RE: CT Receipts in PN30 Sep 2024 09:56
Jocko,
The Standing Finance Committee report has been out for a week or so. It doesn't make for comfortable reading. If only there was another income stream ....
For the 2024/25 Budget setting, Members took time to review the Budget Principles in detail, with a view to ‘future proofing’ six high-level, general principles which could apply to the following years.
3.2. These Budget Principles at Appendix A remain valid for 2025/26.
3.3 As at the above date, Members are aware that Corporation Tax Revenues are significantly lower than currently Budgeted for in 24/25, [£14M lower / c.46% lower].
3.4 Based on current information, including the cancellation of the 2024 loligo season, the Treasury expectation is that 2025/26 and possibly the 3 years thereafter, could return lower CT receipts.
3.5 The 25/26 Budget process will comply with the Budget Principles, but the scope of the financial budgets needs to be challenged robustly, to counter the expected downturn in CT revenue in future years.
https://assembly.fig.gov.fk/jdownloads/Committees/Standing%20Finance%20Committee/SFC%202024/SFC%20Agenda%2025.09.2024.pdf
Mogger