Data released by the Ministry of Finance and The Public Service reveal that the $22.8 billion shortfall in tax revenues during the period April to September was mainly driven by a $17.41 billion shortfall in income and profits taxes.
The ministry expected to collect $185.3 billion but got only $167.9 billion. This was mainly because the taxes expected from corporate Jamaica came in at $62.7 billion; $13.3 billion below the $76.1 billion expected.
The ministry also reported that the amount collected under the PAYE system was $1.8 billion below the $84.2 billion expected.
The amount collected from Special Consumption Taxes on locally produced goods was running at $6.6 billion below the $18.3 billion projected, as only $11.7 billion was collected.
International trade taxes were running at $7.3 billion below budget during the period April to September when only $170.9 billion of the $178.2 billion expected was collected.
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