Total revenue recorded for the Financial Year 2022 amounted to $785.3 million decreasing by 0.8 per cent (or $6.0 million) compared to the previous financial year.
This is outlined in the Government’s finance report released by the Samoa Bureau of Statistics at the end of June 2022.
“This performance was mainly due to the decline in the Other revenue component by 18.5% (or $18.6 million) on a yearly basis, particularly in Administrative fees collected from sales of goods and services which went down by 54.7% (or $14.1 million).
Conversely, both taxes and grants went up by 1.3% (or $7.3 million) and 3.6% (or $5.3 million) compared to the previous FY2020/21; however, their growths were not strong enough to counter the decline in Other revenue.
In terms of composition to total revenue, tax collection comprised of 70.0%, grants contributed 19.5%, and other revenues at 10.5%.
Total tax collection for FY2021/22 amounted to $549.8 million; an increase of 1.3% (or $7.3 million) compared to the previous FY2020/21.
The main contributors to this increase were taxes on International trade and transactions pertaining to customs and import duties and taxes on income, profits and capital gains payable by individuals with respective growths of 11.7% and 6.0% ($7.0 million & $4.1 million).
General taxes on goods and services (value-added taxes) also generated an increase of 1.6% (or $3.5 million) in the financial year under review compared to the previous fiscal year.
The latter is the only component of Taxes on goods and services that had positive growth in FY2021/22.
Grants recorded for FY2021/22 amounted to $153.5 million, it went up by 3.6 per cent ($5.3 million) compared to the previous FY2020/21.
Grant received was primarily from budget support given by foreign governments and international organizations to support the government with its operations and Covid-19 prevention efforts.
Other Revenue Other Revenues amounted to $82.0 million for the financial year under review; it went down by 18.5% (or $18.6 million) compared to FY2020/21.
Both Property income and Sales of goods and services declined in revenue collected in FY2021/22 by 9.5% and 22.9% respectively.
Significant movements contributing to this decline included Dividends that decreased by $2.0 million and Administrative fees acquired from the sale of goods and services which went down by $15.3 million when compared to the previous FY2020/21.
