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Government set to collect $18.3 billion more in GCT

The Government expects to collect $18.3 billion more in General Consumption Tax (GCT) this year, parliamentary documents reveal.

Last year, the Government budgeted to collect $138.9 billion in GCT, but has so far collected $141 billion. This year, the Government wants to collect $157.2 billion.

Overall, the documents also show that the Government is seeking to collect $33.7 billion more in tax revenue this year.

Finance Minister Audley Shaw yesterday tabled a $580-billion budget to conduct the affairs of the country.

Although tax revenue is to increase by $33.7 billion, the Government will be seeking to get less money ($646 million) from telephone-related taxes.

The Government has also said it would be seeking to get an additional $227 million from motor vehicle licences. However, the Government has indicated it intends to collect some $90 million less this year from traffic tickets.

SOURCE

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