Government to spend less than budgeted for this year
The Government will be spending $739.6 million less than it had initially budgeted for this year.
This afternoon, Finance Minister, Dr Peter Phillips, tabled the first supplementary Budget for the 2014/2015 fiscal year in Parliament.
The supplementary estimates propose a Budget cut which will see projected spending moving from the approximately $540 billion approved in April to about $539.3 billion.
Recently, Co-Chair of the Economic Programme Oversight Committee, Richard Byles, disclosed that during the September quarter the government’s revenue target of $176.4 billion fell short because of an underperformance in corporate taxes and General Consumption Tax.
It was disclosed that at the end of September, Jamaica collected $169 billion in taxes.
Corporate tax was the major under performer falling short by $4.7 billion.
Local General Consumption Tax underperformed by $3 billion, GCT on imports was behind by $1.5 billion and Special Consumption Tax fell short by $1.2 billion.
The supplementary estimates are expected to go before the Public Administration and Appropriations Committee for debate on December 9.
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