News

Nevis: Revenue down almost 20 percent, NIA to implement cost-cutting measures

CHARLESTOWN, Nevis –- Hon. Mark Brantley, Premier of Nevis and Minister of Finance, has announced that the government will soon begin implementing measures to reduce its expenditure.

Hon. Brantley revealed during his monthly press conference onAugust 27 that the Inland Revenue Department indicated that government revenue is down by almost 20 percent across the board, compared to this time in 2019.

The premier said that in July 2020, as of June 2020, the NIA’s revenue was $59.7 million, falling short of the projected revenue of $73.5 million by some $13.8 million, or 18.82 percent.

He explained the drop in revenue has been as a result of the shutting down of the economy due to the COVID-19 pandemic. As a consequence of border closures around the world, tourism grounded to a halt since March 2020, negatively impacting the local economy which is heavily dependent on tourism to provide jobs and revenue.

Premier Brantley said, it has become necessary to limit discretionary spending, a demonstration that the NIA is being fiscally prudent in this unprecedented time.

MORE

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s