More than half of the government’s tax revenues have been cut as a result of the coronavirus pandemic.
Jermaine Jarvis, the Deputy Director of the Inland Revenue Department told state media tax collections dropped by almost 60%.
“We were collecting on average for the first quarter about $37m a month and then COVID came and so that reduced or revenue. We had a downturn in revenue of about 58% in revenue so now our average collection monthly for the last, the second quarter is about $15m”, he said.
“COVID has resulted in a downturn in the economy where you have less economic activity, less aggregate demand and in that regard, you will have less revenue collected”, Jarvis explained.
‘So, the Inland Revenue Department would now have to live with the fact that going forward, and the government now have to live with the fact that going forward revenues will not be as good as it was pre-COVID until we recover”, he concluded.
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With the slowing down of income for the Government,across all Departments.They should now consider tightening of the purse strings.It cannot and should not be business as usual.Only do projects that would attract immediate revenues for the Administration.It would mean that certain Public Projects would have to be on hold.Someone from the Administration would need to come to the people and let them know.Exactly what is going on,no bluffing,no bull dung,straight talk.
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