In its latest statistical abstract bulletin for the first quarter of 2020, Central Bank was keen to note that total current revenue for the government increased by 6.7 percent to $56 billion. The financial institution said that this performance reflected greater collection of Value Added Tax (VAT) and Excise taxes by 8.8 percent to $23. 6 billion, income taxes by 9.2 percent to $23.5 billion, trade taxes by 5.1 percent to $5.2 billion, and other tax revenues by 0.1 percent to $1.8 billion.
The Central Bank was keen to note however that non-tax revenues declined by 27.3 percent to $1.7 billion.
As for total current expenditure (including interest charges), Guyana Standard understands that this increased by 2.6 percent to $46.9 billion. The financial institution said that this was due to increases in transfer payments by 12.9 percent to $20.7 million and employment costs by 10.9 percent to $16.3 billion.
Further to this, the regulator of the economy was keen to note that purchases of other goods and services decreased by 26.2 percent to $7 billion. In addition, total interest charges declined by 7.0 percent to $2.6 billion, due to reductions in both external and domestic interest payments by 6.3 percent and 10.6 percent to $2. 2 billion and $392 million respectively.