Finance
Deficit Budget Presented, Biggest Projected Income Earners revealed by Saunders
By Dana Malcolm
Staff Writer
#TurksandCaicos, May 5, 2023 – The Government expects to make more money than it ever has, at least $417 million in revenue this financial year, and the bulk of the income is riding on tourism. And so far, a budget deficit is forecast.
In the 2023/24 budget, laid by Acting Premier E Jay Saunders on April 26th, residents were informed about the
Coming in first was Accommodation Tax which the Government expects to pull in $106.5 million on its own. The other top earners for the financial year in order of projected amount include:
- Import Duties $98.5M,
- Stamp Duty on Land Transactions $58.3M
- Other Receipts $40.4M.
- Work Permit and Other Immigration Fees $36.8M
- Other Customs Duties $35.0M
- Ports and Sea Travel taxes $17.4M,
- Fuel Tax $8.5M,
- Vehicle & Driver License Fees $6.8M,
- Business and Banking Related Receipts $6.5M
The Government has a working trend of underspending and over earning. Saunders said as much when he announced the 2023/24 expenditure budget as $424.3 million which is the most money the Government has ever budgeted to spend as well.
The $6 million deficit will come from cash reserves.