Finance Minister Camilo Gonsalves says the 2023 Current Revenue of $761.4 million is 12.4 percent or $83.9 million above the amount budgeted in 2022. The improvement in Revenue performance in 2023 is indicative of the uptick in real economic activity projected for the year, Gonsalves said.
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 as the major tax types are expected to contribute as follows:
Taxes on Income and Profits is estimated to rise by $8.3 million or 5.3 percent;
Taxes on Goods and Services are expected to increase by$20.0 million or 10.4 percent and
Taxes on International Trade and Transactions to go up by 27.0 percent or $45.7 million
Non-Tax Revenue collection in 2023 is estimated at $113.2 million. This figure is 19.2 percent more than 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 ($12.0 million).
