Gov’t revenues rose in 2018 on tax collection

-almost 25% drop in non-tax earnings recorded

For 2018, the public sector’s total financial operations saw a reduced deficit due to an expansion in Central Government’s current revenues, but non-tax revenues declined by 23.8%, according to the Annual Report of the Bank of Guyana.

An 11.1% increase in total current revenue was recorded but this was mostly bolstered by tax collection.

An increase in total revenue to G$216,724 million was attributed to enhanced collection of value-added taxes (VAT) and excise taxes; income taxes from private corporations and personal taxes; greater earnings on trade taxes; and increased collection of other tax revenues.

Meanwhile, the report said non-tax revenues declined by G$5,699 million to G$18,212 million, due to a G$5,300 million reduction in other public department receipts, G$419 million reduction in Bank of Guyana surplus, and a G$299 million reduction in other private sector revenues even as rents and royalties, and fees, fines and charges increased by G$436 million, and G$133 million, respectively…..

Around the Web