By Javaughn Keyes
The government is expecting to collect $924.4 billion in tax revenues in the next fiscal year which starts in April.
This will help to fund the country’s $1.3 trillion budget.
Income tax revenues are expected to lead the tax haul, with $321.7 billion projected for collection.
That’s up from the $251.8 billion estimated income tax inflow for the current fiscal year.
This fiscal year, General Consumption Tax leads the expected tax income at $279 billion in expected income.
Going into the new fiscal year, while the category is now the second largest tax earner, the sums earned from GCT are expected to reach $300.9 billion.
Special Consumption Tax income is forecast to be lower, at $99 billion, compared with the $104 billion estimate for this year.
Taxes from customs, particularly import duties should account for $66 billion of the 2024/2025 tax earnings.
For the 2023/2024 period, this segment is set to earn the country $63.5 billion.
Total Education Tax collection is forecast at $53.6 billion, up from this year’s $48 billion.
The government anticipates $34 billion to come from Travel Taxes.
Total Revenue from Guest Accommodation Room taxes is set at $3.97 billion, up from $3.59 billion.
Collection relating to Stamp Duties will go up marginally at $13.1 billion.
Betting, Gaming and Lotteries duties, fees and levies is projected to move from $9.7 billion, to $11.3 billion.
Environmental Levy fees are set to marginally increase, from $6.62 billion, to $6.69 billion.
Less tax revenues is expected from the licensing of motor vehicles.
The bracket is forecast to rake in $5.5 billion, down from $5.89 billion this year. ????
Telephone call tax income is to decline, with an estimated $3.19 billion to be earned versus $3.6 billion this fiscal year.
Fees from Telecommunication Licences are expected to decline from $1.84 billion, to $581 million.
Contractors Levy should reach $3.14 billion, while Quarry Tax should amount to $91.6 million.
Other licences are set to see a large decline, from $1.27 billion for 2023/2024, to $361.6 million for 2024/2025.
This category includes fees from the licencing of gaming machines, Customs Brokers and Tourist Shops.
The tax haul of $551 million from Import Licences through the Trade Board, rounds out the $924.38 billion in tax revenues expected to be earned from April this year to March 2025.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : RadiojamaicaNewsOnline – http://radiojamaicanewsonline.com/business/govt-projects-tax-revenues-of-9244-billion-for-202425
Why David Brooks Is (Mostly) Stepping Away from Politics