NASSAU, BAHAMAS — Government revenue receipts for the month of September totaled just over $192 million, a nearly 12 percent year-over-year increase the Ministry of Finance has revealed.
The Ministry in a statement on its monthly fiscal performance for the month of September noted that: “The Bahamian economy continued to demonstrate signs of a strong economic and fiscal rebound during September 2022 post the COVID-19 induced economic downturn as compared to the same period in the prior year.
“The net economic and fiscal upturn mirrors global market trends, which, despite increasing inflationary pressures as a result of geopolitical tensions in Europe and supply chain shortages remain positive.”
According to the report, revenue receipts for the month of September totaled $196.2 million, an 11.8 percent increase ($20.7 million) year-over-year. Tax collections totaled $164.5 million, supported by $100.9 million in VAT receipts; $39.9 million in international trade and transactions taxes; $16.6 million in other taxes on goods and services; and $6.9 million in property taxes.
“This positive performance is largely attributed to rebounds in tourism as compared to the prior year as well as improving domestic economic conditions. VAT collections firmed by $33.4 million (49.4 percent) year-over-year. Similarly, taxes on international transactions & trade revenues improved by $6.8 million, largely owing to a $3.9 million increase in departure taxes,” the Ministry of Finance noted.
“Owing to the reinstatement of allowances, increments, promotions and other benefits since the cessation of COVID-19 emergency orders; spending on personal emoluments increased $1.5 million (2.3 percent) year-over-year.
“Other key areas of public spending include: acquisition of goods & services of $44.3 million, public debt interest $29.6 million and subsidies to government-owned and/or controlled enterprises of $18.6 million to assist the health and education sectors as well as small business support.
“Capital expenditure contracted by $4.3 million (13.8 percent) to $26.7 million,” the Ministry of Finance said.
