Government revenue for the 1st Quarter of FY 2023 shows 23% collected. The quarterly report provided to Olbiil Era Kelulau reports actual collections against projected revenue.
Taxes collected was 25% of projected tax revenue, with fuel excise, wage and salary, alcohol & tobacco, and general import exceeding the 25% mark. PPEF was the least at only 7% of the expected 1st quarter collection.
Business licenses and permit fees reached 57% of the projected income. Foreign labor permit fees collected in the 1st quarter reached 28%. Ship Registry reached 100% collection, an amount of $110,807. According to the report, it was not expected to bring any revenue in FY 2023.
Other fees and charges added to FY 2023 1st quarter collections include Digital Residency and Court Fines, which exceeded the expected collections by 100%.
Despite these, collections overall were at 22% of the projected income for the 1st quarter.
On tax collections under the PGST system, Minister of Finance Kaleb Udui Jr. said that businesses have just started to file their PGST taxes (300 that are PGST-registered companies).
He warned that initial reports would include inventory from the last three months that are eligible for input credit, resulting in major adjustment, but Minister Udui expects concrete numbers on PGST taxes to be coming out by April of this year.