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Govt posts slight increase in revenues
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Posted on Jul 31 2005
The CNMI government has collected $154.2 million in total revenues as of June this year, which is 6 percent more than the same period last year.
Finance Secretary Fermin M. Atalig reported during Thursday’s Cabinet meeting that total taxes generated $127.9 million during the first nine months of fiscal year 2005, which is slightly higher than last year’s $123.3 million.
Total fees, services and other revenues generated $24.4 million, giving the government a total of $156.3 million in general funds.
Last year’s general funds during the same period totaled $148.2 million.
The government also credited $6.4 million in total transfers and “others,” bringing the total operating resources to $162.7 million as of June 30 this year.
Minus an $8.5 million bond payment obligations, the total general appropriation as of last month reached $154.2 million.
Based on the Finance records, the government realized the increased collections from the following areas:business gross revenue taxes ($44.4 million from $38.4 million), personal/corporate income tax ($6 million from $5.6 million), liquid fuel tax ($3.1 million from $2.6 million), amusement machine licenses ($7.2 million from $5.9 million), hospital charges ($12.3 million from $11.9 million), other revenue ($3 million from $1 million in FY2004).
At the same time, the government recorded decreased collections from the wage and salary tax (1.2 percent), gaming jackpot tax (18.9 percent), garment user fee (8.5 percent or $19.8 million from $21.7 million FY04), tax penalties and interest (30 percent).
The government had passed last year a tax amnesty law, which resulted in $2 million collection from delinquent taxpayers.
Meantime, the government said that garment user fee collection was slightly up in June at $2.1 million.
In May and April, the collection only reached $1.8 million for each month, which was believed to be the lowest in several years.
The CNMI government used to get an average of $2.5 million a month or $30 million a year prior to the 2005 lifting of World Trade Organization quotas.
The government projects a 20 percent decline in garment user fee this fiscal year, or at least $22 million or 24 million a year.
