Huge surplus as 2014/2015 Year report delivered by Finance Minister

Providenciales, 13 May 2015 – When the government’s fiscal year ended on March 31st, 2015 there was a whopping surplus of $77.3 million. The Minister of Finance today made the announcement that is in some quarters highly commended, in other quarters hotly condemned. Minister Washington Misick explained: “The surplus further consolidates the Islands’ position as one of the strongest economies in the Caribbean region, with a 16% increase in recurrent revenue for the year to $246.5 million. The performance was built on record breaking visitor numbers to the TCI, and improved tax collection by both the Customs and the Revenue Control Unit.” It was a week ago Monday that the PDM shared with media that the failed payroll tax by the PNP Administration and the failed VAT by the UK Interim Administration were never necessary as government only needed to enhance revenue collection.

Finance shared that government under spent by 7% but that $6 million dollars had been carried over to the new fiscal year which began on time on April 1, 2015. Minister Misick shared that government will boost spending in critical areas including a 32.7% increase for social development, 32.7% more for infrastructural development and a 27% increase in the Ministry of Education, Youth and Library services. There was confirmation that discussions are already on for an institution to refinance the UK bail out when it matures in February 2016 and promises by ther Administration to and I quote: “…continue to work hard to build sustainable sources of revenue, generate surpluses, maintain public spending and reduce our debts.”

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