Revenue collections slightly ahead of estimates
Revenue collections for the first six months of the Fiscal Year 2017 slightly surpassed the target by 1 percent, with major taxes such as hotel occupancy taxes and gross revenue taxes ahead of its estimate collections.
In a press conference, Wednesday, Finance Minister Elbuchel Sadang said that collections are on target. [restrict]
According to the financial report provided to reporters, as of March 31, collections are already at $24,198,038 or 51 percent of the projected collection of $47,540,000.
Tourist related taxes –hotel occupancy tax , has reached over midpoint despite a projected decline in tourism this year.
So far $2.6 million has already been collected out of the $4.9 million estimated collection.
President Remengesau and Minister Sadang are confident that at the end of fiscal year, the government will collect the target revenues.
Sadang said the numbers so far is an indication that government will not fall behind its estimated target.
“We are not falling behind, we are on track,” Remengesau said.
Collections from alcohol and tobacco however are showing a slow performance with only 46 percent of the estimated revenues collected.
However Sadang said it should not be a cause of concern as the collections will pick up before the end of fiscal year. [/restrict]