Antigua government expects to collect $1.0 billion in taxes next year, $176.9 million from CIP

4

Budget 2024: Recurrent revenue is projected to be $1.19 billion or 18.5% of GDP, of which tax revenue is $1.0 billion or 15.7% of GDP. Non-tax revenue is budgeted at $176.9 million or 2.8% of GDP.

It should be noted that even with the revenue reforms; tax to GDP, to include organic revenue growth will, only increase by 0.7 percent to 15.7 percent;  we will still have the lowest tax to GDP ratio and revenue to GDP ratio in the region.

In other words, our country remains a low tax jurisdiction with high investments.

Mr. Speaker, the $219 million in additional revenue from recurrent sources compared to the outturn in 2023, will be achieved through a combination of increased economic activity, increased CIP receipts, and the impact of the revenue reforms to be implemented in 2024.

Major contributors to Tax Revenue are Direct Taxes of $156.5 million and Indirect Taxes of $853.1 million.

Direct taxes comprise Corporation Tax, Property Tax and Unincorporated Business Tax which will yield $108.3 million, $39.6 million, and $8.6 million respectively.

Indirect taxes comprise:

  • Antigua and Barbuda Sales Tax with a forecasted yield of $413.6 million.
  • Stamp duties with a revenue yield of $74.4 million.
  • $23.6 million from the Tourism Guest Levy.
  • Revenue from Import Duties of $146.4 million.
  • $109.9 million from the Revenue Recovery Charge.
  • Consumption Tax revenue of $50 million.

A major component of the budgeted Non-Tax Revenue of $176.9 million will be CIP receipts of $130 million.

Mr. Speaker, the $23.7 million forecasted for Capital Grants includes $13.5 million, which has been pledged by friendly nations to help cover the cost of hosting the SIDS conference in May 2024.

We have also budgeted capital revenue of $5 million which is to be generated from land sales.

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]

4 COMMENTS

  1. The larger the budget, the greater the potential risk for waste, fraud, abuse and reckless spending. Most government agencies lack the proper controls and oversight mechanisms to properly manage their budgetary allocation. As a result, tons of monies are wasted yearly without any proper explanation or accountability. What Antigua and Barbuda needs is not additional tax measures, but prudent spending and management of the resources that are already available.

  2. Again, this is fantastic news for the Antiguan economy.

    Hopefully this time around there will be accountability and transparency regarding how CIP is used by the ABLP.

    Never forget that Antiguans are still awaiting LIMPIDITY on YIDA and NAMCO.

    COME, COME NOW GASTON, YOU CAN DO IT!

  3. How many Antigua and Barbuda Passports have been sold since the inception of CIP.Why we the PEOPLE do not know? In my opinion,the Passport Selling is open for corruption and washing of money.

  4. I am still awaiting to see the improvement of the country infrastructures, especially the roadways, proper drainage waterways structure, the water supply and proper water storage facilities, the healthcare system, the education system, and Saint John’s City sidewalks and gutters. Better control of our revenue collection, wasteful spending, stronger accountability and transparency. Plug all loopholes of wasteful spending.

Comments are closed.