KINGSTON: The Government is banking on significant increases in both income tax and general consumption tax (GCT) next year, to boost its tax revenues.
The revenue estimates tabled by Minister of Finance and Planning Dr Peter Phillips on February 19, is targeting J$138.9 billion in GCT collections and J$129 billion in income tax through increased compliance.
Income tax brought in J$111.5 billion in 2013/14, the last available full financial year figures, and GCT of J$113.3 billion. Consolidated Fund receipts so far, for financial year 2014/15, which ends on March 31, are J$79.3 billion for income tax, and J$94.9 billion for GCT.
Other substantial tax revenue increases for 2015/16, which begins on April 1, are: J$5 billion in customs; J$3.2 billion in education tax; approximately J$5.5 billion in special consumption tax; and J$1.2 billion in travel tax.
Non-tax revenue next financial year is expected to be more than J$10 billion above 2013/14, with the bulk coming from departmental and other miscellaneous revenue.
The Government also plans to transfer J$1 billion from the capital development fund (CDF), which is financed by the bauxite levy, and receive J$129 billion in loans, bringing total revenue and loan receipts to J$576.6 billion next year.
