Full Document & Highlights: 2015/2016 Budget
This morning [Feb 20], Finance Minister Bob Richards delivered the 2015/16 Budget in the House of Assembly, detailing the Government’s financial plans for the coming year. You can view our live blog of today’s events here, and the full budget statement below.
Some of the budget highlights include:
- As of March 31 2015, gross public debt will stand at $2.185 billion
- Borrowing requirement in 2015/16 estimated at $125 million
- $170 million budgeted for debt service this year
- Overall deficit is budgeted to be $220 million
- Airport Departure Tax will be raised from $35 to $50 per passenger
- Duty on fuel will be raised by 5 cents per litre in April 2015
- Payroll tax will be set at 14.5% in 2015/16, an increase of 0.5%
- Corporate Service Tax Rate will be raised from 6% to 7%
- Payroll concessions in place for the hospitality, restaurant & retail sectors will be partially rolled back in 2014/15 with businesses in these sectors paying rate of 5.5%
- Minister: “We cannot guarantee that the planned reduction in spending can be achieved without layoffs of workers in the public sector for the coming fiscal year.”
The full 2015 Budget is below [PDF here]:
Free Lunch is reduced to recess snack…..next year it’ll be nuffin free
Nothing is free, nor should it be. Regardless of what the unions think.
The Civil Service should have accepted Furlough Days. I feel sorry for my colleagues who just joined the service. Last to be hired first to get made redundant.
Good luck to us all.
What is being done to collect what is owed to the Government in pension, payroll and other taxes? Surely beefing up the department that enforces payment/collection would be essential.
So the general public have to pay for all the useless people the government can’t dismiss because of the BIU.
No layoffs – more creative tax.
Junkfood/sugar tax
Cut rental subsidies – let rents find their own level
Higher fuel tax
Increase/double cell phone tax
Much rather pay more tax and have work, then to see people without work.
Where’s the budget book for this year?
That provides the detailed break-down, but I can’t find it anywhere online.
@ Hope Springs “What is being done to collect what is owed to the Government in pension, payroll and other taxes? Surely beefing up the department that enforces payment/collection would be essential.”
Probably the best and most sensible comment I’ve read all day. What DO we do about those private company employers who have been getting away scott free deducting from their employees and not paying over what is due? It’s called theft. But the affordable resources for Govt to chase this are very limited and this is clearly not a Govt priorty.
The budget proposals are not as stringent as I had expected. Nevertheless, they will reduce the standard of living of most residents. This was as difficult task as I can recall, and the Minister is to be congratulated for steering us through our really tough economic conditions. There is no money available for buying votes, which is good but everyone will have to tighten their belts.The really tough part will come when we have to pay back our quite extraordinary borrowings of the past 15 years, and when pension and medical funds run dry. This will happen sooner than later and that is when the pain will really be felt by everyone. Robert Stewart.