By: L.N. Reklai
August 3, 2016 (Koror) Minister of Finance Elbuchel Sadang reported that the national government, as of July 31, 2016, has collected 93% of the total budgeted revenue for FY 2016.
According to revenue collection report for month ending July 31st, 96% of budgeted tax revenue have been collected with 2 more months remaining in the FY 2016.[restrict]
99% of total Gross Revenue Tax, 93% of Salary & Wages Tax, 92% of General Import, 96% of Alcohol and Tobacco Tax, 89% of Hotel Room Tax and 85% of Departure Tax had been collected as of July 31, 2016. Fish Export Tax collection is at 103% and Fuel Excise Tax is at 127%.
89% of Fishing Days Fees have been collected as of July 31st as well.
Responding to concerns about possible impacts of tourism downturn on the government, Minister Sadang stated, “I am confident that we will exceed our budgeted revenue collections by the end of this 4th quarter. We’ve collected 93% to date.”
Minister Sadang reports that as of June 31, 2016, total government expenditure was at 67% of budgeted. “We strive to increase our collections and manage our expenditures. That is how we have been able to balance the budget all these years and even been able to gain surplus.” [/restrict]