More growth in government revenue

There are more signs that the Antigua and Barbuda economy continues to grow
and expand. This is represented by the growth in government revenues collected by
the Inland Revenue Department (IRD).
Deputy Commission of IRD, Jermaine Jarvis, is reporting that between January
and June, this year collections rose by nearly $40 million over the same period of
last year. Looking closely at the figures, Jarvis said between January and June
2022, $209 million was collected. Based on that, the department budgeted a
collection target of $229 million for the first half of this year.
However, actual collection for the first six months topped $249 million which is
$20 million more than was budgeted and $39 million more than the corresponding
period last year.
The deputy commissioner said the increases were mainly driven by increased
ABST yields which was $26 million over what was budgeted for the six-month
period. Last year the first half collection was $100 million compared to $126
million this year.
He added that all the other major taxes saw increases this year as well. Corporate
income tax rose from $38 million to $58 million while property tax rose by $14
million.
According to Jarvis the only tax bracket that did not record growth was the area of
stamp duties. The department had budgeted to collect $28 million for the first half
but the actual amount collected was $21 million.
The stamp duty mainly comes from the sale of lands and the transfer of titles.
Asked if this represented less land sales over the period under review, Jarvis said
this may not necessarily be the case. He explained that this may be a result of less
high-cost land sales where the government collects more in stamp duties while the
overall land sales may be higher or remain the same.
He said the rise in collections this year, points to a robust economy, as the ABST
taxes represent higher consumer spending on goods and services.
Jarvis said he anticipates that the trend for increased collections will continue for
the remainder of the year.