Wed | Jul 18, 2018

Gov't expecting to collect $16.3b more in GCT this year

Published:Friday | April 15, 2016 | 8:55 AM
Finance Minister Audley Shaw in Parliament yesterday.

The Government is expecting to collect $16.3 billion more in General Consumption Tax (GCT) this year.

This was revealed in the Estimates of Revenue that was tabled in the House of Representatives yesterday afternoon.

Last year, the Government budgeted to collect $138.9 billion in GCT and has so far collected $141 billion.

This year, the Government wants to collect $157.2 billion.

The documents also show that the Government is seeking to collect $33.7 billion more in overall tax revenue this year to help finance the $580-billion budget tabled by Finance Minister Audley Shaw yesterday.

Although tax revenue is to increase, the government will be seeking to get less money from telephone-related taxes.

It has indicated that it will collect $646 million from the taxes.

The government has also said it would be seeking to get an additional $227 million from motor vehicle licences.

However, it has indicated it intends to collect some 90 million less this year from traffic tickets.