2023 revenue to increase by 12.4 percent – Finance Minister

Government is expected to see an increase in tax revenue to the tune of $761.4 million, 12.4 percent above the amount budgeted in 2022. Minister of Finance, Camillo Gonsalves, presenting the Estimates and Revenue for the 2023 fiscal year said the projected improvement in revenue performance in 2023 “is indicative of the uptick in real economic activity projected for the year”.

Revenue from tax sources is expected to contribute $648.3 million to the consolidated fund in 2023, while Non-tax Revenue is estimated to gross $113.2 million.
Tax Revenue is expected to increase by 11.3 percent, with the major tax types contributing as follows:

Taxes on Income and Profits is estimated to rise by $8.3 million, taxes on Goods and Services are expected to increase by $20.0 million, and taxes on International Trade and Transactions to go up by $45.7 million.

Non-Tax Revenue collection in 2023 is estimated at $113.2 million, a 19.2 per cent increase against the amount budgeted in 2022. The amount in the 2023 budget under Non-Tax Revenue is expected to come mainly from Sales of Goods and Services which is projected to generate $95.9 million in revenue.

This amount is estimated to be $20.2 million more than the amount collected in 2022. Revenue from Non-Tax sources is also expected to come from inflows from other miscellaneous sources.