Corporate tax revenues for April continue to surge ahead,
with the net total for the month already at $77.4 million. This is $18.1
million above the first two weekdays of April last year. Total net
revenues for the month from the three main sources ended today at just over
$861 million, also up from the same period last year at nearly $265
million. The strong start for April’s revenue continues to be on track to
meet or exceed the projected revenues for the month.
Wednesday, April 2, 2014
The April Watch is On
All eyes
will be on daily revenue counts as the critical tax season begins. The first day of the month may have been a little
disappointing. The total revenue take was $71.4 million, a number which was
substantially down from the figure initially reported. Retail sales for April 2 remained on the
soggy side. However, corporate tax
payments remain strong and personal income tax receipts are also likely to be
solid. Final figures for March showed a
strong performance for both.
Roughly
two-thirds of the General Fund derives from Personal Income Tax levies. By the middle of this month, taxpayers will
have filed their income tax forms for the year ending December 31, 2013. When all the returns are opened and
processed, budget writers will sift and test the data to see what the 2013 tax
returns tell them about what to expect in 2014.
What they find will shape how they estimate 2013-14 and 2014-15 revenue
estimates.
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