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Bahamas Reports Diminishing Deficit

by Amanda Banks,, London

06 October 2011

Bahamas has begun its new financial year with a positive first month, despite the weakness of the United States economy and the domestic disruptions caused by Hurricane Irene. Tax receipts have continued to rebound strongly, and the government was able to narrow the budget deficit last month.

According to data provided by the Bahamas Central Bank, during September, the first month of FY2011/12, the budget deficit narrowed by USD11m (34.3%) to USD21.1m, owing to a USD4.8m (5.3%) increase in total revenue, combined with a USD6.3m (5.1%) reduction in aggregate expenditure.

Specifically, tax receipts expanded by 3.6% (USD3m) to USD86.4m, attributable to gains in non-trade stamp taxes, taxes on international trade transactions (the largest component of tax revenue) and business & professional fees, by USD5.5m, USD2.3m and USD2.2m, respectively.

Similarly, non-tax revenue rose by USD1.8m (26.6%) to USD8.5m, due primarily to a USD2.1m increase in fines, forfeits and administrative fees, which negated declines in income receipts.

The report follows on from statistics released by the Bank in August for the last financial year, which showed that the Bahamas had achieved significant fiscal consolidation, having reduced its deficit by a quarter over the twelve month period.

TAGS: tax | economics | Bahamas | international financial centres (IFC) | budget | fees | offshore

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