Premier & Finance Minister David Burt delivers fiscal update, highlighting better-than-projected tax revenues
A bigger budget surplus confirmed for the last fiscal year, a bigger surplus projected for the current year, driven by improved Payroll Tax and Corporate Income Tax revenues…
That’s the headline from the fiscal update delivered this morning by Premier and Finance Minister David Burt.
He told the House of Assembly that final figures for the last budget year, 2024-2025, show a $29.8 million-dollar surplus. This is 10.1 million higher than revised figures tabled in May, and 29.5 million above the small 230-thousand-dollar surplus first projected in 2024.
As to what’s behind the improved results, the Premier cited continued economic growth, including $32.1 million more in payroll tax receipts than originally forecast.
The Premier took a moment to laud the achievement, saying that “once again this PLP Government has confounded the critics and delivered the first budget surplus since 2003.”
“This is because the PLP Government has a firm grip on the country’s finances and continues to deliver better-than-expected financial results.”
Turning to the current fiscal year, the Premier said total revenue for 2025/26 is now projected to be $1.47 billion, an increase of $38.3 million above the original budgeted figure of $1.43 billion.
“This improvement is driven by stronger non–Corporate Income Tax revenues”, he said, “which are now forecast to increase by $26 million to $1.27 billion, compared to the original estimate of $1.24 billion.”
“The revised budget surplus for 2025/26 is now forecast to be $59.8 million, an improvement of over $16 million on the original budgeted figure of $43.3 million.”
Expanding on the contributing factors, the Premier said that Payroll Tax collections for the current 2025-2026 fiscal year are projected to increase by $15.3 million dollars from the original estimate to $637 million.
Furthermore, Corporate Income Tax receipts are now projected at $200 million, an increase of $12.5 million above the original estimate.
Speaking to our Gary Foster Skelton today, Premier David Burt sought to highlight the PLP’s amendments to payroll tax as a driving force of increased Government revenues, and subsequent benefits to the community. (WATCH above)
FULL STATEMENT BELOW:
