The Bahamas: February Fiscal Balance Nets Surplus  

Government Revenues Improve Over Prior Year 

By Rashaed Esson 

Staff Writer

#TheBahamas, April 26, 2023 – The Bahamas Government monetary position has boomed to a $16.2 million surplus for February 2023, according to the Ministry of Finance.

Revenue receipts increased by $51.7 million (26.2 percent), to $249.2 million in comparison to 2022.

The key factor responsible for this increase is the collection of $26.3 million in international trade and transaction of taxes, $12.5 million in value added taxes, $7.7 million in other taxes on goods and services and 2.7 million in property taxes.

On a monthly basis, taxes on other goods and services grew by $14.2 million (28.1 percent) and property tax receipts improved to 2.5 million (14.4 percent), hence the enhanced collection of profits.

Additionally, the total expenditure had a 1.1 percent increase of $2.5 million, to $232.9 million compared to last year.  Money spent by the Government increased; for the acquisition of goods and services it was $11.8 million, and for public debt interest payments it was $6.3 million.

On a monthly basis, spending was contained by $30.9 million (11.7 percent), primarily due to a reduction in interest payments of $23.5 million.

The Government’s new debt position increased by $100.0 million to pre-fund future debt amortizations (the process of gradually writing off the initial cost of an asset) and payments on behalf of State-Owned Enterprises (SOE’s).