Overseas grants jump more than $40 million
A surge of $53.8 million in grants for Samoa from its donor partners has increased the caretaker Government's total revenue by 25.5 per cent, new figures show.
The new figures which show that Government revenues have been boosted to $210.6 million because of the grant increases were contained in a new bureau of statistics report: “Government Finances Statistics”.
The report examined national and Government finances for the December 2020 quarter.
The report finds that $53.8 million total grants courtesy of donor partners increased by $41.5 million when compared to the December 2019 quarter the previous year.
“It also increased by $20.5 million in comparison to the September 2020 quarter,” read the report.
Furthermore, the report stated that the increase in grants from donor partners is to assist the Government of Samoa strengthen its response to the COVID-19 pandemic.
In addition, the $210.6 million total Government revenue collected in the December 2020 quarter increased by $25.1 million on a year-on-year basis mostly led by the increase of $41.5 million in grants.
It also increased by $20.8 million or 11.0 per cent when compared to the previous quarter September 2020.
While taxes recorded $138.6 million; it declined by 13.0 per cent although it remains the largest revenue source contributing 65.8 per cent to overall revenue collection for that period.
Taxes decreased by $20.8 million or 13.1 per cent compared to the December 2019 quarter. This was due to the decline in taxes on goods and services such as Value Added on Goods and Services Tax (V.A.G.S.T.) and other excises, including on international trade and transactions. The taxation revenue collected from each decreased by $19.8 million (18.3 per cent) and $5.6 million (27.4 per cent) respectively.
By contrast, taxes on income profit and capital gains increased by $4.6 million or 15 per cent on a year-on-year basis. This result was consistent with the increases of $1.5 million and $3.1 million in both revenues received from individuals and corporations and other enterprises. When compared to the September 2020 quarter, taxes increased by $11.5 million.
Grants received from overseas donor partners were the second-largest source of revenue in December 2020 which went up notably in the period contributing $53.8 million or 25.5 per cent to total revenue with the remaining $18.2 million (8.7 per cent) from other revenue.
Other Revenue recorded a total of $18.2 million in the period, it increased by $4.4 million when compared to December 2019 but decreased by $11.1 million in comparison to September 2020.
Sales of goods and services contributed the most to this category which amounted to $13.1 million, increasing by 67.3 per cent on a year-on-year basis. On the other hand, property income declined by $0.9 million which was translated to a decrease of 15.4 per cent.