The Government’s budget of $964,835,276 million was approved in Parliament for the fiscal year 2022-2023 effective on 1st July 2022 this evening.
The approval comes weeks after it was deliberated in Parliament with evening sessions to ensure the passing of the budget in its mandated timeframe.
The ordinary Receipts of Government which include both Taxation and Non-Tax Revenues are projected to increase by 1.3%.”
The FAST Government also anticipates to its revenues will increase by 5 percent largely due to the increases in sin taxes in support of the Government’s commitment to combatting Non-Communicable Diseases.
Minister of Finance, Mulipola Anarosa Ale Molio’o says the total Receipts and Grants for the Government are expected to drop by 12% in the new financial year attributed largely to a reclassification of the Government of Samoa’s grant financing, with General Budget Supports from key development partners to be reflected as financing of the budget deficit.
Total expenditures for the financial year 2022/23 are estimated to be $964,835,276.00 tala which includes development programs sourced by Samoa’s development partners.
The Minister said during the tabling of the budget in earlier sessions, that the budget will also increase Government’s commitment to pay public debts with Statutory Payments increased by 21% as Debt Servicing normalizes following the expiry of the Debt Service Suspension Initiative.
Expenditure Programs are also expected to increase by 21% in the new financial year, driven up by Ministry Outputs and Transactions on Behalf of the State reflecting the implementation of many of the Government’s priorities and commitments.
“The Budget is based on a conservative projection of ordinary receipts due to the impacts of imported inflation affecting all economies including Samoa.
In addition, there are no new tax measures introduced, except a targeted rise in sin taxes to support Samoa’s Non-Communicable Diseases (NCD) agenda, and a drop in import duties on selected ICT items, to support Samoa’s digital transformational agenda.”