NASSAU, BAHAMAS — Revenue collection for the fiscal year 2022/2023 saw an almost 10 percent increase to reach approximately $2.85 billion, according to the government’s budgetary performance review, with the Opposition urging the government to curtail unnecessary spending. 

The findings were contained in the recently released budgetary performance for the fiscal year 2022/2023 from the Ministry of Finance. It noted that revenue collection for the year totaled $2,855.8 million, surpassing the prior year by $246.5 million (9.4 percent), equating to 99.9 percent of the budget. Tax revenue receipts grew $312.0 million (14.4 percent) to  $2,474.1 million, accounting for 97.5 percent of the budget. 

The report also revealed that during the twelve months end-June for the fiscal year 2022/23, total recurrent expenditure increased by $18.9 million (0.6 percent) to $3,061.8 million compared to the same period in the prior year—representing 99.6 percent of the targeted spend.

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