| Budget timetable updated, no new taxes | | Print | |
| Friday, 23 March 2012 10:25 | |||
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The 2012-13 budget process has been extended nearly two months as new permanent secretaries set up new ministries and projections are adjusted for savings from the civil service voluntary severance plan. Chief Financial Officer Hugh McGarel-Groves projected that the new budget will be approved by May 23 instead of by April 1, which is the beginning of the new fiscal year. “The 2012-13 budget presents an excellent opportunity for (government) to continue its efforts to put (government’s) public finances on track to achieve a fiscal surplus in the financial year ending March 2013,” McGarel-Groves said. “The 2012-13 budget will focus on continued revenue growth in the tourism sector and will focus on enforcement and improved collection in the immigration and customs sector. With valued added taxes coming on stream in April 2013, (government) is currently not considering the implementation of any new tax measures in 2012-13.” New permanent secretaries and department heads will soon be finalising plans for revenue and expenditure in the five new ministries. Government will then approve a draft budget that will be sent to U.K. ministers on April 19. Both the Advisory Council and Consultative Forum will consider the budget in May with a target date of May 23 for approval by the governor. Achieving a budget with a surplus in 2012-13 instead of another year of deficits is one of the milestones set by the U.K. for returning control of the country to elected officials. It was also a requirement for the U.K.’s $260 million loan guarantee that is being used to pay off the country’s debts and to cover budget deficits. Budget timetable
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