Gail Alexan­der

Gov­ern­ment has es­ti­mat­ed prop­er­ty tax rev­enue of $50 mil­lion for 2023 – and an es­ti­mat­ed $13.591 bil­lion in rev­enue from oil com­pa­nies in 2023 al­so.

The in­for­ma­tion is con­tained in the 2023 Bud­get doc­u­ment– Draft Es­ti­mates of Rev­enue (DER).

De­bate on the 2023 Bud­get con­tin­ues at 10 am on Fri­day with Op­po­si­tion Leader Kam­la Per­sad-Bisses­sar’s re­ply.

She has the same length of time – four hours – as Fi­nance Min­is­ter Colm Im­bert utilised to present the Bud­get on Mon­day.

Im­bert had said Gov­ern­ment is on track to com­mence prop­er­ty tax col­lec­tion in 2023 and af­ter res­i­den­tial prop­er­ties, as­sess­ment of com­mer­cial, in­dus­tri­al and agri­cul­tur­al prop­er­ties will fol­low.

Im­bert said the le­gal struc­ture for the prop­er­ty tax is al­ready in place, but Gov­ern­ment in­tends to make “some sim­ple amend­ments be­fore the end of the year” to the Val­u­a­tion of Land Act, to tight­en and clar­i­fy the pro­ce­dures for the gath­er­ing and pro­cess­ing of in­for­ma­tion and val­u­a­tion of prop­er­ties.

The DER doc­u­ment shows a line item for prop­er­ty tax with no ac­tu­al fig­ure for 2021, an es­ti­mate of $100 mil­lion for 2022, no re­vised es­ti­mate for 2022 and a 2023 es­ti­mate of $50 mil­lion.

On oth­er earn­ings and in­come, the DER doc­u­ment’s cat­e­go­ry for the Fi­nance Min­istry shows oil com­pa­nies’ rev­enue es­ti­mates of $3.103 bil­lion (2021 ac­tu­al), $5.533 bil­lion (2022 es­ti­mates), $10.446 bil­lion (2022 re­vised es­ti­mates) and $13.591 bil­lion (2023 es­ti­mates).

Roy­al­ties on oil and gas are es­ti­mat­ed in 2023 at $7.512 bil­lion. That is an in­crease over the 2022 re­vised es­ti­mate which was $5.796 bil­lion.

Earn­ings from Val­ue Added Tax (VAT) are es­ti­mat­ed in 2023 to be $7.77bil­lion. The es­ti­mate for 2022 was $7.2bil­lion, but the re­vised es­ti­mate for 2022 was $4.665 bil­lion.

Un­der the cat­e­go­ry of the Comp­trol­ler of Cus­toms and Ex­cise, rev­enue for rum and spir­its for 2023 is $230 mil­lion, beer du­ty ($210 mil­lion), and cig­a­rettes ($240 mil­lion).

Rev­enue from al­co­hol and to­bac­co for 2023 is al­so es­ti­mat­ed at $69 mil­lion.

The es­ti­mate for 2023 re­gard­ing on­line pur­chas­es tax is $62mil­lion, with the re­vised es­ti­mate for 2022 be­ing $57.5 mil­lion.

Gam­ing club tax­es for 2023 are es­ti­mat­ed at $20 mil­lion; with $11 mil­lion re­vised es­ti­mate for 2022.

Rev­enue from firearms and am­mu­ni­tion for 2023 is es­ti­mat­ed at $4.5 mil­lion. The 2022 re­vised es­ti­mate was $4.394 mil­lion.

Ho­tel tax rev­enue for 2023 is es­ti­mat­ed at $45 mil­lion. It was $32.706 mil­lion in re­vised es­ti­mates for 2022.