Bahamas: VAT collections jump by 100% in 6 months

The Bahamas, for the first 6 months of the 2021/2022 fiscal year, collected $588 million in VAT revenue, accounting for 59% of collections, up more than 100% of the $286 million collected this time last year.

Across the board, tax revenue performance was up with taxes collected on trade seeing an equally high increase, expanding by 119% to $239 million this fiscal year from $103 million a year before. That category includes customs duty and other import taxes, which increased by 37% to $117.4 million; and departure tax collections, which grew by 812.2 % to $26.5 million.

Taxes on property improved by $11.7 million to $36.8 million, (23.2% of the annual target). Taxes on goods & services, which encompasses 72.6% of tax revenues, grew by $265.4 million (60.3%), representing 51.9% of the budget. Overall, government revenues have outpaced projections by approximately $162 million. Revenue collections total $1.137 Billion, an increase of $465 million. The mid-term deficit is estimated to be $269 million, a $467 million decrease from the deficit of $736 million in the same period last year.

Extract from the CARICOM BUSINESS Newsletter, Vol 5 No. 6

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Source: CARICOM TODAY