The Estimates of Revenue and Expenditure was laid in Parliament yesterday by Minister of Finance Chris Sinckler.
Government plans to spend $3.8 billion in the next financial year which starts on April 1, at the same time it is projecting that revenue $ 2.6 billion will be collected leading to a $1.2 million shortfall between the two principal spending and revenue items,
The recently elected administration estimates that it will raise $1.2 billion from value added tax receipts, $776.70 million from taxes on income and profits, $157.59 million from property taxes and $212 million from international trade.
The projected spending represent a 6.2 percent increase above the approved amount for the current fiscal year whereas the anticapated revenues are 7.2 percent higher than 2012.
