As the process of review for the 2015/16 Budget is ongoing in Parliament, we thought our readers might be interested in a breakdown of where the taxes are expected to come from. While we await word on the actual revenue measures, consider these numbers taken from documents tabled on February 19, 2015 by Dr. The Hon Peter Phillips, Minister of Finance and Planning with regard to the 2015/16 Budget.
Here are some highlights:
- Every single category showed an increase except for Land and Property Tax; Retail Sales Tax which had no data at all. We are seeking more information on these line items.
- From what has been presented, the GOJ estimates it will collect $402 Billion in taxes this fiscal year – a whopping 54% more than it actually collected last year which was $261.2 Billion.
- Ranking the projected increased revenue intake by dollar amount, it seems the GOJ plans to get the majority of the revenue from Income Tax and GCT which collectively account for 67% of the projected revenue intake. All other categories are smaller but still significant.
|Income Tax Revenue||$50,194,578,827|
|General Consumption Tax Revenue||$44,034,538,960|
|Special Consumption Tax Revenue||$11,443,043,320|
|Stamp Duties Revenue||$10,864,985,214|
|Education Tax Revenue||$5,783,926,617|
|Travel Tax Revenue||$3,374,553,007|
|Telephone Call Tax Revenue||$1,957,889,009|
|Betting, Gaming and Lotteries – Duties, Fees, Levies Revenue||$1,072,074,389|
|Motor Vehicle Licences Revenue||$588,090,691|
|Environmental Levy Revenue||$359,201,985|
|Contractors Levy Revenue||$321,580,046|
|Minimum Business Tax Revenue||$169,338,140|
|Other Licences Revenue||$138,736,676|
|Land and Property Tax Revenue||no data provided|
|Retail Sales Tax Revenue||no data provided|
- Some categories are not the largest dollar amount increases, but they are substantially increased in percentage terms relative to last year. Ranking the projected revenue intake by percentage increase – from highest to lowest – look at the astounding 750% increase intake expected for Stamp Duty Revenue. No category had less than an 20% increase intake expected.
|Stamp Duties Revenue||750%|
|Income Tax Revenue||63%|
|Other Licences Revenue||61%|
|Betting, Gaming and Lotteries – Duties, Fees, Levies Revenue||51%|
|Travel Tax Revenue||47%|
|General Consumption Tax Revenue||46%|
|Contractors Levy Revenue||44%|
|Special Consumption Tax Revenue||39%|
|Education Tax Revenue||38%|
|Telephone Call Tax Revenue||36%|
|Motor Vehicle Licences Revenue||28%|
|Minimum Business Tax Revenue||26%|
|Environmental Levy Revenue||20%|
|Land and Property Tax Revenue||no data|
|Retail Sales Tax Revenue||no data|
The charts below show each revenue line item comparing last year’s actual intake vs the 2015/16 projected intake.
Look out for more posts breaking down the budget on the diGJamaica.com blog.