicator, remained strong,” the statement said.

Total expenditure increased $60.8 million or 25.2 percent to $302.1 million.

Government owed the increases in recurrent expenditure to $288.1 million to increases in personal emoluments by $9 million to $64.9 million, “owing to increases in pensions, promotions and other benefits”.

“Other key areas of public spending include the acquisition of goods & services of $63.1 million, other payments of $27.4 million, acquisition of non-financial assets of $13.4 million and capital transfers of $0.6 million,” the statement said.

“The net result was a deficit of $74.9 million, a $19.3 million increase from the deficit of $55.6 million realized in the same period of the prior year.”

The summary report also outlined that government’s proceeds of borrowings totaled $476.6 million, through $229.4 million in Bahamas registered stock, $247.0 million in Central Bank of The Bahamas (CBOB) advances, and $0.2 million in treasury bill placements.

It added that debt repayments totaled $425.7 million, which went to repayments of $206.5 million of Bahamas registered stock, $167.0 million in CBOB advances, $33.2 million in domestic loans and $19.1 million in foreign currency loans.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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