Minister of Finance Camillo Gonsalves is expected to present the 2022/2023 Budget next month.
The budget will be held at the Assembly Chamber in Kingstown, and is expect to commence at 3 pm.
Projected improvement in revenue performance for 2023 is indicative of the uptick in real economic activity projected for the year 2023.
Revenue from tax sources is expected to contribute EC$648.3 million to the Consolidated Fund in 2023 while non-tax revenue is estimated to gross EC$113.2 million.
Tax revenue is expected to increase by 11.3 per cent in 2023.
With reference to the major tax types, taxes on income and profits are estimated to increase by EC$8.3 million, or 5.3 per cent.
Taxes on goods and services by EC$20 million or 10.4 per cent; and taxes on international trade and transactions by 27 per cent or EC$45.7 million.
Non-tax revenue collection in 2023 is estimated at EC$113.2 million — 19.2 per cent more than the amount budgeted in 2022.
According to Gonsalves, the budget for 2023 is broken into recurrent expenditure, inclusive of amortization and sinking fund contributions, of EC$974,323,500 and capital expenditure of EC$471,563,113.
During his presentation of the Estimates of The Minister of Finance said the largest contributors for 2023 of grant financing include Taiwan, Japan, Morocco and India.
