NASSAU, BAHAMAS — Revenue collection for the first quarter of the 2022/2023 fiscal year has surpassed last year’s performance by nearly $58 million, according to the Ministry of Finance.
The Ministry of Finance in a statement on the first quarter fiscal snapshot noted that revenue collection for the first three months of the fiscal year 2022/2023 is estimated at $654.3 million, surpassing the prior year’s collections by $57.8 million (9.7 percent).
“Key improvements in tax revenue were noted for Value Added Tax ($35.4 million), departure tax ($26.9 million), excise duties ($23.6 million), stamp taxes on financial and realty transactions ($1.8 million), gaming taxes ($2.3 million), and motor vehicle taxes ($2.2 million). Non-tax revenue performance improved by $3.7 million (4.9 percent) to $79.9 million supported by the receipt of $14.8 million in Hurricane Dorian proceeds,” the Ministry of Finance noted.
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