Premier Dr. Orlando Smith said government expects the territory to bring in $298,729,000 in revenue next year, during his Budget Address Thursday at the House of Assembly chambers.
Government expenditure, he added, is expected to be $253,397,600 for the year. The Reserve Fund, the territory’s savings account, will have more than $37 million by the end of 2013, he said.
In his speech, called “The Path Towards Economic Growth,” Dr. Smith outlined government’s plans to raise the level of revenue for the territory. He said work permit fees will be based on average wage for occupation type, and that fees for court services and trade licences will be increased.
He also said government will instate a “general environmental levy” to fund environmental protection programmes and begin taking a fixed percentage of revenue from the Telecommunications Regulatory Commission.
He added that government will take a more aggressive approach to collecting taxes from residents. Dr. Smith said these measures will increase government revenue by $7 million to $16 million per year.
See the Nov. 22, 2012 issue for full coverage.
{fcomment}