Total tax collection for FY2022/23 amounted to $673.2 million, representing an increase of 10.0 percent (or $123.3 million) compared to FY2021/22.
The strong growth in Taxes was mainly driven by the excellent collection from Taxes on Income, profits, and gains of $139.0 million, equivalent to an increase of $8.3 million over the last twelve months; taxes on Goods and services was $450.3 million, registering the most significant change from last year of $98.1 million due to the rise in prices of goods and services within the last twelve months.
The VAGST and Excise Tax were dominant, contributing $72.0 million and $46.7 million, with the least contribution of $1.4 million from Taxes on specific services.
If compared to their last year’s amounts, the VAGST went up by $60.6 million (27.4 percent), Excise Tax increases by $34.0 million (27.3 percent) and Taxes on specific services also went up by $3.5 million (55.2 percent). All in all, tax category went up by $123.3 million or 22.4 percent from last year’s amount.
Total receipts for the Financial Year 2022/23 were $919.0 million.
The amount received from Taxes aggregated to $673.2 million, Grants at $162.7 million, and the least amount recorded was from the other revenue component totaled at $83.1 million. Tax component outstanding performance resulted in an increase of $123.3 million over its respective FY 2021/22 level.
Grants received from overseas donors stood at $162.7 million, decreased by $40.7 million or 20.0 percent from last year. Other revenue collection slightly increased by $1.0 million or 1.3 percent compared to the previous fiscal year 2021/22.
Total revenue significantly went up from the last fiscal year by 10.0 percent or $83.7 million In terms of share, taxes contributed 73.3 percent, grants at 17.7 percent, and non-tax revenues at 9.0 percent.
