NASSAU, Bahamas — Prime Minister Phillip “Brave” Davis yesterday predicted additional revenue growth for The Bahamas, adding that $2.8bn is projected in total revenue for the upcoming fiscal year, The Tribune reported on Thursday, May 26, in an article written by Leandra Rolle.
This, he said, represented a 19.9 percent increase over the prior fiscal year.
Mr Davis said during the first nine months of the 2021/22 fiscal year, the country’s revenue performance had increased by $617.6m or 50.2 percent to $1,847.3m when compared to the previous year.
According to Mr Davis, “this largely reflected improvements in tax revenue of $526.4m or 50.9 percent, and non-tax revenue increases of $90.9m or 46.5 percent.”
Now with the 2022/23 fiscal year set to begin soon, the Prime Minister said more revenue growth is expected, signalling further rebound of the country’s economy.
“The current budget projects a significant rebound in the Bahamian economy,” Mr Davis said during his budget contribution in the House of Assembly yesterday.
“Total revenue is projected at $2,804.4bn, a 19.9 percent increase over the prior fiscal year when the economy was in the early stages of an economic rebound from the COVID-19 pandemic. It incorporates many of our revenue enhancing strategies and outcomes such as, increasing real property tax collections and compliance; an improved VAT performance based on the economic rebound; and growth in other fees as a result of improved revenue administration.”
Mr Davis also forecast total expenditure at $3,368.4m, with recurrent expenditure projected at $2,997.2m, and capital expenditure estimated at $371.1m.
“As a result of these operations which incorporate prudent fiscal management principles, the fiscal deficit under the current budget is estimated at $564.3 m or 4.3 percent of GDP. I wish to remind this Honourable House that this projected outturn does not include potential revenues from asset sales, such as receipts from the sale of the Grand Lucayan Hotel in Grand Bahama.”
Yesterday, Mr Davis also touted the efforts of his administration to pay down on the country’s arrears and unpaid bills it met upon assuming office last year.
He had previously claimed that nearly $1bn in liabilities and unfunded obligations were left behind by the previous Minnis administration. See complete article in The Tribune at http://www.tribune242.com/news/2022/may/26/were-going-right-direction/
