Projected Tax Revenue Intake For 2015/16 Budget – By Category

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.

Summary of Revenue and Loan Receipts 2015-16

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.
Head Increase
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
Customs Revenue $10,502,490,578
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.
Head % Increase
Stamp Duties Revenue 750%
Income Tax Revenue 63%
Other Licences Revenue 61%
Customs Revenue 52%
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.

income tax

stamp duty



travel tax


betting gaming lotteries

motor vehicle licenses



minimum business

other licences

Look out for more posts breaking down the budget on the blog.