Last Updated on 2 years by News Admin
The Current Revenue for 2019 is 5.6 percent or $34.9 million higher than the budgeted Current Revenue for 2018. The improved Revenue performance is attributed mainly to an anticipated pickup in real economic activity in 2019 and administrative improvements at the main revenue agencies.
Revenue from tax sources is expected to contribute $568.4 million to the Consolidated Fund in 2019, while Non-tax Revenue is estimated to gross $88.2 million.
Tax Revenue is expected to grow by 6.8 percent driven mainly by strong growth in Taxes on International Trade and Taxes on Goods and Services which are projected to increase by 12.5 percent and 9.3 percent respectively.
Taxes on Income and Profits which is projected to grow by 1.8 percent to $158.6 million is the third largest source of government revenue.
Together these three sources of tax revenue are expected to contribute $515.3 million to the consolidated fund or 78.5 percent of the estimated total current revenue for 2019.
The $88.2 million budgeted for the collection of Non-Tax Revenue in 2019 is expected to come mainly from Sales of Goods and Services which is projected to generate $71.0 million in revenue.
Revenue from Non-Tax sources will also benefited from inflows from Property Income and Other Revenue.