$25M REVENUE INCREASE ATTRIBUTED IN PART TO ADVANCEMENTS IN TAX COLLECTION & E-SERVICES

Premier Natalio Wheatley has announced a revenue projection of $407.93 million for the British Virgin Islands in 2025, a marked increase over the estimated $382.67 million for 2024. 

During his recent budget address, Premier Wheatley highlighted that $379.89 million of the projected 2025 revenue would come from tax sources, including payroll, property, and international trade taxes.

This would be bolstered by $25.51 million from non-tax sources, such as property income and fees for government services, and $2.53 million in grants.

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In contrast, 2024’s budget anticipated $382.67 million in total revenue, which represented only a $5.65 million increase over 2023. The 2025 forecast suggests a leap of approximately $25 million from the previous year, underscoring the anticipated impact of new initiatives.

The 2025 budget includes forward-looking measures, particularly the continued deployment of e-government services such as the Payment Gateway and SIGTAS tax collection platform upgrades. 

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The Premier noted that revenue projection for 2025 signifies nearly $100 million more than the 2015 estimate of $311.14 million despite the challenges the territory has faced in the last decade.

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