The Tribune

By Youri Kemp

Business Reporter

ykemp@tribunemedia.net

THE Ministry of Finance yesterday released its fiscal snapshot that showed a $33m increase in revenue over 12 months as the economy continues to rebound.

The MOF statement said: “Revenue receipts during the month of May 2022 decreased by 38.0 percent ($127.1m) to $207.3m compared to the prior month in line with seasonal trends. Year-over-year, tax revenue collections grew 23.1 percent ($34.8m) to $185.3m owing to increased collections of VAT ($94.5m), taxes on international trade and transactions ($51.6m) and other taxes on goods and services ($29.8m).

“Total expenditure decreased by 1.8 percent ($5.4m) to $288.2m relative to the same period of the prior year. Recurrent spending during the month comprised $57.0m in personal emoluments, $55.1m for the purchase of goods and services, $50.9m in public debt interest payments, $40.0m in other payments and $12.1m in subsidies. Capital spending during the month totalled $15.6m for the acquisition of non-financial assets and transfers.

“As a result of these factors, a deficit of $80.8m was realized during the month, representing a 32.2 percent ($38.4m) decline from the prior year. Consequent of repayment efforts, net debt expansion during the month was contained to $0.5m.”