ST. GEORGE’S, Grenada, CMC – The Grenada government earned EC$297.6 million (One EC dollar=US$0.37 cents) in revenue and grants during the first three months of this year, a significant decline for the same period last year.
According to the figures, the revenue and grant from January to March last year totaled EC$340.4 million.
The Ministry of Finance said, however, for March this year, which coincided with the introduction of several tax measures, the government earned EC$25 million more than what was targeted.
“Current Revenue for March 2023 was EC$121.4 million, which was EC$25 million more than the 2023 target and EC$40.5 million more than the collections for March 2022,” according to the Fiscal Report for March 2023.4.28
As the revenue increased, the total Current Expenditure, excluding principal repayments for March, was EC$58.5 million, EC$5.7 million less than the EC$64.2 million targeted.
“Capital Expenditure in March 2023 was EC$29.3 million, EC$10.5 million less than the amount spent in March 2022 and above the EC$25.4 million targeted for the month this year,” said the report, which explained that there was less grant funding received during March 2023.
“Total Grants in March 2023 amounted to EC$3.3 million, which was EC$2.2 million less than the target and EC$97.3 million less than the actual in March 2022,” said that report which explained that total grants in March last year were EC$100.6 million and that included EC$81 million from the locally-based St George’s University.
With regards to government debt, the principal repayments on debt for March 2023 were EC$6.7 million, with interest payments totaling EC$4.7 million, while a primary balance (including grants) of EC$41.6 million was recorded for March 2023, which was EC$24.2 million more than the month’s target and EC$52.1 million less than the amount recorded in March 2022.
On revenue earned from taxes, the report shows that the most revenue came from taxes on international transactions, and the amount was EC$38.6 million, while non-tax revenue was in second place with EC$32.8 million. Revenue from the Citizenship by Investment (CBI), through which citizenship is provided to foreign investors in return for making a significant investment in the island’s socio-economic development, accounted for EC$23.6 million of the total earned from non-tax revenue.
The Inland Revenue Department (IRD) continues to earn the most under Revenue Collection by Major Divisions. For March this year, the IRD earned EC$56 million compared to EC$41.9 million last year.
Customs and Excise Division during March 2023 earned revenue of EC$38.6 million as against EC$31.3 million last year.
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