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.