Liberty House which houses the Ministry of Finance. (Gerard Larose) <\/p>\n
Photo license <\/p>\n
The fiscal performance of Seychelles in the first quarter of 2023 is much better than that of the same period last year, said a top official from the Ministry of Finance on Friday. <\/p>\n
The comptroller general for financial planning and control, Astrid Tamatave, revealed in a presentation, that in the first quarter of 2023, the total revenue and grants was SCR2,067,714 ($157,104) compared to SCR1,856,634 ($141,253) in 2022. <\/p>\n
\"The increase in revenue comes mainly due to the fact that the Seychelles Revenue Commission was able to collect more from taxes than it did in quarter 1 of 2022,\" explained Tamatave. <\/p>\n
Most taxes were collected from business taxes paid during the first quarter of the year since the deadline for the lodging of business tax returns is March 31. <\/p>\n
Tamatave also showed that there has been more expenditure this year compared to 2022. <\/p>\n
From January to March 2023, the total expenditure and net lending amounted to SCR2,133,260 ($162,556) and in the first quarter of 2022, this figure was SCR1,840,408 ($140,293). <\/p>\n
An increase was also registered in terms of wages and salaries for the first quarter of 2023 and the total paid was SCR787,182 ($60,022) compared to SCR684,828 ($52,278) in 2022. <\/p>\n
\"The wages paid was more because in 2023 because there was the 13th month salary while in 2022, there was no such payment to public service workers,\" she added. <\/p>\n
Tamatave said that ministries need to be more active with their capital projects to ensure that the projected budgets are used. <\/p>\n
She pointed out that SCR1,007,761 ($76,848) was budgeted for capital expenditures for the first quarter but only SCR699,829 ($53,367) were used. <\/p>\n
During the presentation, the director general for debt management, Dick Labonte, shared that Seychelles debt- to-GDP ratio was now at 64.2 percent, with the current debt at SCR17.8 billion ($1.35 billion) compared to SCR17.5 billion ($1.33 billion) in the first quarter of 2022. <\/p>\n
Seychelles is aiming to reduce the country's debt-to-GDP ratio to 50 percent by 2026. <\/p>\n
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Excerpt from: <\/p>\n
Seychelles' fiscal performance in Q1 much better year-on-year - Seychelles News Agency<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Liberty House which houses the Ministry of Finance. Continue reading