The infographic shows the change in estimated tax revenues (2016/17) over tax receipts (2015/16) as per the 2016/17 Budget documents laid in Parliament.
Below find a table listing the estimates of tax revenues for each category of taxes collected by the GOJ. The table shows:
- Tax receipts for FY 2015/16
- Estimates of tax revenue for FY 2016/17
- The change in tax revenues, that is, the difference between estimates for 2016/17 and the receipts for 2015/2016 (labelled ‘Change’ in the table)
- The percentage change in tax revenues (labelled ‘% Change’ in the table)
The table is sorted by the category ‘Change’ from largest to smallest in terms of dollar amounts.
From the table a few takeaway points:
- The GOJ expects to collect an additional $35 billion in tax revenues for FY 2016/2017. Note that revenue measures of $12.78 billion were announced at the Opening of the Budget Debate on May 12, 2016. See here for Ministry Paper No. 33/16 “Revenue Measures For Fiscal Year 2016/17”
- The four largest estimated dollar amount increases in tax revenue are:
- $16 billion additional in GCT revenue, a 11% increase over 2015/16 receipts
- $7 billion additional in income tax revenue, a 5% increase over 2015/16 receipts
- $5 billion additional in SCT revenue, a 11% increase over 2015/16 receipts
- $4 billion in customs revenue, a 13% increase over 2015/16 receipts
- Despite the increased income tax threshold of J$1,000,272 set to take effect July 1, 2016, the GOJ estimates a noticeable increase in income tax revenues
- The GOJ expects an increase in tax revenues for all categories, except the telephone call tax
- For telephone call tax revenues, the GOJ expects to collect approximately J$646 million less (a 11% decrease) in FY 2016/2017 than was collected in FY 2015/2016
The entire document as released by the Ministry of Finance is available here, Revenue Estimates and Financial Statements 2016-17 (Ministry of Finance link here).
As #BudgetDebate2016 proceeds, diGJamaica will continue to provide relevant data. Look out for more.