Clarke: Underperforming Revenues Won’t Affect Fiscal Targets

Finance minister, Dr. Nigel Clarke, says the revenue shortfall in the budget for the 2023-24 fiscal year, will not compromise the targets set in the current financial year.

The finance minister made the comment while speaking on Nationwide This Morning on Thursday.

Mahiri Stewart reports.

Government revenues for the 2023-24 fiscal year were $97.5 billion.

That’s 11.8 per cent more than the previous fiscal year. But that outturn was $22 billion less than the budgeted target.

Similarly, tax revenues for 2023-24 were 10.5 per cent, $78 billion more than the previous fiscal year.

But it fell $25 billion below the figure forecast in the budget.

The finance minister says the main reason for the deficit was a $14 billion shortfall in corporate income tax.

He says the government will be monitoring the outcome of collection by Tax Administration Jamaica over the next two to three months.

The finance minister says the government has other options to address the shortfall, even as he sought to assure the public that no additional burden will be placed on the backs of taxpayers.

Meanwhile, Dr. Clarke has sought to assure the public that the shortfall won’t derail the government’s current fiscal targets.

And, Dr. Clarke says it may take a few years for the government to be in position to adjust the deadline for filing income tax.

Opposition Leader Mark Golding says it may be more prudent for the tax filing deadline to be shifted to April from March.

Dr. Nigel Clarke, finance minister.