“No new taxes” in St Lucia’s 2021/22 $1.6B fiscal budget: CARICOM BUSINESS
Saint Lucian Prime Minister Allen Chastanet has presented a EC$1.12 B revenue estimate for fiscal year 2021/22.
The fiscal package, which contains “no new taxes,” represents a 21.3% increase over the revised estimate for the last fiscal year. However this is lower than pre-pandemic years of 2018-19 and 2019-20 in which revenue was recorded at EC$1.20 billion and EC$1.19 billion respectively.
According to PM Chastanet the estimates of expenditure are set at EC$1.639 billion, representing an increase of 6.8% over the projected outturn for fiscal year, 2020-21. Recurrent expenditure is estimated at EC$1.360 billion or 83% of total expenditure. Capital expenditure is estimated at EC$278.6 million or 17% of total expenditure.
The budget is set to be financed by recurrent revenue of EC$1.001 billion comprising tax revenue of EC$909.02 million or 90.7% of total recurrent revenue. Non-tax revenue will amount to EC$92.69 million with grants set at EC$121.26 million. The remainder will be financed by a combination of loans and the proceeds of asset sales. (StLT)
Extract from CARICOM BUSSINESS Newsletter, Vol 4 No 15
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