CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Antigua And Barbuda Issues Q1 Fiscal Review

Antigua And Barbuda Issues Q1 Fiscal Review

Mike Godfrey, Tax-News.com, New York

08 July 2013


On July 03, 2013 the government of Antigua and Barbuda released a review of its fiscal operations in the first quarter of 2013.

According to the review there was a significant decline in revenue from stamp duties in the period. This factor combined with the reallocation of a number of taxes from the central government to the Airport Authority and the Antigua Pier Group resulted in a 3.5 percent year-on-year drop in total government revenue and grants to USD159.8m.

Revenue from Stamp Duties amounted to USD19.2m in the first quarter of 2012, reflecting increased activity in the real estate sector and, in particular, a major transaction related to the expansion work at the Jumby Bay Resort. In the first quarter of 2013 however, revenue from Stamp Duties amounted to just USD5m, which is 74 percent less than the same period in 2012.

Corporate Income Tax increased by about 171 percent from USD6.5m in the first quarter of 2012 to USD17.6 million in the first quarter of 2013. This improvement was driven mainly by the Inland Revenue Department’s efforts to collect Corporate Income Tax arrears. The Customs and Excise Department also collected arrears of about USD10m in respect of the Oil Import Levy, which resulted in a 100 percent increase in revenue from this source compared to 2012.

Though revenue from the Antigua and Barbuda Sales Tax (ABST) remained relatively flat at about USD53.2 million in the first quarter of 2013, there were increases in revenue from the Personal Income Tax, Import Duty and Revenue Recovery Charge. Revenue from the Personal Income Tax increased by 18 percent from USD9.8m in the first quarter of 2012 to USD11.6m over the same period in 2013. Further, the Import Duty grew by 4.3 percent from USD18.5m in the first quarter of 2012 to USD19.3m over the same period in 2013 while the Revenue Recovery Charge increased slightly to USD16.5m in the first quarter of 2013.

On the other hand, non-tax revenue declined by 21 percent from USD8.9m in the first quarter of 2012 to USD7m for the same period in 2013. Overall, the falloff in revenue from the Stamp Duties was more than offset by the increased revenue generated from sources such as the Corporate Income Tax, Personal Income Tax, and Import Duty. However, the total collection for the first quarter in 2013 was less than collections for the same period in 2012 due to the absence of revenue from the Passenger Facility Charge, Embarkation Tax, and the Cruise Passenger Tax. These taxes generated about USD15m in the first quarter of 2012.

The report also noted that there have been significant strides made in revenue administration reform initiatives, most notably increasing ABST compliance for the large taxpayer base from less that 50 percent in 2009 to about 90 percent in 2012.

TAGS: compliance | tax | sales tax | corporation tax | stamp duty | Antigua and Barbuda | import duty | individual income tax

To see today's news, click here.

 
















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »