Government records increase in revenue

There is an improvement in the financial position of the Government.

This was announced by an elated Prime Minister Dr. Ralph Gonsalves on Tuesday, June 27.

The Prime Minister speaking of the Government’s fiscal operations up to the end of May, said he is pleased to announce that there has been a significant increase in monies collected.{{more}}

He said at this time last year the total Revenue and Grants stood at $132.4 million, however in 2006 the total Revenue and Grants up to the end of May was $152.6 million or $20 million more than the same period in 2005.

Dr. Gonsalves added that while the Current Revenue, i.e taxes of any kinds collected stands at $150 million this year, the figure collected last year at this point stood at $129.8 million or $21 million less.

He disclosed that taxes from incomes and profits moved from $40.8 to $41.5 while taxes on international trade moved from $51 million to approximately $57 million. Taxes on domestic transactions increased from $20 million in 2005 to $29 million in 2006. And licenses $6.5 million in 2005 to $10 million.

Addressing the matter of total expenditure for the period ending May, 2006, the Prime Minister said $166.4 compared to $153.7 by the end of the same period 2005. Recurrent spending he said amounted to $136.9 million compared to $132.9 million giving a current balance of $13.1 million compared to $3.1 million at the end of last year.

Dr. Gonsalves stated that the Capital Expenditure was $20.8 million at the end of May last year. This year the figure stands at $29.5 million.”