REVIEW OF THE ECONOMY 2013
37
SUSTAINING GROWTH, SECURING PROSPERITY
generated $2,034.9 million in incremental
receipts in 2013. This revenue increase is
associated with a return of $560.0 million on
collateral posted on a SWAP transaction, the
receipt of $800.0 million as Share of Profits
from oil companies, and dividends from the
National Gas Company (NGC) and the Colonial
Life Insurance Company Limited (CLICO)
Investment Fund. The increases more than
compensated for the revenuedeclines in Interest
Income, Royalties and Non Industrial Sales from
2012 to 2013. Interest Income is estimated to
decline from $21.0 million to $20.5 million and,
receipts from Royalties on Oil is expected to fall
by 14.3 percent to $2,098.4 million, as a result of
falling oil production. Lower revenue collections
are also expected from Non Industrial Sales
decreasing from $23.3 million in fiscal 2012 to
$21.2 million in fiscal 2013.
Figure 10:
Central Government Revenue
Source: Ministry of Finance and the Economy
EXPENDITURE
Actual Total Expenditure and Net Lending for the
fiscal 2013amountedto$59,470.2millionor36.6
percent of GDP representing an increase of 12.6
percent over fiscal 2012. Recurrent Expenditure
amounted to $50,467.1 million or 84.8 percent
of Total Expenditure and Net Lending, of which
Subsidies and Transfers amounted to $29,815.3
million or 50.1 percent of Total Expenditure and
Net Lending and Capital expenditure amounted
Taxes on International Trade
Receipts from Taxes on International Trade
for 2013 are estimated at $2,496.9 million,
consistingentirelyof ImportDuties, representing
an increase of 7.7 percent over fiscal 2012. Other
Taxes, consisting exclusively of stamp duties, is
expected to yield revenue amounting to $244.1
million in 2013, which is $29.9 million higher
than the previous fiscal year’s total.
Taxes on Property
Taxes on Property continue to contribute
minimally to revenue since fiscal 2010 as no
legislation has since been put in place to resume
Land and Building Taxes’ collections. The
expected outturn for fiscal 2013 of $39.6 million
is $8.3 million higher than for 2012.
Capital Receipts
Capital Receipts, comprising receipts from
Grants, the Sale of Assets or from Other Capital
revenue items was originally expected to
generate $47.1 million for fiscal 2013. However,
overall Capital Receipts performance for 2013
is expected to be significantly boosted by
disbursements relating to the termination of
the contract for the Offshore Petrol Vessels.
This is expected to contribute $406.8 million
to the estimate of Capital Receipts, while a
disbursement from the European Union (EU),
with respect to theSugar Protocol, is responsible
for the increase in Grants of $80.7 million,
yielding $487.5 million in 2013.
Non-Tax Revenue
Non-Tax Revenue receipts are estimated at
$7,346.7 million in 2013, representing a 29.7
percent improvement over last fiscal year’s
receipts of $5,665.7 million. This performance
reflects superior collections fromOther Non-Tax
Revenue,Profits fromNon-Financial Enterprises,
Administrative Fees and Charges, and Profits
from Financial Enterprises which collectively
CENTRAL GOVERNMENT OPERATIONS
