The Minister of Finance and Treasury Harry Kuma has revealed a total revenue estimate of SB$3.710 billion for 2021 in his budget speech in parliament Tuesday this week.
This consists of $3.009 billion in normal SIG revenue; $360 million is Budget Support revenue from Donor partners and $341 million secured from development partners to fund Governments development budget initiatives.
Both the Inland Revenue Division (IRD) and Customs and Excise Division are projected to collect $2,576 million in 2021. This is a slight decrease of 2 percent from the 2020 revised estimates of approximately $2,580 million. Total non-tax revenue is estimated at $433 million dollars for 2021.
Kuma said the IRD revenue estimate of $1.744 billion is 15 percent below the 2020 original revenue estimates of $2.048 billion, but 4 percent above the revised revenue estimates of $1.678 billion in 2020.
For Customs and Exercise Division, the revenue estimates of $832million is 15 percent down from the 2020 original revenue estimates of $976 million and 7 percent below the revised revenue estimates of $902 million in 2020.
For other ministries, non-tax revenue is estimated $433 million. This is 20 percent below the 2020 original revenue estimates of $546 million and 2 percent below the revised revenue estimates of $441 million in 2020.