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Gov’t raking in higher than expected revenues
The government's fiscal accounts show it continues to fare better than it had expected financially.
Figures released on Thursday show the government's spending power at the end of August was $5 billion above what was expected, thanks to the recent aggressive collection of taxes.
Between April and August tax revenues were $3.5 billion more than the government had expected.
Stronger than anticipated GCT revenue, suggesting a rebound in consumer spending, helped the better than expected tax collections.
Taxes on the profit of companies also contributed to the extra tax dollars, bringing in a billion dollars more than planned between April and August.
The result suggests that Jamaican companies may have now weathered the recession and are making money again.
Still, taxes were not the only factors aiding the improved financial position of the government.
Overseas entities contributing to the government's spending ability through grants, forwarded almost $2 billion earlier than planned. The extra money will make it easier for the government to deal with the financial cost of things like the devastation caused by flood rains, paying public sector workers, the costs associated with the civil unrest in West Kingston and the dengue outbreak.
So far the government has been spending less than they had planned, which gives them more room to spend on these things.
Six billion dollars which should have been spent by the end of August was not expended.
The end result was a lower than expected fiscal deficit which essentially means the government borrowed less than it had planned to finance its expenditures.
The government's fiscal accounts show it continues to fare better than it had expected financially.
Figures released on Thursday show the government's spending power at the end of August was $5 billion above what was expected, thanks to the recent aggressive collection of taxes.
Between April and August tax revenues were $3.5 billion more than the government had expected.
Stronger than anticipated GCT revenue, suggesting a rebound in consumer spending, helped the better than expected tax collections.
Taxes on the profit of companies also contributed to the extra tax dollars, bringing in a billion dollars more than planned between April and August.
The result suggests that Jamaican companies may have now weathered the recession and are making money again.
Still, taxes were not the only factors aiding the improved financial position of the government.
Overseas entities contributing to the government's spending ability through grants, forwarded almost $2 billion earlier than planned. The extra money will make it easier for the government to deal with the financial cost of things like the devastation caused by flood rains, paying public sector workers, the costs associated with the civil unrest in West Kingston and the dengue outbreak.
So far the government has been spending less than they had planned, which gives them more room to spend on these things.
Six billion dollars which should have been spent by the end of August was not expended.
The end result was a lower than expected fiscal deficit which essentially means the government borrowed less than it had planned to finance its expenditures.
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