Antigua and Barbuda’s economy is thriving, as evidenced by the growing government revenue collected by the Inland Revenue Department (IRD).
The Deputy Commissioner of IRD, Jermaine Jarvis, has reported that collections between January and June of this year have increased by almost $40 million compared to last year. Specifically, the department collected $209 million between January and June 2022, which is $20 million more than the department’s projected collection target of $229 million for the year’s first half.
Furthermore, the collection for the first six months of this year amounted to $249 million, $39 million more than the corresponding period last year.
The increase is mainly attributed to the raised ABST yields, which exceeded the department’s projection by $26 million for the six months. Meanwhile, corporate income tax rose from $38 million to $58 million, and property tax increased by $14 million.
However, the only tax bracket that did not record growth was stamp duties, with the actual amount collected being $21 million, lower than the projected amount of $28 million for the first half.
When asked if this indicated a decrease in land sales, Jarvis clarified that it might not be the case, as this may be due to fewer high-cost land sales.
Nevertheless, the overall increase in collections and ABST taxes suggests higher consumer spending on goods and services, indicating a robust economy.
Jarvis is optimistic that the trend of increased collections will continue for the rest of the year, reinforcing the notion that the economy of Antigua and Barbuda is thriving.