British Virgin Islands

Saturday, Sep 18, 2021

Gov’t rakes in over $74M in revenues for early 2021

Gov’t rakes in over $74M in revenues for early 2021

Premier Andrew Fahie has said that despite the prevailing COVID-19 challenges, the BVI has fared well financially when compared to most other countries in the region and around the world.

Giving a breakdown of the revenues earned by the government in recent months, Premier Fahie said the total audited amount generated between January 1 and April 21, 2021 — excluding those derived from the financial services industry — is $32,465,143.

He said Her Majesty’s Customs and the Inland Revenue Department is credited for raking in the bulk of that income; having together collected $19,249,705.

According to Fahie who is also the Minister of Finance, the remaining $13,215,438 came from various other agencies such as the Post Office, Department of Labour & Immigration, and Water & Sewerage Department.

Financial services

Unlike the pandemic-induced downturn experienced by the tourism sector, Premier Fahie said the financial services industry had not gone into rapid decline and remains of great value to the BVI.

Premier Fahie said the reported unaudited income for financial services during the first quarter of 2021 (January 1 to March 31) was $31,001,151. For the period covering January 1 to April 21, 2021, the actual unaudited earnings amount to $41,628,819.

According to the Premier, unaudited financial services revenue during the first quarter of last year was pegged at $31,144, 292. This shows a modest recorded difference of $143,141.

Just over $74M total

Overall, the total government revenue earned between January 1 and April 21 of this year is $74,093,962. Premier Fahie was not able to say whether this figure is in line with budgeted projections.

In the meantime, it was previously disclosed that the government has spent more than $300 million to keep the BVI safe from the COVID-19 pandemic.

Last November, the territory’s 2021 budget was announced at $402,132,046. This figure was some $12 million less than the 2020 budget, which was $414,008,611.


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