According to reports from the Island Sun online news service, the government of the British Virgin Islands is on course to collect expected budget revenue of some US$192,000,000 for the 2001 financial year.
Chief Minister and Minister of Finance, the Honourable Ralph T O'Neal, declared that recurrent revenue for the period ending April 30, 2001, was $46,425,193. Recurrent revenue for the same period of last year was $42,685,454, thus a net increase of just over $3,700,000.
During his parliamentary speech, Mr O'Neal said that 2000 was the most successful year to date and he declared: 'Mr Speaker, the analysis given indicates that we are currently exceeding the revenue collected for the same periods in 2000 ... An analysis of the major revenue areas of the Financial Services Sector, i.e. company license fees and company registration fees, reveal that the sector still remains vibrant.'
Company license fees for the period ending April 30, 2001, were $12,256,456, compared to $8,507,824 the previous year. 'Figures for company license fees for the period ending 31st May 2001 compared with that for the period ended 31st May 2000, are expected to yield a net increase of approximately $4 million,' Mr O'Neal explained.
Company registration fees for the period ending 30th April 2001 were $7,026,473, compared to the same period of last year which yielded $9,066,430 and figures for company registration fees for the period ending May 31 this year when compared with that for the same period of last year are expected to show a decrease of $2 million based on current trends.
Mr O'Neal claimed that although company registration fees were down from last year's, it is too early to forecast any further figures just yet. But he did stress that 'the information just given indicates that overall the territory's finances are in general growing positively in relation to previous years ... a determination of any revenue shortfall in this sector of the economy can be better assessed after the seasonal licensing period in May. The same pattern must be taken into consideration when analyzing budget allocations with that of actual revenue.'
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