There was a 38 percent dip in government revenue during the month of May, however year over year tax revenue was up 23 percent, the Ministry of Finance (MoF) revealed in the Monthly Fiscal Summary Report for May, which was released yesterday.
During May, MoF said, fiscal activities resulted in an $80.8 million deficit, which is a 32 percent improvement over the same period last year.
“Revenue receipts during the month of May 2022 decreased by $127.1 million (38 percent) to $207.3 million, compared to the prior month and in line with seasonal trends. Year-over-year, tax revenue collections grew 23.1 percent ($34.8 million to $185 million, owing to increased collection of VAT [value-added tax] of $94.5 million, taxes on international trade and transactions ($51.6 million) and other taxes on goods and services,” the MoF said in a press release.
Total expenditure during May amounted to $288.2 million, which was $5.4 million less than a year prior.
“Recurrent spending during the months comprised $57 million relative to emoluments, $55.1 million for the purchase of goods and services, $50.9 million in public debt interest payments, $40 million in other payments and $12.1 million in subsidies,” the statement said.
“Capital spending during the month totaled $15.6 million for the acquisition of non-financial assets and transfers.”
There was an overall increase in central government debt of half a million dollars, representing a nearly 100 percent decline from the $193.2 million uptake in May 2021.
