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TAXATION BULLETIN BUDGET & REVENUE MEASURES 2014/2015 An independent member of UHY International Your Business Our Focus.

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Presentation on theme: "TAXATION BULLETIN BUDGET & REVENUE MEASURES 2014/2015 An independent member of UHY International Your Business Our Focus."— Presentation transcript:

1 TAXATION BULLETIN BUDGET & REVENUE MEASURES 2014/2015 An independent member of UHY International Your Business Our Focus

2 CONTENTS 1 – Jamaica 2013/14 Budget Highlights 3 2 – Top 5 Ministries base on Budget Allocation 3 – PROVISION FOR INFRASTRUCTURAL DEVELOPMENT 4 – ECONOMIC REFORM PROGRAMME 5 – REVENUE MEASURES APPENDICES: Your Business Our Focus

3 1 – JAMAICA 2014/15 BUDGET HIGHLIGHTS The Hon. Peter Phillips, Minister of Finance & Planning presented to Parliament the Government’s plan to fund the Expenditure Budget of J$539.3 billion. He noted that the budget for FY 2014/2015 is consistent with the targets set under the extended fund facility EFF negotiated with the IMF and that Expenditure has to be controlled and kept in line with the country's ability to fund government's operations. In his presentation he identified the following as essential for growth:  easy access to affordable credit,' efficient,facilitative government institutions supportive of investments; a legal system that resolves disputes impartiallyand speedily; and,  a society which willviewpositivelyandrewardrewardthosethosewhowhoachieve successful businessinvestments. Expenditure Summary Your Business Our Focus Recurrent Expenditure (Government of Projects) Multi/Bilateral Projects) Total Capital (Recurrent and Capital ) Expenditure Summary Total Expenditure (Recurrent and Capital ) Total Capital Expenditure (A +B) CAPITAL B (Funded by Multi/Bilateral Projects) CAPITAL A (Government of Jamaica Funded Projects) Recurrent Expenditure J$- J$200,000,000, J$400,000,000, J$600,000,000, CAPITAL A CAPITAL B (Funded by Total Expenditure Jamaica Funded Expenditure (A +B) 2013/2014 J$358,371,026, J$120,076,055, J$22,262,746, J$142,338,801, J$500,709,827, /2015 J$404,654,188, J$109,258,039, J$25,440,043, J$134,698,082, J$539,352,270,000.00

4 2 – T O P 5 M IN IS T R I E S B A SEO N B U D G E T A L L OCA T I ON2 – T O P 5 M IN IS T R I E S B A SEO N B U D G E T A L L OCA T I ON TO PTO P5 M IN IST R IES5 M IN IST R IES J$600,000,000, J$500,000,000, J$400,000,000, J$300,000,000, J$200,000,000, J$100,000,000, J$- RECURRENTCAPITAL ACAPITAL BTOTALTOTAL The Ministry of Finance to the 2014/2015 Budget Allocation accounting for J$267.6 Billion of the Total Budget of J$539.3 Billion. Debt Servicing represents J$233 Billion of the J$267.6 Billion granted to the Ministry of Finance. Your Business Our Focus TOTALTOTAL Ministries Total Estimates for FY 2014/2015 Ministry of Finance J$ 267,613,863, Ministry of Education J$ 80,364,693, Ministry of Health J$ 35,674,344, Ministry of National Security J$ 16,542,831, Ministry of Transport, Works and Housing J$ 16,527,918, OTHER MINISTRIESJ$ 122,628,621, TotalTotalJ$ 539,352,270,000.00

5 3 – P R O V I S I O NF O R I N F R A S T R U C T U R A LD E V E L O P M E N T3 – P R O V I S I O NF O R I N F R A S T R U C T U R A LD E V E L O P M E N T Central Government Capital Budget Over $8bn or approximately 23% of the Central Government Capital Budget has been reserved for infrastructural works to be carried out through the Ministry of Transport HousingandandWorks duringWorks during 2014/2015.Some of the major projects which will be undertakeninclude: $4bn for the Major Infrastructural Project (MIDP)funded byChina EXIM Bank toundertake reconstruction of bridges; commence rehabilitation of main roads and through the JEEP, to repair works on community roads, retaining walls and drainage structures. $1.7bn for The Jamaica Economical Housing Project to complete works in St Ann and Luana Gardens in St Elizabeth; $689.7m complete the drainage rehabilitation works remaining on the Sandy Gully under the Kingston Metropolitan Area Drainage Project $689.73m to the Transportation Infrastructure Project to complete road construction in Westmoreland, Hanover, St Thomas, and St Catherine $494m to the Road Rehabilitation Project, to commence road construction works in Clarendon $273m to the Road Improvement Programme, to undertake maintenance of the North Coast Highway and upgrade of traffic signals at select intersections Your Business Our Focus

6 3 – P R O V I S I O N F ORI N F R A S T R U C T U R A LD E V E L O P M E N T3 – P R O V I S I O N F ORI N F R A S T R U C T U R A LD E V E L O P M E N T PUBLIC BODIES CAPITAL BUDGET The Capital Expenditure included in the Central Government's budget will be enhanced by the Investment and Capital Expenditure of other public bodies. Investment infrastructure and other capital projectsof the public bodies are estimated at $53.9 billion. ROADS Approximately $1.6billion will bespentspentononroadrehabilitationby theby theroad maintenancefund.fund. Your Business Our Focus

7 3 – PROVISION FOR INFRASTRUCTURAL DEVELOPMENT HOUSING Approximately $26.3 billion will be spent on housing solution by both the National Housing Trust (NHT)and the Housing Agency of Jamaica (NAJ). The National Housing Trust expenditure of $22.4 billion would result in the creation of 7678 new loans; 2465 housing starts and 2163 completion. In addition to these housing solutions, NHT has provided for $971 billion to support a program for special subsidies and grants to facilitate access by contributors in the lower income bracket. Housing Agency of Jamaica is expected to spend $2.9billion to work on White Hall- Phase in Westmoreland, Boscobel in St. Mary and Luana Gardens in St. Elizabeth. 3 Your Business Our Focus

8 3 – PROVISION FOR INFRASTRUCTURAL DEVELOPMENT WATER The National Water Commission capital programme is estimated at $6.3 billion of which $1. 9 billion will be spent on non revenue water relieve stations, pipeline and installation of residential and domestic metres. The Rural Water Supply Project will benefit from an expenditure of $1.8 billion. $0.8 billion will be spent onthethePORTMORE Sewage Project andthe Tanksand PumpProject will get another$1 billion. Your Business Our Focus

9 4 – ECONOMIC PROGRAMME REFORMREFORM The Economic Reform Programme since last year includes quantitative and b e n c h m a r k s. Some of the legislative achievements includes : amended the Administration Act to strengthen tax administration by providing, otherthings, access to thirdparty information and requiring mandatory e-filing for certain types of tax payers and for certain taxes; Secured Interest in Personal Property Act to enhance access to credit especially for non-traditional businesses, such as those in the creative industries and cultural sector and in agriculture; Charities Act and harmonized the treatment of Charities across tax types, in addition to removing ministerial discretion for granting of waivers for charities and charitable purposes; Fiscal Incentives Legislation which has lowered the effective tax rate f o r business o p er at or s Amendments to the Financial Administration and Audit Act and the Public Bodies Management Act which strengthenedthe legally binding fiscal rules to ensure a sustainable budget balance and debt reduction. Amendments to the Securities Act to include provisions which seek to combat the establishment and proliferation of unlawful financial organizations and implemented a legal and regulatory framework conducive to the operation of Collective Investment Schemes; Your Business Our Focus

10 5 – REVENUE MEASURES The Government announced revenue measures amounting to J$6.68 Billion for the Fiscal Year 2014/2015. The details are as follows: 1.1.Modification of the alcohol regime to unify the Specific SCT on all alcoholic beverages a)a)House Members are being asked to recall that the tax regime for alcohol has been subject to systematic modification since 2010, when beers and stouts were distinguished from other alcoholic beverages. In 2010, the taxation of alcoholic beverages, with the exception of White Over-proof Rum, was amended from an ad valorem rate of thirty per cent to a specific rate per litre of pure alcohol (l.p.a), with a higher rate being accorded to beers and stouts. At the time the rate for beers and stouts was determined at $1,120 per I.p.a and for all other alcoholic beverages (except White Over proof Rum) at $960 per I.p.a.. b)b)The regime was subsequently amended in 2012 to provide for White Over-proof rum to be taxed at the rate of $960 per I.p.a,the same rate as other non beer/stout alcoholic beverages. c)The modified regime at the time also provided for a concessionary rate for tourism entities, of $450 per I.p.a,which was later supplanted by a rate of $700 per I.p.a in FY2012/2013. d)d)Based on Government commitment to provide for a standard rate of taxation and to reduce any existing anomalies, it is being proposed that a single specific SCT rate based on alcohol content be applied across the board. e)The recommended rate is $1,120.00per I.p.a. EstimatedEstimated Revenue Gain $0.844 billion. The effective date for implementation is April 22, Your Business Our Focus

11 5 – REVENUE MEASURES 2.Increase in the age limit of second sale vehicles on which GCT will be applicable. Whilst maintaining t h e rates a)The House is advised that the proposal to increase the age limit of second hand sale vehicles to which GCT is applicable from eight (8) years to ten (10) years was extensively discussed at the tax sub-committee Parliament and was agreed to by the Parliamentary Committee. ofof b)The current r a t e s, which were i n i t i a l l y a m e n d e d in FY 2012/2013, outlined in Table I will remain unchanged. asas Table I: GCT Rates to be Retained for Second Sale Vehicles. To be applicable to Vehicles ten (10) years and under Motor Cars Motors Cars (cc rating cc) 2000 cc cc) 3000 & upwards) $10, $15, $20, Motor Trucks (cwt) Trucks Trucks Trucks above 61 and up $10, $25, EstimatedRevenue Gain $0.026 billion.The effectivedate for implementationis April I,

12 5 – REVENUE MEASURES 3.Levy on withdrawals from deposit-taking institutions and encashments from securities dealers a)As a part of RevenueMeasures FY2014/2015, the House is being asked to approve the introduction of a levy on withdrawals from deposit-taking institutions and encashmentsfrom securities dealers. b)This levy will be chargeable on all withdrawals from deposit taking institutions by means of :- i. ii. iii. iv. v. Electronic banking (e-anking), Point of Sales(POS), Cheques, Withdrawals - ABM/ATM/ETM or over the counter and; Internet transfers (with the exception of transfers between accounts of the same person in the same financial institution.) c)This levy will also be charged on all encashments from securities dealers, whether partial or in full. An encashment is defined as each payment made by a licensed securities dealer to, or on the instruction of, any of its account holders arising from the full or partial encashment of (or other withdrawal of funds from) the account holders' account with the licensed securities dealers. d)d)It is proposed that a minimal ad valorem levy as detailed in table II be charged on the value of each withdrawal (as defined above) from deposit taking institutions and securities dealers. 12

13 5 – REVENUE MEASURES Table D: Levy Rates on Withdrawals from deposit securities dealers Value of Transaction taking Institutions and Levy RateLevy Rate Less than One (1) Million Dollars0.1% One (1) Million to Five (5) Million Dollars0.09% Greater than Five (5) Million - Less than Dollars Twenty(20) Million 0.075% Greater than Twenty (20) Million Dollars0.05%0.05% e)e)The House is being asked to note that for withdrawals of $1,000; $5000 and $10,000 the associated tax payable would be $1.00, $5.00 and $10.00 respectively. The House is advised that a similar tax has been introduced in a number of countries. Included in this listing are Argentina, Brazil, Peru, and Columbia. f) g)g)The tax will be collected by the financial institutions and paid over on a monthly basis to the Tax Administration Jamaica. The financial institutions will be required to file the requisite returns to Tax Administration Jamaica (TAJ) and report to the relevant regulator, detailing the value and volume of the these transactions. Estimated Revenue Gain $2.25 billion. The effective date for implementation is June 1,

14 5 – REVENUE MEASURES 4.4.Increasein premiumtax for regionalizedand non-regionalized Life Assurance companies a)The House is advised that regionalized and non-regionalized Life Assurance companies are required to pay as per Section 48 of the Income Tax Act a rate of 3.0 and 4.0 per cent, respectively of gross premiums earned per year. b)The proposal seeks to provide for a unified rate of 5.5%, which would result in an increase by 2.5 and 1.5 percentage points for regionalized and non-regionalized companies respectively. Estimated Revenue Gain $0.276 billion. The tax will be applicable for the assessment 2014 in relation to the first four months will be charged remaining eight (8) months of year of statutory Income for the said year. The at the old rate of tax. There after the increased rate will be effective for every subsequent year of assessment. 5.5.Increase in Investment Tax for insurance companies a) The House is reminded that throughout the reform initiatives, taxation in respect to insurance companies have remained unchanged. b) In the aim of providing for a unified taxation rate, it is being proposed that this be increased by five percentage points to twenty percent (20%). Estimated Revenue Gain $0.701 billion. The tax will be applicable for the assessment 2014 in relation to the first four months will be charged remaining eight (8) months of year of statutory Income for the said year. The at the old rate of tax. There after the increased rate will be effective for every subsequent year of assessment. 14

15 5 – REVENUE MEASURES 6.6.Increase in the Asset Tax a)The House is advised that the modified asset tax was introduced in FY 2012/2013. The following increase is being proposed :- (1) For the specified entities regulated by the Bank of Jamaica (BOJ)and the Financial Services Commission (FSC).(i.e. comprising Deposit Taking Institutions (OTIs),Insurance companies and Security Dealers),the rate of 0.14 per cent applied to the taxable value of the assets will be increased to 0.25 per cent. (2) For other entities, the new tax rates to be payable in accordance with the schedule set out in the table below. The House is being asked to note however that the last two (2) categories, which represent micro and small businesses,the rates remain unchanged. This is also shown in table ill: Table DI: Proposed Rates for "Other Entities" (not regulated by the BoJ or FSC) Asset Value AnnualTaxTax(J$)(J$) At least $50M200,000200,000 At least SSM but less than $50M150,000150, ,000 At least $500,000 but less than $5M RATES FOR THE FOLLOWING CATEGORIES REMAIN At least $50,000 but less than $500,000 UNCHANGED Less than $50,000 b)The House is advised that the tax remains an annual tax with filing/due date of March 15. The tax is not allowable as a deduction under the Income Tax Act. Estimated Revenue Gain $1.788 billion. The tax is effective as per year of assessment. 15

16 5 – REVENUE MEASURES 7. Modification of the duty regime for specified motor vehicles a)The House is being asked to recall that via Ministry Paper No. 32, during FY 2012/2013, there was an increase in the rates of select list C items, by ten percentage points in order to meet revenue needs. b)Based on GoJ commitment to rate reduction, the following changes are proposed:- Reduction of the customs duty (CET) rate by ten percentage (i)(i) points for vehicles 2000 cc and above, a to 20%. reduction from 30% (ii) Modification of SCT rates by ten percentage points for petrol \ diesel vehicles over 3500 cc and Hybrid vehicles as below:- per TableIV Table IV: Changes in the SCT Rates (Petrol and Diesel Vehicles) Description of Current Rate Dealer Rates 30 % (petrol) 23 % (diesel) 0% Proposed Rate Vehicles 20 % (petrol) 13 % (diesel) 10% Exceeding 3500 cc (Diesel and Petrol) HybridHybrid Individual Rates 40% (petrol) 30% (diesel) 0% 30% (petrol) 20% (diesel) 10% Exceeding 3500 cc (Diesel and Petrol) HybridHybrid EstimatedRevenue Gain $0.250 billion. The effective date for implementation isis May 1,

17 5 – REVENUE MEASURES 8.Re-directing of SCT from Road Maintenance Fund to Central Government a)The House of Representatives is reminded that a decision was previously taken to provide for a portion of the proceeds from the SCT on petrol to be allocated to the Road Maintenance Fund (RMF).This allocation was to be solely directed toward servicing of the US$340mn guaranteed debt from China Exim Bank. b)b)In its commitment to prudent debt management, the GoJ is seeking to provide for consolidated debtservicing throughtheCentral Government budget. The amounts that would have been allocated tothe RMF will be held by the GoJ and one single debt payment made in respect to the outstanding loans to China. c)It is estimated that the portions from the SCTbe redirected from the RMFto Central Government would be valued at J$1.2 billion. 9.Increase Annual General Personal Income Tax (PIT)Threshold a)a)The House is being asked to recall that the annual general personal Income tax (PIn threshold was adjusted via the FY2012/13 Ministry Paper, which resulted in the current threshold being $507, b)b)An increase in the annual general PIT threshold from $507,312 to $557,232 (up by $49,920). The movement of the threshold will result in approximately 12,823 persons falling outside of the tax base. EstimatedRevenue Loss J$(O.650) billion. The effective date for implementation is January 1,

18 5 – REVENUE MEASURES SUMMARY OF 2014/2015 REVENUE MEASURES Description of Revenue MeasuresRevenue Impact $ Billion Modification of the alcohol regime to unify the Specific SeT on all alcoholic beverages - ($1,120) Increase in age limit of second salevehicles on which GCTwill be applicable (from 8 to 10 years) levy on withdrawals from deposit-taking institutions and encashmentsfrom securities dealers Increase in premium tax for regionalized and non- regionalized life Assurancecompanies. (Up to 5.5%) 1.1. $ $ $ $ Investment tax for insurance companies (up to 20%) Increase in Asset Tax Modification of duty regime for specified motor vehicles Redirecting of portion of SCTfrom the Road Maintenance Fund to Central Government Increased Annual GeneralPITThreshold ($557,232) 5.5. $$$$ $ $ $ (0.650) 9. TOTAL $ 6.68Billion 18

19 6 – APPENDICES:  Recurrent Expenditure  Capital A  Capital B Recurrent(Government of Projects) CAPITAL B (Funded Projects) Total Capital Total Expenditure Capital ) Expenditure Summary Total Expenditure (Recurrent and Capital ) Total Capital Expenditure (A +B) CAPITAL B (Funded by Multi/Bilateral Projects) CAPITAL A (Government of Jamaica Funded… Recurrent Expenditure J$- J$200,000,000,000.00J$400,000,000,000.00J$600,000,000, CAPITAL A Expenditure Jamaica Funded by Multi/Bilateral Expenditure (A +B) (Recurrent and 2013/2014 J$358,371,026,000. J$120,076,055,000. J$22,262,746,000.0 J$142,338,801,000. J$500,709,827, /2015 J$404,654,188,000. J$109,258,039,000. J$25,440,043,000.0 J$134,698,082,000. J$539,352,270,000.

20 Jamaica Budget 5 Head No. and TitleStatutoryStatutory Gross Expenditure to be Voted Appropriations in Aid Net Expenditure to be Voted Net provisions in Estimates (Including Statutory ) 0100 His Excellency the Governor-General and Staff 0200 Houses of Parliament 0300 Office of the Public Defender 0400 Office of the Contractor-General 0500 Auditor General 0600 Office of the Services Commissions 0700 Office of the Children's Advocate 0800 Independent Commission of Investigations 1500 Office of the Prime Minister 1510 Jamaica Information Service Total Office of the Prime Minister 1600 Office of the Cabinet 1649 Management Institute for National Development Total Office of the Cabinet 1700 Ministry of Tourism and Entertainment 2000 Ministry of Finance and Planning 2011 Accountant General 2012 Jamaica Customs Agency 2018 Public Debt Servicing (Interest Charges) 2019 Pensions 2056 Tax Administration Jamaica Total Ministry of Finance and Planning 2600 Ministry of National Security 2622 Police Department 2624 Department of Correctional Services 2653 Passport, Immigration and Citizenship Agency Total Ministry of National Security 2800 Ministry of Justice 2823 Court of Appeal 2825 Director of Public Prosecutions 2826 Family Courts 2827 Resident Magistrates' Courts 2828 Revenue Court 2829 Supreme Court 2830 Administrator General 2831 Attorney General 105, , , , , , , , , , , , , , , , , , , , , , ,021, , , , ,604, , ,604, , ,404, ,405.02,925, , , , , , , , , , , ,764,122.02,229,050.01,535, ,669, ,494, ,526, , ,464, ,565, ,857, ,403, ,526, , ,061, ,565, ,857, ,526, , ,061, ,669, ,060, ,857, ,163, ,905,900.02,403, ,501, ,665, ,471, ,942, ,917, ,540, , , , ,224, ,331, ,642, ,882, , ,331, ,642, ,882, , ,871,415.01,699, ,171, , , , ,033, , , , ,134, , , , , , , , , , , ,134, , , , , , , , , ,134, , , , ,375.0 Statutory provisions and Provisions to be Voted $’000 Recurrent

21 Jamaica Budget 6 Head No. and TitleStatutoryStatutory Gross Expenditure to be Voted Appropriations in Aid Net Expenditure to be Voted Net provisions in Estimates (Including Statutory ) 2832 Trustee in Bankruptcy 2833 Office of the Parliamentary Counsel 2852 Legal Reform Department 2854 Court Management Services Total Ministry of Justice 3000 Ministry of Foreign Affairs and Foreign Trade 4000 Ministry of Labour and Social Security 4100 Ministry of Education 4200 Ministry of Health 4220 Registrar General's Department and Island Records Office 4234 Bellevue Hospital 4235 Government Chemist Total Ministry of Health 4500 Ministry of Youth and Culture 4551 Child Development Agency Total Ministry of Youth and Culture 5100 Ministry of Agriculture and Fisheries 5300 Ministry of Industry, Investment and Commerce 5338 The Companies Office of Jamaica Total Ministry of Industry, Investment and Commerce 5600 Ministry of Science, Technology, Energy and Mining 5639 Post and Telecommunications Department Total Ministry of Science, Technology, Energy and Mining 6500 Ministry of Transport, Works and Housing 6550 National Works Agency Total Ministry of Transport, Works and Housing 6700 Ministry of Water, Land, Environment and Climate Change 6746 Forestry Department 6747 National Land Agency 6748 National Environment and Planning Agency Total Ministry of Water, Land, Environment and Climate Change 7200 Ministry of Local Government and Community Development Total Recurrent , , , , , , , , , , , , ,737.04,408, ,829.04,150,351.04,629, ,137, ,653.03,000, ,872, ,000.02,262, ,742, , ,292, ,971, , ,174, , , , ,770, ,174, , ,770, ,174, , ,927, , ,974, ,817, ,847, , , ,799, ,845, ,799, ,845, ,665, ,273.03,644, ,442, ,432.03,528, ,839, , , , ,764, ,764, ,169, ,747.01,764, ,984, ,906, , , ,918, ,546, ,918, ,546, ,890, ,255.04,465, ,156, ,693, ,307, ,179, ,848, , ,848, , ,850,191.03,486,898.03,363, ,249, , ,525, , , , ,120, , ,131, , , , ,131, , , , ,976,130.01,290,526.02,685, ,228, ,024.08,885, ,785, ,178, ,310, ,868, ,654,488.0 Statutory provisions and Provisions to be Voted $’000 Recurrent

22 Jamaica Budget 7 Head No. and TitleStatutoryStatutory Gross Expenditure to be Voted Appropriations in Aid Net Expenditure to be Voted Net provisions in Estimates (Including Statutory ) Statutory provisions and Provisions to be Voted $’000 Recurrent

23 Jamaica Budget Expenditure, A Office of the Prime Minister 1600A Office of the Cabinet 2000A Ministry of Finance and Planning 2600A Ministry of National Security 2800A Ministry of Justice 4000A Ministry of Labour and Social Security 4100A Ministry of Education 4200A Ministry of Health 4500A Ministry of Youth and Culture 5100A Ministry of Agriculture and Fisheries 5300A Ministry of Industry, Investment and Commerce 5600A Ministry of Science, Technology, Energy and Mining 6500A Ministry of Transport, Works and Housing 6700A Ministry of Water, Land, Environment and Climate Change 7200A Ministry of Local Government and Community Development Total Capital A - 1,088, ,087, ,079, , , ,775, ,829, ,818, ,885, ,172, ,592, ,956, , , , , , , , , , , , , , , , , ,863, ,062, ,256, ,984, , , , , , , , ,100, ,933, ,453, ,261, , , , , , , ,258, ,076, ,013, ,328,244.0 Head No. and Title Estimates, Revised Approved Actual Estimates, Estimates, (Provisional) Estimates of Expenditure (Net of Appropriations-In-Aid) $’000 Capital A (Government of Jamaica Funded Projects)

24 Jamaica Budget 4 Head No. and Title Estimates, Revised Approved Actual Estimates, Estimates, (Provisional) Expenditure, B Office of the Prime Minister 1600B Office of the Cabinet 1700B Ministry of Tourism and Entertainment 2000B Ministry of Finance and Planning 2600B Ministry of National Security 2800B Ministry of Justice 3000B Ministry of Foreign Affairs and Foreign Trade 4000B Ministry of Labour and Social Security 4100B Ministry of Education 4200B Ministry of Health 4500B Ministry of Youth and Culture 5100B Ministry of Agriculture and Fisheries 5300B Ministry of Industry, Investment and Commerce 5600B Ministry of Science, Technology, Energy and Mining 6500B Ministry of Transport, Works and Housing 6700B Ministry of Water, Land, Environment and Climate Change 7200B Ministry of Local Government and Community Development Total Capital B Total Capital (A + B) Grand Total Recurrent and Capital 1,651, ,916, ,885, ,851, , , , , , , , ,643, ,237, ,122, , ,039, ,329, ,482, ,199, , , , , , , , , ,544, ,696, ,887, ,742, ,457, ,510, ,730, ,711, , , , ,613, , , , , , , , ,326, , , , , , , , ,579, ,282, ,267, ,146, , , ,065, ,379, , , , , ,440, ,262, ,389, ,469, ,698, ,338, ,402, ,886, ,797, ,352, ,709, ,531,232.0 Estimates of Expenditure (Net of Appropriations-In-Aid) $’000 Capital B (Multilateral / Bilateral Projects)

25 1111TAXATION BULLETIN-REVENUE MEASURES Your Business Our Focus

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