Low revenue collection for 2016
The Public Accounts committee has began its hearing into the proposed draft 2017 budget. Appearing before the PAC, the Finance Ministry revealed revenue collection for this year has not been as expected. Chairman of PAC, Rick Hou said as opposed to revenue collection, more has been spent on expenditure and asked whether government is spending more than what it is currently receiving. Also on that note, Member of Parliament for Aoke/Langalanga, Matthew Wale is skeptical about the proposed 2017 budget and questioned the credibility of that budget. Mr. Wale highlighted how the projection for 2017 will be 19% higher than the 2016 budget, when there is a deficit in this year’s midterm review of the 2016 budget. It had been reported that there was a deficit of about $200 million in the midterm review. Responding to the PAC’s query, Permanent Secretary Harry Kuma says, collection from the IRD has been slow. However Mr. Kuma says, IRD its...