The Bahamas Central Bank, publishing latest revenue statistics, said the government achieved a 20% reduction in the territory's fiscal deficit during the first five months of the 2011/12 fiscal year.
Data released by the Bank showed that the nation's deficit was reduced to USD154m, down USD38.8m, mainly as a result of government retrenchment efforts.
During the period total revenue grew by USD18.6m (4%) to USD485m. Excise tax receipts rose markedly by 3.6%, on the same period in FY2010/11, due to improvements in international trade. Business and professional fees increased by almost two thirds year-on-year, supported by business fee increases. Tax receipts from property sales increased by 1.7%, while non-tax revenue rose by 0.4%.
Total expenditure fell during the period by 3.1% due to a public corporation repaying outstanding debt and a reduction in capital outlay.
.Tags: tax | offshore | tax havens | international financial centres (IFC) | budget | Bahamas | fees | fiscal policy | revenue statistics
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