by Linda Straker
- Q1 2022 revenue and grants was $297.6 million. Same period in 2022 was $340.4 million.
- $121.4 million Current Revenue for March 2023, $25 million more than 2023 target
- Inland Revenue Department continues to earn most under Revenue Collection by Major Divisions
Collectively, Government earned less in revenue and grants for the period January to March or the 1st quarter of 2023 when compared to the same period in 2022.
Prime Minister Dickon Mitchell gave up the portfolio of finance as of 31 March and assigned it to Hon. Dennis Cornwall.
From January to March 2023, the fiscal summary issued for March showed total revenue and grants was EC$297.6 million. For the same period in 2022, total revenue and grants was EC$340.4 million.
However, with the introduction of increases in taxes on several commodity items as well as the implementation of a new levy on water, Government earned EC$25 million more than what was targeted by the Ministry of Finance according to the Fiscal Report for March 2023.
“Current Revenue for March 2023 was $121.4 million, which was $25 million more than the 2023 target and $40.5 million more than the collections for March 2022,” said the financial report which is available on the Ministry of Finance website.
As revenue increased, the total Current Expenditure, excluding principal repayments for the month of March was $58.5 million, which was $5.7 million less than the $64.2 million targeted. “Capital Expenditure in March 2023 was $29.3m, $10.5m less than the amount spent in March 2022 and above the $25.4 million targeted for the month this year.”
The report explained there was less grant funding received during March 2023. “Total Grants in March 2023 amounted to $3.3 million which was $2.2 million less than the target and $97.3 million less than the actual in March 2022.” Total grants in March 2022 was $100.6 million, including $81 million from St George’s University (SGU).
Regarding Government debt, principal Repayments on Debt for March 2023 were $6.7 million, while interest payments totalled $4.7 million. A primary balance (including grants) of $41.6 million was recorded for March 2023, $24.2 million more than the month’s target and $52.1 million less than recorded in March 2022.
On revenue earned from taxes, the report showed that the most came from taxes on international transactions and the amount was EC$38.6 million, while nontax revenue was in second place with EC$32.8 million. Revenue from the Citizenship by Investment accounted for EC$23.6 million of the total earned from non-tax revenue.
The Inland Revenue Department (IRD) continues to earn the most under Revenue Collection by Major Divisions. For March 2023, the IRD revenue earned EC$56 million, while in 2022, it was EC$41.9 million. Customs and Excise Division during the month of March 2023 earned revenue of EC$38.6 million, while for March 2022, it earned EC$31.3 million.
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