GRENADA- The government’s fiscal incentive to citizens after Hurricane Beryl did not reduce Revenue.

ST. GEORGE’S, Grenada, CMC—The Grenada government says waiving various taxes and fiscal incentives to assist people affected by Hurricane Beryl’s passage in July did not negatively impact its Revenue for August this year.

“Current Revenue for August 2024 was EC$134.2 million (One EC dollar=US$0.37 cents), which was EC$32.4 million more than the 2024 target and US$16.6 million more than the collections for August 2023,” according to the August fiscal report posted on the Ministry of Finance website.

It said total Current Expenditures, excluding total principal repayments, for the month of August were EC$74.9 million, which was EC$3.4 million less than the EC$78.3 million targeted.

August’s capital expenditures were EC$26.2 million, well below the EC$40.6 million target for August of this year.

The passage of Hurricane Beryl did not affect the major ports of entry on the mainland despite the storm devastating the northern part of the island. As a result, Revenue from Customs and Excise was EC$44.4 million, EC$2.7 million more than the projected EC$41.7 million.

However, there was a slight reduction in the amount earned by the Inland Revenue Department (IRD). According to the fiscal report, the government projected it would earn EC$31.8 million from the IRD but instead earned EC$31.7 million.

A breakdown for the period covering January to August shows that taxes on income and profit were EC$117.6 million; taxes on property were EC$32.4 million; taxes on goods and services were EC$132.7 million; and taxes on international transactions were EC$304.7 million, for a total of EC$587.4 million.

The Revenue from non-tax revenues is EC$534.4 million, and the biggest contributor to that category is the Citizenship by Investment(CBI) program, through which foreign investors are provided with citizenship of the country in return for making a substantial investment in the socio-economic development of Grenada.

The Revenue from the CBI was EC$373.2 million, while non-tax Revenue from other exceptional sources totaled EC$118.7 million.

Exceptional Revenue is defined as Revenue that is not part of the regular collections but significantly impacts the relevant period.

The Ministry of Finance projected that the total tax and non-taxed Revenue would reach EC$859.9 million,n. Still, according to the fiscal report, the over-revenue for both categories was EC$1,121.8 million, or EC$261.9 more than projected.