Government Revenue Outlook
In the first six months of the fiscal year, total Government revenue collections are estimated at $1.2 billion, a $453.8 million increase over the prior year and represents some 48.2% of the full-year estimate.
The increase is largely attributed to a rebound in the tourism sector and the resultant improvement in both tax and non-tax revenue. Of note is the $24.5 million dividend received from BTC in December 2021, which is included in the overall revenue collections.
WHAT DOES THIS MEAN? This pie chart shows all of the Government's different sources of tax revenue. The Government generates the majority of its revenue through Value Added Tax (VAT) and from taxes on international trade and transactions, which includes all tourism related taxes (air departure, sea departure and plesaure vessels departure taxes)
WHAT DOES THIS MEAN? The pie chart shows the sources of all of Government's non-tax revenue. The Government generates the majority of its non-tax revenue in the form of Administrative Fees. Other major non-tax revenues include reimbursements through current transfers, rent, dividends and premiums, fees, & current claims.
WHAT DOES THIS MEAN? This table shows the amount of money collected by the Government each year in Value Added Tax (VAT) since the new tax was introduced in 2015. From its inception to present day, VAT has been one of the main sources of revenue for the Government. The significant increase in 2018/19 collections was largely due to the increase in the VAT rate from 7.5% to 12.5%.
What revenue is the Government going to forego?
Despite the increasing inflationary pressure experienced throughout the fiscal year, the Government has committed to not increasing taxes or fees in the short term and has lowered the value-added tax (VAT) across the board from 12% to 10%.
REVENUE MEASURES
Click the links to download the full list of tax changes.
