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The Inland Revenue Department (IRD) has announced exceptional financial results for the fiscal year 2024, revealing that total revenue collections have exceeded budget expectations across all major tax categories.
According to Commissioner of Inland Revenue, Ralph Warner, the overall revenues for the year reached $671 million, marking a significant increase from the $559 million collected in 2023, which translates to an impressive growth of $112 million.
In detail, Warner highlighted that six key taxes demonstrated particularly strong performance, with actual intakes surpassing their budgeted figures.
These taxes include the Amount Based Service Tax (ABST), Corporate Income Tax, Travel Tax, Insurance Levy, Money Transfer Levy, and the Telecommunications License.
This record financial performance underscores the department’s ongoing efforts to enhance tax compliance and streamline collection processes, contributing positively to the nation’s economic health.
..so where does all this money go?