The fall-off in
inflows into the country's coffers has worsened with the budget deficit
increasing to $21 billion.
Figures released this week by the Ministry of Finance show the authorities have collected far less than was projected from April last year to February this year.
Two hundred and sixty one billion dollars was expected to be collected but instead, $240 billion entered the coffers.
The biggest decline was seen in tax revenues, which are down $16 billion arising from fall-offs in intake of General Consumption Tax, Stamp Duty and motor vehicle licences.
Non-tax revenue was $747 million below target and inflows from the bauxite levy declined by $3.4 billion.
This has not come as a surprise in light of the sharp downturn in the bauxite/alumina sector due to the decision by some mining companies to scale down their operations.
Figures released this week by the Ministry of Finance show the authorities have collected far less than was projected from April last year to February this year.
Two hundred and sixty one billion dollars was expected to be collected but instead, $240 billion entered the coffers.
The biggest decline was seen in tax revenues, which are down $16 billion arising from fall-offs in intake of General Consumption Tax, Stamp Duty and motor vehicle licences.
Non-tax revenue was $747 million below target and inflows from the bauxite levy declined by $3.4 billion.
This has not come as a surprise in light of the sharp downturn in the bauxite/alumina sector due to the decision by some mining companies to scale down their operations.
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