Expect to reach revenue collection targets before year end
By: L.N. Reklai
September 2, 2016 (Koror) “This is the first time Palau reached this high a level of operating budget since its inception. This FY 2016, our approved budget is $92.5 million,” stated Minister of Finance Elbuchel Sadang.
Minister Sadang assured they will be able to meet all their estimated revenue collections this fiscal year with exception of Hospital Trust Fund. [restrict
“As of September 2, we have collected 98% of our projected revenue overall. PAN Fund will exceed its $2million ceiling. $2.3 million was budgeted for PAN Fund, we’ve collected 89% already,” reported Minister Sadang.
Furthermore, as of August, government had collected $1.86 million of fishing rights fees. This does not include September fees or the Japan fishing fees. “We’ve exceeded all of the States fishing rights FAA’s,” he added.
For Pension Plan subsidy, 191K has been collected to date from the Green Fee and 345K has been collected from Remittance Tax. These are two separate laws earmarking certain fund sources to fund Pension Plan shortfall.
98% of the budgeted Taxes have also been collected as of September 2.
License and fees revenue collections have exceeded budget by 1%
Only the Hospital Trust Fund had under-performed with only 52% collected to date. This is low collection is due to National Health Insurance which is being utilized by lot more people, according to Sadang. [/restrict