NASSAU, BAHAMAS — While the government saw an improvement in its revenue intake during the third quarter of the fiscal year due to the continued relaxation of COVID-19 restrictive measures and the restart of the tourism sector, total revenue still saw a nearly 30 percent decline over the same period in the previous fiscal year.
According to the Ministry of Finance’s combined nine-month fiscal snapshot and report: “The continued relaxation of COVID-19 restrictive measures during the third quarter FY2020/21 and the restart of the tourism sector have improved Bahamian economic activity, resulting in a firming of revenue collection in the third quarter FY2020/21.
“Compared with the same period in FY2019/20, however, total revenue declined by an estimated $527.4 million (30 percent) to $1,229.7 million or 70 percent of last year’s collection and 69.8 percent of budget.”
The Ministry of Finance noted that the third-quarter fiscal results confirmed that the Bahamian economy, although still below pre-crisis performance, is steadily progressing along the path of recovery.
Value-added tax (VAT) receipts strengthened to $183.4 million in the third quarter, from $151.7 million in the second quarter and $134.7 million in the opening quarter of FY2020/21.