NIA CHARLESTOWN NEVIS (August 27, 2024)- The Concerned Citizens Movement (CCM)-led Nevis Island Administration (NIA) continues to demonstrate fiscal proficiency, increasing its total revenue by more than ten percent for the first half of this year compared to the same period in 2023. 

Nevis’ Minister of Finance and Tourism, Premier the Honourable Mark Brantley provided a snapshot of the NIA’s fiscal performance for the period January to June 2024 in comparison to the corresponding period in 2023.

“We have improved our fiscal performance over 2023 and remain on target to achieve or exceed budgeted amounts… 

“The total revenue for the period January to June 2024 was 119.89 million dollars, an increase of 10.6 percent or 11.49 million when compared to 108.39 million for the same period last year. Recurrent revenue of 81.89 million for the period January to June 2024 increased by 9.5 percent or 7.17 million when compared to the 74.72 million collected for that same period in 2023. Tax revenue has grown this year by 8.76 percent and non-tax revenues grew by 12.43 percent.” 

Premier Brantley was at the time speaking at his monthly press conference on August 22.

He went on to reveal that revenue collected in certain areas exceeded expectation and significantly outpaced the performance of the comparative period in 2023. These include Tourism Development Levy- up, 6.4 percent; Financial Services- up by some 15.35 percent; Stamp Duty- up by 128.78 percent; Import duties- up by 21.14 percent; and Customs Service Charge- up by 21.5 percent.

Total Value Added Tax (VAT) receipts of 24.3 million fell short of expectations by some 8.4 percent, or 2.4 million dollars. Social Services Levy also fell short of expectations by 24.99 percent or 1.7 million dollars and has so far underperformed in comparison to 2023 by 4.78 percent or 0.26 million dollars. Corporate income tax fell short of expectations by 36.61 percent, or 2.24 million dollars and underperformed in comparison to 2023 by 50.43 percent or 3.95 million.

The Finance Minister also divulged the NIA’s expenditure data, noting a 10.49 percent or 8.11 million increase in recurrent expenditure for January to June compared to 2023, while current expenditure for the period came in under budget by 0.37 percent or 0.32 million dollars.

“Two main areas of outlay for our expenditure continue to be personal emoluments at 51.93 percent, and goods and services at 21.54 percent. Personal emoluments continue to be a difficulty that we’re grappling with, however, personal emoluments for the same period in 2023 amounted to 57.19 percent of our expenditure and this year it is 51.93 percent, so it is falling.

“Last year goods and services were 20.89 percent, this year that has risen marginally to 21.54 percent.”

Capital expenditure for January to June 2024, he informed, has outpaced that for the comparative period by 0.91 percent.

The Premier highlighted the primary and overall balances, which are, as at June 2024, both in a surplus position, against the backdrop of an increase in the fiscal deficit. This, he said, indicates that Recurrent Revenue growth is still not sufficient to support the current rate of expansion in recurrent expenditure.

Premier Brantley further informed that total public sector debt for the island of Nevis, as of June 2024, amounted to 539.77 million dollars, which is a marginal net decrease of 0.85 percent in comparison to last year. However, in terms of the NIA’s external debt, that is, what is owed to creditors outside, that declined over the period by 11.95 percent.