Gov't fell $3b short of revenue target in August

Published: Wednesday October 1, 2008

The Jamaican government missed its revenue target for the month of August by nearly $3 billion or 13 per cent, but managed to shave off close to $5 billion or 18 per cent off its programmed expenditure to beat its fiscal target.

The fiscal deficit for August 2008 was $2.8 billion which was $1.9 billion better than programmed and which helped the finance ministry stay within target for the year to August by a good deal - $6 billion lower.

All revenue streams reported a shortfall of budget during the month with the exception of taxes on interest and dividends and the environmental levy.

Compared to last year taxes on income and profits, which raked in the largest amount of money into the government's coffers across the three main categories - the other two being tax on production and consumption and tax on international trade - saw a 17 per cent increase in revenue to $6.1 billion. Tax on international trade jumped 16 per cent to $5.3 billion but tax on production and consumption was flat at $5.3 billion.

Under production and consumption, motor vehicle licence fees brought in 57 per cent more than the previous August but major earners such as GCT on local items saw a three per cent increase to $3.4 bilion, while stamp duty on local items was 26 per cent less than last year August at $597 million.


Source: Jamaica Observer
http://www.jamaicaobserver.com/magazines/Business/html/20080930T220000-0500_140794_OBS_GOV_T_FELL___B_SHORT_OF_REVENUE_TARGET_IN_AUGUST.asp