TCIG $400 million Revenue means inflation and employment addressed says Deputy Premier 

By Dana Malcolm 

Staff Writer

#TurksandCaicos, May 5, 2023 – Revenue in the Turks and Caicos has for the first time passed the $400 million threshold and it means the Government is putting more money towards tackling the employment crises and inflation, this, is according to E Jay Saunders, Finance Minister as he tabled this year’s budget in the House of Assembly.

He revealed in the April 26th sitting that $413 million in revenue was recorded for the financial year 2022/23. The above expected numbers were driven by the taxes on the imports into the country, import value increased by over $100 million. A strong tourism and trade industry also drove up revenue via accommodation taxes and seaport taxes and gaming revenue. It’s a result that has bolstered the Government’s faith in the country’s economic performance and they say they’ve in turn provided more cash for citizens’ benefit.

“An over-performance in all those things during the last financial year has given our Government the leeway and the confidence to invest heavily in the key focus areas of inflation and cost of living containment,” Saunders said.

Other key focus areas that will be addressed with the cash include:

• Human capital development (as a matter of priority)
• Destination management reform;
• Public sector reform;
• Preservation and enhancement of national security;
• Population and migration policy reform;
• Primary sector development;
• Housing and crown land management reform; and
• Critical infrastructure redevelopment

The revenue for the current financial year 2023/24 is predicted to reach $417 million; the Government is not expecting a surplus though, as the Finance Ministry has budgeted $424 million in expenditure.

The extra money will come from cash reserves as the Finance Ministry predicts a deficit in operating costs.

TCIG consistently underspends even in the face of national emergencies like the 2022 crime wave and international emergencies like the COVID-19 pandemic.

The announcement by deputy premier, Saunders reflects public desire residents have over the past year called for inflation and employment to be addressed as two of the country’s most pressing issues.