REVIEW OF THE ECONOMY 2013
36
SUSTAINING GROWTH, SECURING PROSPERITY
surpassed the original budgeted sum of
$5,806.7 million and exceeded 2012 collections
by $667.3 million. This performance was mainly
associated with rising employment and the
settlement of collective agreements across
the Energy, Government, Finance, Distribution
and Transport sectors. Receipts from Business
Levy, Unemployment Levy Withholding Tax and
Green Fund all fell marginally short of budgetary
expectations.
Taxes on Goods and Services
Receipts from Taxes on Goods and Services are
expected to amount to $8,261.1 million in 2013
exceeding the originally budgeted estimate by
$49.5million.This canbeattributed toa stronger
than anticipated collection performances by
Motor Vehicle Taxes and Duties associated with
higher than anticipated sales of new and used
foreign-used vehicles and increased payments
for inspection fees and driving permits. Taxes
on Goods and Services for 2013 is expected
to yield $335.5 million more than realised for
2012 based on stronger collections of Value
Added Tax associated with stronger economic
activity. Additionally, Betting and Entertainment
and Other Taxes on Goods and Services are
both estimated to perform better than last
fiscal year’s outturn by $12.8 million and $36.6
million respectively. The increases in these
revenue categories are mitigated by declines
in collections in excise duties which at $701.9
million is $23.4 million lower than the fiscal
2012 outturn of $725.3 million. This decline is
associated with lower production mainly in rum,
spirit, oil and cigarettes. Motor Vehicle Taxes
and Duties are also anticipated to decline by
$21.7 million from its 2012 outturn to $502.6
million by the end of this fiscal year on account
of the introduction of the five (5) year driving
permit. Receipts from Liquor and Miscellaneous
Licenses and Alcohol and Tobacco Taxes in 2013
are both expected to be marginally less than
realised in the last fiscal year.
Figure 9:
Central Government Fiscal
Operations
Source: Ministry of Finance and the Economy
REVENUE
At the end of fiscal 2013, Total Revenue and
Grants in the amount of $52,984.8 million
exceeded budgetary estimates by $3,706.9
million and was $3,706.9 million in excess of
revenue receipts for fiscal 2012. Favourable
variances in Taxes on Income and Profits of
$1,030.6 million and in Taxes on Goods and
Services of $335.5 million were the main
contributors to the stronger than anticipated
revenue performance for 2013.
Taxes on Income and Profits
In 2013, collections from Taxes on Income and
Profits which amounted to $34,108.9 million
surpassedreceiptsfrom2012by$1,030.6million
primarily as a result of higher than budgeted
receipts from Companies and Individuals.
Actual receipts from Companies exceeded the
original budgeted sum of $24,429.2 million by
$858.7 million and outperformed collections
from 2012 by $814.6 million. This superior
performance in 2013 was due mainly to an
increase in the number of companies paying
corporation tax as well as from the inclusion of
receipts that had been previously classified as
Business Levy. Actual receipts from Individuals
CENTRAL GOVERNMENT OPERATIONS
